TSX Recovers Well After Early Setback, Ends Just Marginally Down

(RTTNews) - The Canadian market fell to two-week lows on Thursday, weighed down by losses in materials and industrials sectors. The mood remained cautious, and investors largely made their moves, reacting to quarterly earnings announcements.

The benchmark S&P/TSX Composite Index ended with a loss of 31.54 points or 0.14% at 22,608.03. The index, which tumbled to 22,463.96 in early trades, rallied to 22,719.12 before turning weak again.

Hut 8 Corp (HUT.TO) tanked 17.8%. Canadian Tire Corporation (CTC.TO) dropped 8.6% and Boyd Group Services (BYD.TO) ended down 8.1%.

Bombardier Inc (BBD.A.TO) ended down 5%. The company reported adjusted net income of $111 million for the quarter ended June 2024, compared to $80 million in the year-ago quarter.

FirstService (FSV.TO) climbed 6.8% after reporting adjusted EBITDA of $59.1 million for the second quarter, compared to $55.7 million in the year-ago quarter.

Celestica Inc (CLS.TO) lost 4.2%. Newmont Corporation (NGT.TO), Cameco Corporation (CCO.TO), Fairfax Financial Holdings (FFH.TO), Waste Communications (WCN.TO), Canadian National Railway (CNR.TO) and Stantec Inc (STN.TO) lost 1.7 to 4%.

Mullen Group (MTL.TO) soared 9.3% after the company reported a net income of $32.9 million for the quarter ended June 30, 2024, compared to $36.5 million a year ago.

Seabridge Gold Inc (SEA.TO), West Fraser Timber (WFG.TO), Ag Growth International (AFN.TO) and Colliers International (CIGI.TO) gained 3.7 to 8%.

BRP Inc (DOO.TO), Nutrien (NTR.TO), Cargojet (CJT.TO), TFI International (TFII.TO), Onex Corporation (ONEX.TO), Precision Drilling Corporation (PD.TO) and Constellation Software (CSU.TO) 1 to 3%.

On the economic front, data from Statistics Canada said average weekly earnings of non-farm payroll employees in Canada increased by 4.2% year-on-year to $1,252 in May, rising from a 3.7% growth in the previous month.