Canadian Stocks Modestly Higher Amid Cautious Trades

(RTTNews) - The Canadian stock market is up in positive territory Tuesday morning, with investors shrugging off weak global cues and indulging in some selective buying, tracking corporate earnings reports.

As optimism about U.S.-China trade deal faded, global markets turned a bit weak today with investors looking ahead to the Federal Reserve Chairman Jerome Powell's testimony before the Congress.

Healthcare shares, which suffered some sharp losses in recent sessions, are moving higher on bargain hunting. Energy shares are mostly subdued. Materials shares are down on weak gold prices, while financial, consumer discretionary and information technology shares are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 26.72 points, or 0.17%, at 16,083.75.

The Capped Healthcare Index is rising 2.1%. Canopy Growth Corporation (WEED.TO) is gaining 2.5%, Aurora Cannabis (ACB.TO) is up 3.5%, Cronos Group Inc. (CRON.TO) is climbing 5.4%, Aphria Inc. (APHA.TO) is rising 3.7% and Green Organic Dutchman Holdings (TGOD.TO) is up 2.7%.

The Capped Consumer Staples Index is advancing 0.7%. Alimentation Couche-Tard Inc. (ATD.B.TO) is rising 2.5%, Cott Corporation (BCB.TO) is gaining 4.1% and The North West Company Inc. (NWC.TO) shares are up 1.8%, while George Weston (WN.TO) is declining 3.5%.

George Weston reported net earnings of $271 million or $1.86 per share, for the quarter ended December 31, 2018, as compared to profit of $34 million or 27 cents per share in the same period a year earlier.

In the banking space, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada (NA.TO) are up 0.3 to 0.7%. Canadian Imperial Bank of Commerce (CM.TO) is up marginally.

Bank of Nova Scotia (BNS.TO) is declining 2.2%. Bank Of Nova Scotia entered into a non-binding memorandum of understanding with ING Groep N.V. (ING), Thanachart Capital Public Co. Ltd., Thanachart Bank Public Co. Ltd. (TBank) and TMB Bank Public Co. Ltd. (TMB) regarding its interest in TBank, and the merger of TBank and TMB.

The bank declared a 2% higher dividend of $0.87 per share on the outstanding Common Shares of the Bank.

Bank of Montreal (BMO.TO) is gaining 2.3% after announcing it plans to purchase for cancellation up to 15 million of its common shares under a normal course issuer bid. Upon regulatory approvals, the bid will commence on or around June 1, 2019 and will end on or around May 31, 2019, the bank said.

In the energy space, Husky Energy Inc. (HSE.TO) is declining 5.7% on weak results. The company reported a profit of $216 million or 21 cents per share for the fourth quarter, as compared to profit of $672 million or 66 cents per share in the same quarter a year earlier.

PrairieSky Royalty (PSK.TO) is down by about 2.3%. Suncor Energy (SU.TO), Encana Corp. (ECA.TO) and Canadian Natural Resources (CNQ.TO) are up with modest gains.

Among materials shares, Barrick Gold Corporation (ABX.TO), Wheaton Precious Metals Corp. (WPM.TO) and Goldcorp Inc. (G.TO) are down 1.6 to 1.8%.

U.S. stocks are mixed after a weak start even as investors focused on Jerome Powell's testimony before the Senate Banking Committee. Powell highlighted the Fed's recent "patient approach" to raising rates and stressed future policy decisions will be data dependent and take into account new information as economic conditions and the outlook evolve.

In economic news from U.S., the Conference Board's report showed a substantial rebound in consumer confidence in the month of February.

A report from the Commerce Department showed housing starts plunged to a two-year low in December, although the government shutdown-delayed data may have been viewed as old news.

In commodities, crude oil futures for April are up $0.10, or 0.2%, at $55.58 a barrel.

Gold futures for April are down $0.55, or 0.04%, at $1,328.95 an ounce.

Silver futures for March are down $0.012, or 0.08%, at $15.818 an ounce, while Copper futures for March are up $0.004, or 0.14%, at $2.953 per pound.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Июнь 2019    »