Canadian Stocks Turning In Mixed Performance

(RTTNews) - Canadian stocks are turning in a mixed performance on Friday with investors digesting a slew of earnings updates and the latest batch of economic data.

Consumer staples, consumer discretionary, industrials, technology and financials shares are among the notable gainers. Materials, communications and energy stocks are weak. Healthcare stocks are mixed.

The benchmark S&P/TSX Composite Index is up 50.70 points or 0.26% at 19,402.81 about a quarter past noon. The index slipped to a low of 19,282.70 in early trades.

Imperial Oil Limited (IMO.TO) shares are up nearly 10%. Imperial Oil reported estimated net income in the third quarter of $2,031 million, compared to $2,409 million in the second quarter of 2022.

Cogeco Inc (CGO.TO) is up 6.3% and Cogeco Communications (CCA.TO) is gaining 5%.

Kinaxis Inc (KXS.TO) is rising 4.8% and West Fraser Timber (WFG.TO) is advancing nearly 4%. Precision Drilling (PD.TO), Ritchie Bros. Auctioneers (RBA.TO), Thomson Reuters (TRI.TO), Fairfax Financial Holdings (FFH.TO), Toromont Industries (TIH.TO), CGI Inc (GIB.A.TO) and Canadian National Railway (CNR.TO) are up 1.5 to 3.2%.

Teck Resources (TECK.A.TO) is plunging more than 8%. TFI International (TFII.TO) is down nearly 7% and Shaw Communications (SJR.B.TO) is declining 5.6%.

First Quantum Minerals (FM.TO), Stelco Holdings (STLC.TO), Tourmaline Oil Corp (TOU.TO) and Wheaton Precious Metals (WPM.TO) are down 2 to 5%.

Yamana Gold Inc. (YRI.TO) reported that its third quarter net earnings declined to $19.8 million or $0.02 per share from $27.0 million or $0.03 per share in the prior year. Adjusted net earnings were $44.5 million or $0.05 per share compared to $73.7 million or $0.08 per share in the prior year. The stock is down nearly 3%.

Fortis Inc. (FTS.TO) is gaining 1.5%. The company reported that its third-quarter net earnings attributable to equity shareholders was C$326 million or C$0.68 per share, compared to C$295 million or C$0.63 per share last year.

Air Canada (AC.TO) is gaining more than 4% after reporting a smaller loss in the third quarter. The company reported a net loss of $508 million in the third quarter of this financial year, compared to a net loss of $640 million a year ago.

On the economic front, a report from Statistics Canada said the Canadian economy likely expanded by 0.4% quarter-on-quarter in Q3 of 2022, pointing to a 0.1% growth in September from August, according to preliminary estimates. Regarding August, the GDP also expanded by 0.1%, above preliminary estimates of a stall.