Canadian Market Down Marginally At Noon In Cautious Trade

(RTTNews) - Canadian shares are turning in a mixed performance on Thursday with investors assessing the impact the latest rate hikes by the Federal Reserve and the Bank of England, and prospects of more increases, might have on global economic growth.

Energy, healthcare and industrials shares are gaining ground, while materials shares are down sharply. Shares from the rest of the sectors are mixed.

The benchmark S&P/TSX Composite Index is down 14.27 points or 0.07% at 19,262.74 a few minutes past noon. The index, which dropped to 19,090.64 earlier in the session, rallied to 19,322.44 subsequently before drifting down again.

Among energy stocks, Advantage Oil & Gas (AAV.TO) is surging more than 8%. Pason Systems (PSI.TO) is climbing 5.7% and Cenovus Energy (CVE.TO) is up nearly 4%. Suncor Energy (SU.TO), Precision Drilling Corp (PD.TO), MEG Energy Corp (MEG.TO), Tourmaline Oil Corp (TOU.TO) and Paramount Resources (POU.TO) are up 2 to 3.5%.

Canadian Natural Resources Ltd. (CNQ.TO) reported third-quarter net earnings of C$2.81 billion, up from net earnings of C$2.20 billion in the year-ago quarter. Earnings per share were C$2.49, up from C$1.86 last year. The stock is up by about 1.2%.

In the healthcare sector, Canopy Growth Corp (WEED.TO) is up 5.2%, Tilray Inc (TLRY.TO) is gaining 4.75% and Bausch Health Companies (BHC.TO) is surging 2.5%.

Bombardier Inc (BBD.B.TO), up 6.75%, is the biggest gainer in the Industrials Index. Waste Connections (WCN.TO) is up 5.5%. Nfi Group (NFI.TO), Snc-Lavalin (SNC.TO), Ballard Power Systems (BLDP.TO), Cae Inc (CAE.TO), Toromont Industries (TIH.TO), Ats Automation (ATA.TO), Canadian National Railway (CNR.TO) and Canadian Pacific Railway (CP.TO) are up 1 to 2%.

In the materials section, Equinox Gold Corp (EQX.TO) is plunging 14.5%. Nutrien (NTR.TO) is down 12% and Barrick Gold Corp (ABX.TO) is declining 6.7%. Filo Mining Corp (FIL.TO), Stelco Holdings (STLC.TO) and Oceanagold Corp (OGC.TO) are down 2 to 3%.

BCE Inc. (BCE.TO) reported third-quarter net earnings of $771 million, down 5.2% from net earnings of $715 million a year ago. The stock is down marginally.

Data released by Statistics Canada showed Canada's trade surplus rose to C$ 1.1 billion in September of 2022, from a downwardly revised surplus of C$ 0.6 billion in the previous month but below market expectations of CAD 1.3 billion. Exports were up 1.3% at C$ 66.4 billion, while imports increased by 0.4% to C$ 65.2 billion, the data showed.