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FX.co ★ Canadian Market Down Marginally At Noon

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typeContent_19130:::2024-02-28T17:10:00

Canadian Market Down Marginally At Noon

As we approach midday, the Canadian market shows a slight decline. Investor reactions to the latest quarterly financial reports, along with anticipation of key economic data from the U.S and Canada that could indicate future interest rates, are driving this trend.

The S&P/TSX Composite Index, the market's barometer, has fallen by a modest 5.95 points, or 0.03%, bringing it to a current level of 21,312.93.

Various banks are experiencing diverse fortunes. National Bank of Canada has saw a 3.25% increase after announcing a net income of $922 million in the first quarter, representing a growth of 5% from the $876 million recorded in the first quarter of 2023. The bank’s first quarter diluted earnings per share also rose, standing at $2.59, an increase from the $2.47 of 2023's first quarter.

The Royal Bank of Canada experienced a growth of 0.6% after announcing a net income of $3.6 billion for the quarter ending on January 31, 2024, a rise of $449 million, or 14%, from the previous year. However, its adjusted net income displayed a decrease, falling 5% from the previous year to $4.1 billion in this first quarter.

Various other Canadian companies also saw stock value changes. Nuvei Corp stock rose by 3.5% and Fairfax Financial Holdings saw an almost 2% increase. Bank of Montreal, Sun Life Financial, Onex Corp, and CDN Western Bank also saw modest gains. On the other hand, George Weston Ltd faced a slight decline after reporting an adjusted net earnings of $342 million for the fourth quarter of 2023, a decrease of $27 million, or 7.3%, from the previous year's quarter.

MDA Ltd. had an upward trend of 2% after sharing net earnings of C$13.5 million in the fourth quarter, up from C$8.8 million in the previous year. The company predicts a revenue of C$205 million to C$215 million in the first quarter of the current year.

ATS Corporation, West Fraser Timber, Boyd Group, Kinaxis Inc, and WSP Global also experienced gains. However, Parkland Corporation stock value fell by over 7%. Stelco Holdings, Alimentation Couche-Tard, Badger Infrastructure, Russel Metals, Cameco Corporation, Cargojet, Cogeco Communications, and Docebo Inc all saw declines between 1 and 2%.

In macroeconomic news, Statistics Canada reports a seasonally adjusted current account deficit that shrunk to C$1.62 billion in the fourth quarter of 2023, down from the revised figure of C$4.74 billion in the previous period. The average weekly earnings of non-farm payroll employees in Canada for December 2023 rose by 3.8% year-on-year to $1,212, albeit this is a slowdown from the revised growth of 3.9% reported for the previous month.

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