Canadian Market Ends Higher After Lackluster Session

(RTTNews) - The Canadian market ended higher on Tuesday, extending gains to a fourth straight day, but gains in the session were just marginal as investors largely refrained from making significant moves.

The benchmark S&P/TSX Composite Index ended with a gain of 31.15 points or 0.14% at 22,290.62, after moving between 22,261.01 and 22,347.39.

Finning International (FTT.TO) gained about 3.5%. The company reported first-quarter net income of $121 million, compared to $134 million a year ago.

Calian Group (CGY.TO), Nutrien (NTR.TO), Celestica Inc (CLS.TO), Cameco Corporation (CCO.TO), Methanex Corporation (MX.TO) and Canadian Tire Corporation (CTC.TO) climbed 2 to 3%.

Molson Coors Canada Inc (TPX.B.TO), RB Global Inc (RBA.TO), Cargojet (CJT.TO), Teck Resources (TECK.A.TO), Precision Drilling Corporation (PD.TO) and Canadian Natural Resources (CNQ.TO) advanced 1 to 2%.

Hut 8 Corp (HUT.TO) dropped nearly 7%. Kinaxis Inc (KXS.TO), Pet Valu Holdings (PET.TO), Wajax Corporation (WJX.TO), Snc-Lavalin Group Inc (ATRL.TO), Badger Infrastructure Solutions (BDGI.TO) and WSP Global Inc (WSP.TO) lost 2 to 4%.

George Weston Ltd. (WN.TO) reported adjusted net earnings of $312 million for the first-quarter of 2024, up $30 million or 10.6%, compared to its net earnings in the year-ago quarter. The stock ended 0.8% up.

MEG Energy Corp (MEG.TO) edged up marginally. The company announced after trading hours on Monday that its net earnings increased to $98 million in the first quarter of 2024 from $81 million in the same period of 2023.

CT Real Estate Investment Trust (CRT.UN.TO) shares declined sharply after the company reported first-quarter net income of C$1.01 billion, compared to C$70.5 million in the year-ago quarter.

On the economic front, the Ivey Purchasing Managers Index in Canada surged to 63 in April 2024 from 57.5 in March, surpassing expectations of 58.1 and reaching its highest level in two years. It was the ninth consecutive monthly increase.