Canadian Market Modestly Higher; BoM, Innergex Renewable Shine

(RTTNews) - The Canadian market is up in positive territory in late afternoon trade on Tuesday, having staged a smart recovery from an early setback. Technology, energy and materials stocks are weak, while real estate, consumer staples and healthcare stocks are finding good support.

Investors are digesting earnings updates from big name lenders. Worries about U.S. tariffs from early March weigh on sentiment.

The benchmark S&P/TSX Composite Index, which tumbled to 24,946.06, is up 51.50 points or 0.2% at 25,202.76.

Bank of Montreal is gaining more than 5% after the lender reported adjusted net income of C$2.29 billion or C$3.04 per share for the three months ended January 31, 2025, compared with C$1.89 billion, or C$2.56 per share, a year earlier.

The bank's provision for credit losses jumped to C$1.01 billion in the quarter from c$627 million a year earlier.

Bank of Nova Scotia (BNS.TO) is down 1%. The bank announced that its net income dropped to C$993 million, or C$0.66 a share, for the fiscal first quarter from C$2.2 billion, or $1.68, a year earlier. The result includes an impairment loss of C$1.36 billion related to the sale of banking operations in Colombia, Costa Rica and Panama.

Provisions for credit losses rose to C$1.16 billion from C$1.03 billion the quarter before and C$962 million in the same period last year.

Innergex Renewable Energy shares are soaring 55% after the company announced that it has signed a definitive agreement that will see investment group CDPQ acquire all of its issued and outstanding common shares, other than those held by CDPQ and certain members of senior management, for $13.75 per share in cash.

Maple Leaf Foods is up 10% on turnaround results. The company posted earnings of $54 million for the fourth-quarter, as against a loss of $9 million in the fourth-quarter of the previous year.

Stantec Inc is rising 8% after reporting higher earnings. The company said it posted adjusted net income of $126.2 million, or $1.11 per share for the fourth-quarter, compared to $91.4 million, or $0.82 per share, recorded in the previous quarter.

Boralex is gaining 6.6%. Northland Power is up 5.7%, Nutrien is gaining 3.5% and Canadian Tire Corporation, Loblaw Companies, Empire Company, George Weston, TerraVest Industries, FirstService Corporation, Colliers International, CCL Industries and TFI International are up 2 to 3.5%.

Hut 8 Corp is plunging more than 11%. BlackBerry is down 9.8% and Spin Master Corp is declining 9.7%. Bombardier Inc, Dye & Durham, Canada Goose Holdings, Celestica Inc., Telesat Corporation, Propel Holdings, Shopify Inc., GFL Environmental and Tourmaline Oil Corp are down 3 to 8%.

On the economic front, data from Statistics Canada said manufacturing sales in Canada likely rose 2% month-over-month in January, following a 0.3% rise in December, according to preliminary estimates.