Canadian Market Down Marginally As Investors React To Earnings, Jobs Data

(RTTNews) - The Canadian market is down marginally in early afternoon trades on Friday with investors digesting the nation's jobs data, and a slew of corporate earnings updates.

The benchmark S&P/TSX Composite Index is down 34.43 points or 0.16% at 22,341.40 about half an hour past noon.

Data from Statistics Canada showed employment in Canada rose by 90,400 jobs in April 2024, the most in 15 months, following a 2,200 decrease in March.

The unemployment rate in Canada was at 6.1% in April of 2024, unchanged from the two-year high recorded in the previous month.

Average Hourly Earnings in Canada increased by C$1.64 from the previous year to C$35.77 in April 2024, following a 5% increase in March, a separate data from Statistics Canada showed.

Technology and energy stocks are among the notable losers. Consumer staples, healthcare and consumer discretionary stocks are finding some support.

Algonquin Power & Utilities Corp. (AQN.TO) is down 1.7% after reporting a first quarter net loss to shareholders of $89.1 million compared to profit of $270.1 million, last year. Loss per share was $0.13 compared to profit of $0.39.

Enbridge Inc (ENB.TO) is gaining 1%. The company reported adjusted earnings of $2.0 billion or $0.92 per common share, for the first quarter of 2024, an increase of 8% per share, compared with $1.7 billion or $0.85 per common share in 2023.

Onex Corporation (ONEX.TO) is down nearly 2%. The company reported a net profit of US$10 million for the first-quarter of this year, compared to net loss of $232 million in the year-ago quarter.

Crescent Point Energy (CPG.TO) is down 1.4% after reporting a net loss of $411.7 million for the quarter ended March 31, 2024 , compared to net profit of $216.7 million a year ago.

CI Financial Corp (CIX.TO) is down nearly 9%. The company reported adjusted net income of $132.8 million for the first quarter of 2024, compared to $136.8 million in the first quarter of 2023.