Canadian Shares Turning In Mixed Performance

(RTTNews) - Canadian shares are turning in a mixed performance on Wednesday with investors digesting the data on inflation and reacting to earnings updates and geopolitical news.

The mood is largely cautious as investors continue to weigh the prospects of interest rate hikes by the Federal Reserve in the coming months.

Consumer staples, industrials and consumer discretionary stocks are up with notable gains. Several stocks from communications and utilities sections are also higher, while healthcare and energy stocks are weak.

The benchmark S&P/TSX Composite Index is down 12.72 points or 0.06% at 19,982.06 a few minutes before noon. Earlier, the index had dropped to a low of 19,897.26.

Data from Statistics Canada showed Canada's annual inflation rate came in unchanged at 6.9% in October, and that was in line with expectations.

The core inflation rate slowed to 5.8% from 6% in the previous period. On a monthly basis, consumer prices rose by 0.7%, picking up from 0.1% in September.

A report from Canada Mortgage and Housing Corporation showed housing starts in Canada dropped by 11% over month earlier to 267,055 units in October.

Stelco Holdings (STLC.TO) is soaring 12.5%. The company reported adjusted net income of $163 million and adjusted net income per share of $2.40 in the third quarter of this financial year, down 74% from Q3 2021 and 54% from Q2 2022.

Restaurant Brands International (QSR.TO) is rising 7%. Canadian Pacific Railway (CP.TO), Fairfax Financial Holdings (FFH.TO), Empire Company (EMP.A.TO), Bombardier Inc (BBD.B.TO), Emera Inc (EMA.TO) and George Weston (WN.TO) are gaining 2 to 3%.

Loblaw Companies Ltd. (L.TO) shares are climbing 2.6%. Loblow reported adjusted net earnings of $663 million in the third quarter of this financial year, an increase of $123 million, or 22.8%, over the year-ago quarter.

Metro Inc (MRU.TO) shares are up more than 2%. The company reported net earnings of $168.7 million in the fourth quarter, down 13.0% from a year ago. Adjusted net earnings came in at $219 .4 million in the latest quarter, up 9.4% over the year-ago quarter.

Nuvei Corporation (NVEI.TO), Goeasy (GSY.TO), Paramount Resources (POU.TO), Vermilion Energy (VET.TO), Shopify Inc (SHOP.TO) and Methanex Corporation (MX.TO) are down 2.5 to 4.8%.