Materials, Technology Stocks Dragging Down Canadian Market

(RTTNews) - Materials, technology and healthcare stocks are having a tough ride in the Canadian market on Wednesday, with investors largely making cautious moves while awaiting some key economic data, including readings on U.S. inflation.

The benchmark S&P/TSX Composite Index was down 93.99 points or 0.4% 23,165.97 a little before noon.

Royal Bank of Canada (RY.TO) is gaining about 2.3%. The bank reported a net income of $4.5 billion for the quarter ended July 31, 2024, up $626 million or 16% from the prior year. Diluted EPS was $3.09, up 13% over the same period. The bank reported adjusted net income and adjusted diluted EPS of $4.7 billion and $3.26 for the latest quarter, up 18% and 15%, respectively, from the prior year.

National Bank of Canada (NA.TO) is climbing up 5.2% after the bank reported a net income of $1,033 million for the third-quarter of its current financial year, which is up 24% from $830 million it reported in the year-ago quarter. Third-quarter diluted earnings per share stood at $2.89 compared to $2.33 in the third quarter of 2023.

CDN Western Bank (CWB.TO) is rising 4.1%. IA Financial Corp (IAG.TO) and Manulife Financial (MFC.TO) are gaining 1.3% and 1%, respectively.

The Materials Capped Index is down 2.37%. Ivanhoe Mines (IVN.TO) is plunging nearly 8%. Capstone Mining (CS.TO), Ssr Mining (SSRM.TO), New Gold (NGD.TO), Aya Gold & Silver (AYA.TO), Oceanagold (OGC.TO), First Majestic Silver (AG.TO), Hudbay Minerals (HBM.TO), Torex Gold Resources (TXG.TO), MAG Silver Corp (MAG.TO), Pan American Silver Corp (PAAS.TO), Lundin Mining (LUN.TO), First Quantum Minerals (FM.TO) and Silvercrest Metals (SIL.TO) are down 4 to 6%.

Kinaxis Inc (KXS.TO), down 11.8%, is the biggest loser in the technology sector, after the company announced some leadership changes.

Lightspeed Commerce (LSPD.TO), Celestica Inc (CLS.TO), Dye & Durham (DND.TO), Shopify Inc (SHOP.TO) and Docebo Inc (DCBO.TO) are down 2.5 to 3.4%.

CGI Inc. (GIB-A.TO) is down marginally. The company announced that its U.S. operating subsidiary, CGI Federal has bagged two contract awards from the U.S. Patent and Trademark Office (USPTO). The contracts have a combined potential value of US$119 million.