TSX Snaps 3-day Losing Streak, Ends Modestly Higher

RTTNews | 186天前
TSX Snaps 3-day Losing Streak, Ends Modestly Higher

(RTTNews) - After posting losses in the previous three sessions, the Canadian market turned a bit positive on Wednesday and ended the day's session modestly higher, led by gains in utilities and technology sectors.

Data from the Labor Department showing a smaller than expected increase in U.S. consumer prices in the month of April helped ease concerns about the outlook for interest rates and aided sentiment.

Investors also digested a slew of other economic data from the U.S., and Canada, and some corporate earnings updates.

The benchmark S&P/TSX Composite Index, which retreated after a positive start, recovered and stayed above the flat line to eventually end the session with a gain of 41.42 points or 0.19% at 22,284.76. The index, which climbed to 22,334.69 in early trades, swiftly dropped to 22,214.61 before recovering lost ground.

Utilities stock Boralex Inc (BLX.TO) soared 7%. The company reported first-quarter net earnings of $73 million, up $28 million from a year ago.

Innergex Renewable Energy (INE.TO) climbed nearly 8%. Brookfield Renewable Partners (BEP.UN.TO) and Northland Power Inc (NPI.TO) gained 4.5% and 3.85%, respectively. Capital Power (CPX.TO), Algonquin Power & Utilities Corp (AQN.TO) and TransAlta Corp (TA.TO) advanced 2.2 to 2.3%.

Technology stocks Bitfarms (BITF.TO) and Hut 8 Corp (HUT.TO) zoomed 15.5% and 12.5%, respectively. Bitfarms reported adjusted EBITDA of $21 million, or 42% of revenue, up from $14 million, or 30% of revenue, in the fourth quarter of 2023.

Celestica Inc (CLS.TO) surged 8%. Converge Technology Solutions (CTS.TO) and Coveo Solutions (CVO.TO) gained 5.2% and 2.6%, respectively. CGI Group (GIB.A.TO), Descartes Systems Group (DSG.TO), Copperleaf Technologies (CPLF.TO) and Shopify Inc (SHOP.TO) also posted strong gains.

Bombardier Inc (BBD.B.TO) climbed 5.2%. Morguard Corporation (MRC.TO) gained 3.1%. West Fraser Timber (WFG.TO) and Colliers International (CIGI.TO) ended higher by 3% and 2.9%, respectively.

Boyd Group Services Inc (BYD.TO) dropped about 7.1%. The company reported net earnings decreased to $8.4 million in the first quarter of 2024, compared with $20.8 million in the same period of 2023.

SNC Lavalin Group (ATRL.TO) drifted down 4.6%. The company reported adjusted net income of $73.8 million, or $0.42 per diluted share for the first quarter of 2024, compared to $55.4 million, or $0.32 per diluted share in the first quarter of the previous year.

First Quantum Minerals (FM.TO) ended 4.7% down. CCL Industries (CCL.A.TO), Docebo Inc (DCBO.TO), BRP Inc (DOO.TO), Franco-Nevada Corporation (FNV.TO) and Methanex Corporation (MX.TO) also closed notably lower.

Data from Canada Mortgage & Housing Corporation said housing starts in Canada fell slightly by 0.87% over a month earlier to 240,229 units in April.

Data from Statistics Canada showed the nation's manufacturing sales fell by 2.1% from a month earlier to C$ 69.9 billion in March, less than the previously estimated drop of 2.8%. Sales had dropped by 0.7% in February. On yearly basis, total sales were down 3.1% in March.

Data from the Labor Department showed consumer prices in the U.S. rose by slightly less than expected in the month of April, increasing by 0.3%, after rising by 0.4% in March. Economists had expected consumer prices to climb by another 0.4%.

The report also said the annual rate of consumer price growth slowed to 3.4% in April from 3.5% in March, in line with expectations. The annual rate of core consumer price growth decelerated to 3.6% in April from 3.8% in March. The slowdown also matched estimates.

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