Canadian Market Recovers From Early Setback, Down Marginally At Noon

(RTTNews) - After a weak start and a subsequent fall to lower levels, the Canadian market regained some lost ground Wednesday morning, but remains weak around noon with technology and energy stocks still struggling a bit for support.

Data showing a bigger than expected increase in U.S. consumer prices in the month of January has raised speculation the Federal Reserve will leave interest rates on hold for longer. Investors also react to Fed Chair Jerome Powell's remarks during his congressional testimony that the central bank can "maintain policy restraint for longer" if inflation does not continue to move sustainably toward 2%.

The benchmark S&P/TSX Composite Index is down 17.21 points or 0.07% at 25,614.62 about a quarter past noon. The index had dropped to 25,453.93 earlier in the session.

Computer Modelling Group (CMG.TO) is plunging 12.5% following a rating downgrade. TerraVest Industries (TVK.TO) is down 10.1% despite the company's first-quarter earnings beating analyst forecasts.

Descartes Systems Group (DSG.TO), Aritzia Inc (ATZ.TO), AtkinsRealis Group (ATRL.TO), Shopify Inc (SHOP.TO), MDA Space (MDA.TO) and Pollard Banknote (PBL.TO) are down 2 to 3.4%.

Open Text Corporation (OTEX.TO), Arc Resources (ARX.TO), West Fraser Timber (WFG.TO), Tecsys (TCS.TO), Methanex Corp (MX.TO), Toronto-Dominion Bank (TD.TO) and Stella-Jones (SJ.TO) are lower by 1.2 to 2%.

First Quantum Minerals Ltd. (FM.TO) is up 1.1%. The company reported net earnings of $99 million, or $0.12 per share, for the three months ended December 31, 2024, as against net loss of $1,447 million, or $2.09 per share, in the year-ago quarter.

Barrick Gold Corporation (ABX.TO) is rising nearly 7%. Barrick Gold reported adjusted net earnings of US$794 million for the fourth-quarter of 2024, up from $466 million a year ago.

Ero Copper (ERO.TO) is up 5.2%. Cineplex Inc (CGX.TO) is gaining nearly 5%. Equinox Gold Cor (EQX.TO) is up 4.4%. MAG Silver Corp (MAG.TO), Aya Gold & Silver (AYA.TO), Parkland Corporation (PKI.TO), Celestica Inc (CLS.TO), Velan Inc (VLN.TO), International Petroleum Corporation (IPCO.TO), Pan American Silver Corp (PAAS.TO), Osisko Gold Royalties (OR.TO) and Seabridge Gold (SEA.TO) are up 2.5 to 4%.

SilverCrest Metals (SIL.TO) is climbing up 4.7% after the company announced that the Supreme Court of British Columbia has granted the final order in connection with the company's plan of arrangement with Coeur Mining, Inc., whereby Coeur will, among other things, indirectly acquire all of the issued and outstanding SilverCrest shares.

Intact Financial Corporation (IFC.TO) is advancing 4% after reporting a 23% jump earnings per share in the fourth quarter.

Toromont Industries Ltd. (TIH.TO) is gaining 2.3% after reporting net earnings of $156.3 million for the quarter ended December 31, 2024, compared with $154.1 million in the year-ago quarter.