Canadian Market Holding In Positive Territory

(RTTNews) - The Canadian market is modestly higher Thursday afternoon, with stocks from materials, industrials and consumer discretionary sectors posting strong gains.

Energy stocks are weak, while shares from technology, financials and healthcare sectors are turning in a mixed performance.

The mood is cautious with investors digesting the latest batch of earnings updates, economic data from Canada and the U.S., and looking ahead to U.S. jobs data for the month of July, due on Friday.

The benchmark S&P/TSX Composite Index is up 45.78 points or 0.23% at 19,591.72.

Canadian Natural Resources Inc (CNQ.TO) reported adjusted net earnings from operations of $3.8 billion for the quarter ended June 2022, compared with net earnings of $1.5 billion in the year-ago quarter. The stock is down by about 0.7%.

Thomson Reuters Corporation (TRI.TO) reported adjusted EPS of $0.60 per share for the second-quarter of this financial year, up from $0.48 per share in the year-ago quarter. The stock is gaining more than 3%.

BCE Inc. (BCE.TO) reported second-quarter net earnings of $654 million, down 10.9%, from a year ago. The stock is gaining about 0.6%.

SNC-Lavalin Group Inc. (SNC.TO) share are modestly higher. SNC reported net income from continuing operations of C$1.6 million or C$0.01 per share in the second quarter, significantly lower than C$29.2 million or C$0.17 per share in the same quarter a year ago.

Lightspeed Commerce Inc (LSPD.TO) shares are down more than 12%. The company reported a net loss of $100 million, or $0.68 per share for the second quarter, as compared to a net loss of $49.3 million, or $0.38 per share in the year-ago quarter.

Data from Statistics Canada showed the nation's trade surplus widened to C$ 5.0 billion in June of 2022, from a downwardly revised C$ 4.8 billion in the prior month and well above market expectations of C$ 4.8 billion. It was the largest monthly trade surplus since August of 2008.

Exports rose 2% from a month earlier to a record high of C$ 69.9 billion, while imports increased 1.7% to C$ 64.9 billion.

Another data from Statistics Canada showed the total value of building permits in Canada fell by 1.5% over the month to C$ 11.9 billion in June of 2022, after rising by a downwardly revised 1.6% a month earlier.