Canadian Market Retreats After Positive Start; Tech Stocks Post Gains
(RTTNews) - After a positive start and a subsequent uptick, the Canadian market pared gains and slipped into negative territory Wednesday morning with investors turning cautious and refraining from making significant moves.
Investors look ahead to a speech by Fed Chair Jerome Powell later in the day, for clues on interest rate hikes.
Technology stocks are up with impressive gains. A few stocks from the healthcare sector are gaining ground, while financials and consumer staples shares are a bit weak.
The benchmark S&P/TSX Composite Index is down 94.46 points or 0.47% at 10,182.95 at noon. The index climbed to a high of 20,392.38 in early trades.
Shopify Inc (SHOP.TO) is gaining 3.5%. Descartes Systems Group (DSG.TO) is up nearly 3% and Kinaxis Inc (KXS.TO) is rising 2.7%.
Royal Bank of Canada (RY.TO) is down by about 1%. The bank reported net income of $3.9 billion in the fourth quarter, almost flat from a year ago. For the full financial year, the bank reported a net income of $15.8 billion, down 2% from a year earlier.
National Bank of Canada (NA.TO) is down more than 4% after the lender reported fourth-quarter net income of $738 million, down 4% from the fourth-quargter net income of $769 million it had posted in the previous year.
BRP Inc (DOO.TO) announced that its bottomline came in at C$141.6 million, or c$1.76 per share in the third quarter of the current financial year, compared with C$127.7 million, or C$1.53 per share in the year-ago quarter. The stock is down marginally.
U.S. Dollar Ticks Higher Amid Inflation Data Release, Expectations Of Reopening Of Strait Of Hormuz
TSX Climbs On Tech Rally, Looks Set To End 6-day Losing Streak
Swiss Market Ends Modestly Higher
European Markets Rise As Oil Prices Fall On IEA Demand Cut
U.S. Consumer Sentiment Deteriorates Much More Than Expected In September
CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters
U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected
