FX.co ★ Canadian Market Moderately Lower At Noon; Energy, Materials Stocks Decline

The Canadian market opened on a subdued note and continues to hover in negative territory early Friday afternoon. This decline is mainly driven by the downward pressure on energy and materials stocks, attributed to a drop in commodity prices.

Market participants are also evaluating Canada's latest employment figures while considering a series of corporate earnings reports. As of shortly after midday, the S&P/TSX Composite Index had fallen 154.56 points, or 0.62%, landing at 24,691.37.

Statistics Canada's latest data indicates a rise in Canadian employment by 14,500 jobs in October, following a 46,700-job increase in the previous month. Meanwhile, the unemployment rate remains steady at 6.5% for October. Average hourly earnings inched up to C$36.73 from C$36.54 in September.

The Materials Capped Index has dropped by 2.4%, with Ivanhoe Mines and First Quantum Minerals seeing significant declines of 9% and 8.6%, respectively. Hudbay Minerals shares are down by 7.1%, while Sandstorm Gold, Ero Copper, Wesdome Gold Mines, Capstone Mining, Teck Resources, and Lundin Mining have decreased between 4% and 6%.

Conversely, Iamgold Corp experienced an almost 8% rise, and Ssr Mining also saw a 5.5% increase. Likewise, shares of Lundin Gold, Interfor Corp, and Wheaton Precious Metals are on an upward trajectory.

The Energy Capped Index is down 1.65%. Significant losses are observed in Baytex Energy, MEG Energy, Kelt Exploration, Birchcliff Energy, Headwater Exploration, Veren, Vermilion Energy, CES Energy Solutions, Canadian Natural Resources, Arc Resources, and International Petroleum Corporation, with declines ranging from 2% to 4%.

Mattr Corp is experiencing a near 14% surge, while Pason Systems and Nuvista Energy are up by 2.5% and over 4%, respectively.

Telus Corporation reported a notable increase in net income, reaching $257 million for the quarter ending September 30, 2024, an 87.6% rise from the same period last year. The stock is up by 3.7%.

Onex Corporation announced third-quarter net earnings of $127 million, down from $256 million the previous year, yet the stock is gaining nearly 3%.

Docebo Inc reported a 25% increase in third-quarter net income, totaling $5.0 million, or $0.16 per share, up from $4.0 million, or $0.12 per share, compared to the same period last year, resulting in a 2% stock rise.

Brookfield Business Partners posted a substantial turnaround with net income of $301 million for the three months ending September 30, 2024, compared to a net loss of $44 million the prior year, boosting the stock by almost 4%.