Canadian stocks have performed variably on Tuesday as investors sift and react through numerous earnings announcements. The S&P/TSX Composite Index has seen a rise, gaining 79.37 points or 0.36%, standing at 22,338.84 just past midday.
Following an economic update, Canada's Ivey Purchasing Managers Index spiked up to a score of 63 in April 2024, significantly higher than 57.5 in March. This leap exceeded the anticipated forecast of 58.1, marking the highest level attained in two years and the ninth straight monthly increase.
Companies like Cameco Corporation and Canopy Growth Corporation stand out on the trading floor, with shares up 3.4%, 1.5%, and 1.3%, respectively. Conversely, Air Canada has seen a 1.2% decrease.
In corporate news, Finning International's first-quarter net income was reported at $121 million, down from $134 million in the previous year. Nevertheless, the company saw a 3.2% growth in shares. Furthermore, several other companies including Aritzia Inc, Celestica Inc, Nutrien, Colliers International, Cargojet, and Canadian Natural Resources have all seen a rise between 1%-3%.
On the other hand, Dye & Durham, Westshore Terminals Investment Corporation and Pet Valu Holdings experienced share falls of 3.7%, 3.3%, and 2.4%, respectively. Simultaneously, Snc-Lavalin, Kinaxis Inc, and WSP Global also saw a moderate decline of 0.8% to 1.2%.
Over at George Weston Ltd., first-quarter earnings in 2024 totaled $312 million, marking an increase of 10.6% or $30 million compared to its equivalent quarter in the previous year. The company's shares inched up slightly.
MEG Energy Corp reported a decrease by 0.44% after announcing on Monday that its net earnings climbed to $98 million in Q1 2024, compared to $81 million in the same period of the prior year.
Lastly, CT Real Estate Investment Trust disclosed a first-quarter net income of C$1.01 billion, a strong contrast from C$70.5 million in the previous year's corresponding quarter.
