FX.co ★ Canadian Market Flat In Lackluster Trade

The Canadian market has remained relatively stable on this Monday afternoon, with investors proceeding with caution as they await the monetary policy announcement from the U.S. Federal Reserve. They are also eyeing the Canadian GDP data and the U.S. employment data, both due to be released later this week.

As of now, the S&P/TSX Composite Index has seen a slight dip, sitting at 21,969.10 points. It had earlier dropped to as low as 21,958.42 points, after having started the day at a high of 22,052.06.

Several firms such as Methanex Corporation, Docebo Inc, Tecsys Inc, Aritzia Inc, and Nutrien have enjoyed a rise ranging between 3% and 5%. Meanwhile, Teck Resources, Senvest Capital, goeasy, Dayforce, and Tourmaline Oil Corp are also in the green with their shares growing between 1.4% and 2.3%.

Cargojet Inc reports a 1.5% rise in it's share value. This follows the company's announcement of impressive first-quarter earnings of $31 million or $1.86 per share, showing significant growth from the previous year's figure of $16.8 million or $0.97 per share.

However, not all companies share the upward trend. Rogers Communications reported a 3% fall in share value. This downward slide was also evident in other companies such as Bombardier Inc, Snc-Lavalin, West Fraser Timber, Boyd Group Services, EQB Inc, TFI International, and Stella-Jones Inc, all recording decreases ranging from 1.2% to 2.1%.

Alimentation Couche-Tard Inc. also saw a slight drop in its share value. However, the company announced that the Toronto Stock Exchange has approved the renewal of its share repurchase program. As a result, Couche-Tard is authorized to repurchase up to 78,083,521 Common Shares, amounting to 10% of the company's public float, by April 18, 2024.

If operated to its full potential, this Program would require a total investment of approximately US $4.3 billion or CDN $5.9 billion, based on the current share price.