June 25, 2024

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Canadian Stocks Subdued In Cautious Trade

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Canadian stocks are subdued on Friday with investors largely reacting to earnings reports and tracking the trend in commodity markets.

Energy and technology stocks are finding some support, while materials and real estate stocks are weak.

The benchmark S&P/TSX Composite Index is up 12.27 points or 0.06% at 19,599.68 a little past noon. After opening slightly up, the index climbed to 19,633.45 before dropping to 19,503.17.

Among energy shares, Headwater Exploration Inc (HWX.TO) is gaining more than 4%. Athabasca Oil Corp (ATH.TO), Baytex Energy Corp (BTE.TO), Shawcor (MATR.TO), Crescent Point Energy (CPG.TO), Tamarack Valley Energy (TVE.TO), MEG Energy (MEG.TO) and Cenovus Energy (CVE.TO) are up 2 to 2.6%.

Technology stocks Celestica Inc (CLS.TO) is rising nearly 2.5%. Lightspeed Commerce (LSPD.TO), Descartes Systems (DSG.TO), Docebo Inc (DCBO.TO), Shopify Inc (SHOP.TO) and BlackBerry (BB.TO) are up 0.8 to 1.5%.

Algonquin Power & Utilities Corp. (AQN.TO) reported net loss of $174.5 million for their third quarter, down 11% from net loss of $195.2 million in the year ago quarter. However, the company’s earnings missed expectations. The stock is declining by about 1%.

Emera Incorporated (EMA.TO) is up 1.2% after the company reported third-quarter net income of $101 million, or $0.37 per common share, compared with net income of $167 million, or $0.63 per common share in the year-ago quarter.

SNC-Lavalin Inc (SNC.TO) is gaining nearly 4% after the company reported adjusted net income $67.3 million for the third-quarter, compared with adjusted net income $52.1 million in Q3 2022.

Onex Corporation (ONEX.TO) is up 0.6%. The company reported net earnings of $256 million for the quarter ended September 30, 2023, compared with net loss of $180 million in the corresponding quarter of the previous year.

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2023-11-10 12:06:36

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