Category: Uncategorized

 Published: 5/3/2024 6:25 PM ET | 

The Canadian market ended on a firm note on Friday on easing concerns about the outlook for Fed interest rates after data showed a slowdown in U.S. employment growth.

Utilities, technology, communications and real estate stocks were among the prominent gainers. Several stocks from materials, healthcare, industrials and financials sectors too ended notably higher. Shares from energy and consumer sections ended mixed.

The benchmark S&P/TSX Composite Index, which climbed to 21,983.45, ended the day’s session with a gain of 124.19 points or 0.57% at 21,947.41. The index posted a marginal loss for the week.

On the Canadian economic front, the S&P Global Canada Services PMI reading came in at 49.3 for April, up from March’s 46.4, marking the highest level since June, but still indicating a contraction.

Shopify Inc (SHOP.TO), Colliers International (CIGI.TO), Constellation Software (CSU.TO) and Restaurant Brands International (QSR.TO) gained 2 to 3.5%.

Royal Bank of Canada (RY.TO), Franco-Nevada Corporation (FNV.TO), CGI Inc (GIB.A.TO), TFI International (TFII.TO), Canadian National Railway (CNR.TO), Fairfax Financial Holdings (FFH.TO) and Thomson Reuters (TRI.TO) advanced 1 to 2%.

TC Energy Corp (TRP.TO) gained more than 3%. The company reported first-quarter net income of $1.2 billion or $1.16 per common share compared to $1.3 billion or $1.29 per common share in first quarter 2023.

TransAlta Corporation (TA.TO) surged 4.7%. The company reported net earnings of $222 million for the first quarter of 2024, compared to $294 million for the same period in 2023.

Open Text Corporation (OTEX.TO) tanked 14.8%, extending losses after a more than 18% dip on the previous session.

Stella-Jones Inc (SJ.TO) plunged more than 9%. Toronto-Dominion Bank (TD.TO) dropped nearly 6%.

Magna International (MG.TO), Parklans Corporation (PKI.TO), Russel Metals (RUS.TO), Altus Group (AIF.TO), Morguard Corporation (MRC.TO), Tecsys Inc (TCS.TO) and GFL Environmental (GFL.TO) ended lower by 2 to 3.5%.

Data from the Labor Department showed non-farm payroll employment climbed by 175,000 jobs in April after surging by an upwardly revised 315,000 jobs in March. Economists had expected employment to jump by 243,000 jobs compared to the spike of 303,000 jobs originally reported for the previous month.

The report also showed the unemployment rate crept up to 3.9% in April from 3.8% in March. The unemployment rate was expected to remain unchanged.

The annual rate of wage growth slowed to 4% in April from 4.1% in March, while economists had expected the pace of wage growth to dip to 4%.

TC Energy Corp. reported a first-quarter profit of $1.20 billion, down from $1.31 billion in the same quarter last year, as its revenue rose.

The pipeline operator says the profit amounted to $1.16 per share for the quarter ended March 31, down from $1.29 per share a year earlier.

Revenue for the quarter totalled $4.24 billion, up from $3.93 billion in the first quarter of 2023.

On a comparable basis, TC Energy says it earned $1.24 per share in its latest quarter, up from $1.21 per share in the same quarter last year.

During the quarter, TC Energy announced a deal to sell its Portland Natural Gas Transmission System to BlackRock through a fund managed by its diversified infrastructure business, and investment funds managed by Morgan Stanley Infrastructure Partners.

It also announced an agreement in March to sell its Prince Rupert Gas Transmission project to the Nisga’a Nation — whose lands are located on the northwest coast of B.C. near the city of Terrace — and its partner, Texas-based Western LNG.

This report by The Canadian Press was first published May 3, 2024.

 Magna International Inc. says its first-quarter profit fell compared with a year ago as it recorded US$316 million in asset impairments and restructuring costs related to troubled electric vehicle company Fisker.

Magna builds the Ocean SUV for Fisker, which failed to make a required interest payment in March and warned it could seek bankruptcy protection.

Magna, which keeps its books in U.S. dollars, says it earned US$9 million or three cents US per diluted share for the quarter ended March 31.

The result was down from a profit of US$209 million or 73 cents US per diluted share a year earlier.

Sales for the quarter totalled US$10.97 billion, up from US$10.67 billion in the same quarter last year.

On an adjusted basis, Magna says it earned US$1.08 per diluted share in its latest quarter, down from an adjusted profit of US$1.15 per diluted share a year earlier.

This report by The Canadian Press was first published May 3, 2024.

Canadian Utilities Limited today announced first quarter 2024 adjusted earnings of $225 million ($0.83 per share), which were $8 million ($0.02 per share) higher compared to $217 million ($0.81 per share) in the first quarter of 2023. 

Read more at newswire.ca

Performance Due to Strong Midstream Execution, Record First Quarter Global Export Volumes, and Continued Advancement of Major Strategic Priorities

CALGARY, AB, May 2, 2024 /CNW/ – AltaGas Ltd.  (TSX:ALA.TO) today reported first quarter 2024 financial results and provided an update on its operations and other corporate developments.

Read more at newswire.ca

NFI Group Inc. reported a net loss of US$9.4 million in its first quarter, compared with a net loss of US$46 million a year earlier.

The bus maker says its net loss per share was eight cents US, compared with a loss of 60 cents US during the same quarter last year.

Revenues totalled US$722.7 million, up almost 38 per cent from US$525.2 million a year earlier.

The majority of that revenue came from transit buses, which brought in US$449.5 million in revenue, up almost 66 per cent.

The company says its manufacturing revenue increased almost 46 per cent year-over-year, largely driven by higher new vehicle deliveries, higher average sales prices per unit and product mix.

NFI Group says its deliveries of zero-emission buses and coaches were up more than 21 per cent in the quarter.

This report by The Canadian Press was first published May 2, 2024.

Telus Corp. reported fourth-quarter net income attributable to common shares of $288 million, up from $248 million a year earlier.

The company says the profit amounted to 20 cents per share for the quarter ended Dec. 31, up from 17 cents per share in the last three months of 2022.

Operating revenue and other income totalled $5.20 billion, up from $5.06 billion in the same quarter a year earlier.

On an adjusted basis, Telus says it earned 24 cents per share for its fourth quarter, the same as its fourth quarter of 2022.

In the fourth quarter, Telus says it saw 404,000 net customer additions, including 126,000 mobile phones and 203,000 connected devices as well as 36,000 internet, 23,000 TV and 23,000 security customer connections.

Telus says residential voice connections were down by 7,000 in the quarter.

This report by The Canadian Press was first published Feb. 9, 2024.

Canadian Natural Resources Ltd. reported its first-quarter profit fell compared with a year ago as it realized lower prices for synthetic crude oil and natural gas.

The company says it earned $987 million or 91 cents per diluted share for the quarter ended March 31.

The result was down from a profit of $1.80 billion or $1.62 per diluted share a year earlier.

Product sales totalled $9.42 billion, down from $9.55 billion in the first quarter of 2023.

Production in the quarter averaged 1,333,502 barrels of oil equivalent per day, up from 1,319,391 a year ago.

On an adjusted basis, Canadian Natural says its earnings from operations amounted to $1.37 per diluted share in its latest quarter, down from $1.69 per diluted share in the same quarter last year.

This report by The Canadian Press was first published May 2, 2024.

Thomson Reuters Corp. reported lower profits but a rise in revenue in its first quarter as it also modestly raised its expectations for revenue growth for the year.

The company says it now expects total revenue growth for 2024 of between 6.5 and seven per cent, up from a February estimate of about 6.5 per cent.

The increase came as Thomson Reuters, which keeps its books in U.S. dollars, says its revenue totalled US$1.89 billion, up about eight per cent from US$1.74 billion in the same quarter last year.

Reuters says revenues at its news service rose 21 per cent to US$210 million, driven primarily by generative AI-related content licensing revenue.

The company says it earned a profit attributable to common shareholders of US$481 million or US$1.06 per diluted share, down from a profit of US$756 million or US$1.59 per diluted share a year earlier.

On an adjusted basis, Thomson Reuters says it earned US$1.11 per share in its latest quarter, up from an adjusted profit of 84 cents US per share in the same quarter last year.

This report by The Canadian Press was first published May 2, 2024.