Canadian Shares Turning In Mixed Performance; TSX Modestly Higher At Noon

(RTTNews) - Canadian shares are turning in a mixed performance on Wednesday, with investors digesting a report on the nation's manufacturing activity, and reacting to a slew of earnings updates.

Materials and energy stocks are notably higher. Healthcare, technology and financials shares are weak, while shares from the rest of the sectors are mixed.

The benchmark S&P/TSX Composite Index, which advanced to 20,318.91, is up 66.50 points or 0.34% at 20,287.69 a few minutes before noon.

According to a report released by Markit Economics, the S&P Global Canada Manufacturing PMI rose to 52.4 in February 2023 from 51 in the previous month. The latest reading pointed to the second consecutive month of expansion in factory activity and the quickest since last July.

Royal Bank of Canada (RY.TO) is down by about 4%. The bank reported a net income of $3.2 billion for the quarter ended January 31, 2023, down $881 million or 22% from the prior year. Diluted EPS was $2.29 , down 19% over the same period.

National Bank of Canada (NA.TO) is gaining nearly 2.5%. The bank reported a net income of $881 million for the first quarter of 2023, down 5% from $930 million in the first quarter of 2022.

George Weston Limited (WN.TO) is gaining nearly 3% after the company reported adjusted net earnings from continuing operations of $369 million for the fourth quarter of 2022, an increase of $22 million, or 6.3%, from a year ago.

The Materials Capped Index is up nearly 2%. Lundin Mining Corp (LUN.TO), Ero Copper Corp (ERO.TO), Hudbay Minerals (HBM.TO) and Franco-Nevada Corp (FNV.TO) are gaining 5 to 6.2%. Winpak (WPK.TO) B2Gold Corp (BTO.TO), Dundee Precious Metals (DPM.TO), Capstone Mining Corp (CS.TO), Equinox Gold Corp (EQX.TO), First Quantum Minerals (FM.TO), Teck Resources (TECK.b.TO), Methanex Corp (MX.TO) and K92 Mining (KNT.TO) are up 3 to 5%.

The Energy Capped Index is up 1.2%. Parex Resources (PXT.TO) is rising 5.2% and Baytex Energy (BTE.TO) is gaining 4%, while Peyto Exploration (PEY.TO), Tourmaline Oil Corp (TOU.TO), Arc Resources (ARX.TO), Tamarack Valley Energy (TVE.TO) and Crescent Point Energy (CPG.TO) are up 2 to 3.5%.

Technology stocks Shopify Inc (SHOP.TO), Absolute Software Corp (ABST.TO), Dye & Durham (DND.TO), Converge Technology Solutions (CTS.TO), Tecsys Inc (TCS.TO), Constellation Software (CSU.TO), Evertz Technologies (ET.TO) and Kinaxis Inc (KXS.TO) are down 1 to 2.3%.

In the healthcare sector, Bausch Health Companies (BHC.TO) is down 1.7%, Tilray Inc (TLRY.To) is lower by about 1.6% and Cronos Group (CRON.TO) is down 1%. Canopy Growth Corp (WEED.TO) and Bellus Health Inc (BLU.TO) are down with modest losses.