The Canadian market is slightly higher after reducing some initial gains
(RTTNews) – Canadian stocks posted a mixed performance Thursday, with investors reacting widely to quarterly earnings announcements and the Federal Reserve’s latest monetary policy announcement.
The market opened on a firm note with the benchmark hitting a new all-time high, but quickly retreated from higher levels before gaining ground. However, with stocks in the information technology and healthcare sectors under pressure, the index rose only slightly in the early afternoon.
Consumer Staples and Consumer Discretionary stocks are up with solid gains. Several stocks in the real estate, utilities and energy sectors are also up.
The S & P / TSX Composite Index is up 28.70 points or 0.13% to 21,293.80 about half an hour after noon. The index, which hit 21,381.25 in early trading, then fell to 21,274.62.
Maple Leaf Foods (MFI.TO) is up nearly 10%. The company said its third quarter net income was $ 44.5 million, up from $ 66.0 million last year, mainly due to changes in the non-cash fair value of biological assets and derivative contracts.
Primo Water Corp (PRMW.TO) gained 7.6%. The company reported adjusted net income of $ 36 million or $ 0.22 per share for the third quarter, compared to adjusted net income of $ 38 million or $ 0.24 per share a year ago.
Spin Master Corp (TOY.TO) zooms in almost 14%. The company reported adjusted net income of US $ 132.6 million or US $ 1.26 per diluted share for the third quarter, compared to adjusted net income of US $ 95.1 million or $ 0.91 US per diluted share in the previous year quarter.
Gildan Activewear Inc (GIL.TO) shares are up 7.8% on bullish results. Gildand reported adjusted net income of $ 188.3 million for the third quarter, compared to adjusted net income of $ 56.4 million a year ago.
Barrick Gold Corporation (ABX.TO) reported adjusted net income of $ 419 million or $ 0.24 per share for the third quarter of this fiscal year, up from $ 513 million or $ 0.29 per share a year. The title is up about 0.8%.
BCE Inc. (BCE.TO) reported that its net income rose 9.9% to $ 813 million in the third quarter. BCE Inc gains 0.7%.
Canadian Natural Resources Inc. (CNQ.TO) reported adjusted net income of $ 2.09 million for the quarter ended September 2021, compared to net income of $ 1.48 billion in the prior quarter. After an opening on a firm note, the title retreated and fell 0.6%.
Data released by Statistics Canada this morning showed Canada’s trade surplus to reach C $ 1.86 billion in September, from C $ 1.51 billion revised down the month before.
Total exports fell 2.3% to C $ 53 billion, while imports fell 3% to C $ 51.1 billion.
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