Canadian Market Down In Negative Territory As Investors React To Earnings

(RTTNews) - The Canadian market is down firmly in negative territory at noon on Thursday with stocks from across several sectors reeling under selling pressure amid uncertainty about the outlook for interest rates.

Investors are also reacting to a slew of earnings announcements from Canadian companies.

Communications, utilities, financials, materials and consumer staples stocks are among the major losers. Technology stocks are finding some support. Energy, real estate and consumer discretionary stocks are turning in a mixed performance.

The benchmark S&P/TSX Composite Index, which dropped to 20,794.59, is down 106.34 points or 0.51% at 20,862.82 at noon.

Communications stock BCE Inc (BCE.TO) is down 4.6%. BCE reported adjusted net income of $691 million for the fourth quarter of 2023, compared to $654 million a year ago.

Telus Corp (T.TO) is down 2.5%, while Quebecor Inc (QBR.TO) and Rogers Communications (RCI.B.TO) are down 1.3% and 1.2%, respectively.

Utilities stocks Brookfield Renewable Partners (BEP.UN.TO), Innergex Renewable Energy (INE.TO), Northland Power (NPI.TO) and Boralex Inc (BLX.TO) are down 2.4 to 3.5%.

In the materials sector, Lithium Americas Argentina Corp (LAAC.TO), Algoma Steel (ASTL.TO), Ccl Industries (CCL.B.TO), Interfor Corp (IFP.TO) and Osisko Gold Royalties (BR.TO) are lower by 2.5 to 3.7%.

Fairfax Financial Holdings (FFH.TO) is plunging 11.6%, with research firm Muddy Waters revealing that it has taken a short position at the counter, alleging that the group has manipulated asset values and income by "engaging in value destructive transactions aimed at generating accounting gains".

CDN Western Bank (CWB.TO), Bank of Nova Scotia (BNS.TO), Manulife Financial (MFC.TO), Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) are lower by 1 to 1.5%.

Thomson Reuters Inc (TRI.TO) is up 3% after the company reported adjusted EBITDA of US$707 million for the quarter ended December 2023, compared with US$633 million in the year-ago quarter.

Colliers International Group Inc. (CIGI.TO) is gaining 4.5%. The company reported fourth-quarter revenues of US$1,235.2 million, compared with US$1,222.4 million in the year-ago quarter.

Bombardier Inc (BBD.A.TO) is down 14%. The company reported adjusted EBITDA of $1.23 billion for 2023, up 32% from the previous year.

Lightspeed Commerce Inc (LSPD.TO) is plunging 19%. The company reported third-quarter net loss of $40.2 million, compared to a net loss of $814.8 million in the year-ago quarter.