Canadian Stocks Turning In Mixed Performance; Shopify Tanks

(RTTNews) - Canadian stocks are turning in a mixed performance on Tuesday with investors reacting to earnings updates and closely following the developments in the Gulf region.

Healthcare, consumer discretionary, materials, energy, financials and utilities stocks are finding support. Technology stocks are weak.

The benchmark S&P/TSX Composite Index, which dropped to 33,590.86 after advancing to a high of 33,790.14, was up 36.35 points or 0.11% at 33,675.22 about a quarter past noon.

The Healthcare Capped Index is up nearly 2%. Curaleaf Holdings is rising 5.2%, while Chartwell Retirement Residences and Bausch Health Companies are gaining 1.5% and 1.3%, respectively.

Among materials shares, Ero Copper is up 5.3%, while Orla Mining, Allied Gold Corporation, Hudbay Minerals, Transcontinental Inc., Perpetua Resources and Ngex Minerals are gaining 2.5%-4%.

In the energy sector, Parex Resources is up nearly 6% after receiving court approval for $500 million Frontera acquisition.

Baytex Energy, Imperial Oil, Suncor Energy, Whitecap Resources and Cenovus Energy are gaining 1.3%-2%.

In the financials sector, Igm Financial is up 2.2% and Fairfax Financial Holdings is gaining 1.8%. Manulife Financial, Brookfield Corporation, Onex Corporation and Sun Life Financial are up 1%-1.5%.

Shopify Inc. shares are plunging 12%, weighed down by softer operating profit guidance. Shopify reported a net loss of $581 million for the first quarter, compared to last year's $682 million. Looking ahead to the second quarter, the company expects revenue growth at a high-twenties percentage rate on a year-over-year basis.

Constellation Software, Descartes Systems Group, Kinaxis, Docebo and Lightspeed Commerce are down 1.3%-3%.

In economic news, data from S&P Global showed the S&P Global Canada Composite PMI rose to 49.9 in April 2026 from 47.6 in March, nearing the neutral 50 threshold and signaling a stabilization in business activity. A solid increase in manufacturing output helped offset a slight contraction in the services sector.

Canada's S&P Global Services PMI Business Activity Index rose to 49.2 in April from 47.2 in March but remained below the 50.0 threshold for a sixth straight month.