TSX Recovers After Early Setback, Ends Flat

(RTTNews) - The Canadian market started off on a weak note on Tuesday and drifted down further, but recovered gradually and eventually ended the session flat.

The mood was cautious as investors awaited U.S. consumer and producer inflation data for clues about the Federal Reserve's interest rate plans.

The benchmark S&P/TSX Composite Index, which opened nearly 100 points down at 20,487.27, dropped to 20,455.52 subsequently, but recovered to close at 20,585.73, up less than a point from its previous close.

SNC-Lavalin Group Inc (SNC.TO) soared more than 12% on strong results. The company reported first-quarter net income of 28.4 million, or $0.16 per share, compared to $24.8 million, or $0.14 per share in the first quarter of 2022.

Russel Metals (RUS.TO) surged 7.7% after reporting first-quarter net income of $74 million, after posting a net income of $58 million a quarter earlier.

Sleep Country Canada Holdings (ZZZ.TO) climbed nearly 7%. Finning International (FTT.TO) gained 5.1%, while Teck Resources (TECK.A.TO), Cameco Corporation (CCO.TO), Nuvei Corporation (NVEI.TO), Tourmaline Oil Corporation (TOU.TO), GFL Environmental (GFL.TO) gained 2 to 4%.

Thomson Reuters (TRI.TO), Cargojet (CJT.TO), Restaurant Brands International (QSR.TO) and Fairfax Financial Holdings (FFH.TO) also closed higher.

Ag Growth International (AFN.TO) drifted down 5.6%. Enghouse Systems (ENGH.TO) ended 3.4% down, and Magna International (MG.TO) closed lower by 2.6%.

Bank of Nova Scotia (BNS.TO), Linamar Corporation (LNR.TO), Royal Bank of Canada (RY.TO) and West Fraser Timber (WFG.TO) lost 1 to 2%.

Keyera Corporation (KEY.TO) shares gained 3.1% after the company reported first-quarter net earnings of $138 million, compared with $114 million in the year-ago quarter.

George Weston Limited (WN.TO) reported adjusted net earnings of $282 million for the first quarter of 2023, flat compared to the same period in 2022. The stock edged down marginally.