TSX Ends Slightly Up

(RTTNews) - The Canadian market ended slightly up on Wednesday after a cautious session. Stocks turned in a mixed performance with investors reacting to quarterly earnings news, and the Federal Reserve's monetary policy statement.

The benchmark S&P/TSX Composite Index ended with a gain of 10.11 points or 0.05% at 20,561.64, after scaling a low of 20,492.43 and a high of 20,596.18 intraday.

Tilray Inc (TLRY.TO) soared nearly 16% after the company reported a net loss of $120 million in the fourth quarter, compared to net loss of $458 million in the prior year quarter. Adjusted net loss of $32 million in the fourth quarter compared to adjusted net loss of $46 million in the prior year quarter.

Tfi International (TFII.TO) climbed 4.3%. Bombardier Inc (BBD.B.TO), Ats Corp (ATS.TO) and Cargojet (CJT.TO) gained 2.5 to 3%. Ballard Power Systems (BLDP.TO), Canadian Pacific Railway (CP.TO), Mullen Group (MTL.TO) and Russel Metals (RUS.TO) also ended notably higher.

Consumer discretionary stocks Canada Goose Holdings (GOOS.TO), Aritzia Inc (ATZ.TO), Linamar Corporation (LNR.TO), Brp Inc (DOO.TO) and Sleep Country Canada Holdings (ZZZ.TO) gained 1 to 2.5%.

Technology stock CGI Group Inc (GIB.A.TO) ended 4.51% down. reported net earnings of $415.0 million for the second quarter, up 13.9% year-over-year.

Converge Technology Solutions (CTS.TO) declined 3.48% and Open Text Corp (OTEX.TO) ended 2.25% down, while Kinaxis Inc (KXS.TO), Softchoice Corp (SFTC.TO) and Constellation Software (CSU.TO) lost 1.6 to 2%.

Consumer staples stock Loblaw Companies Ltd. (L.TO) ended 2.2% down.The company reported net earnings of $508 million for the quarter ended June 17, 2023, compared to net earnings of $387 million in the quarter ended June 18, 2022.

Canadian National Railway (CNR.TO) reported second-quarter revenues of C$4,057 million, a decrease of C$287 million, or 7%, compared to the year-ago quarter. Operating income was C$1,600 million in the second quarter of this financial year, a decrease of C$169 million, or 10%, from a year ago. The stock edged up marginally.

The Fed raised its interest rate by 25 basis points as widely expected. The decision to increase rates came as the Fed noted inflation remains elevated, while U.S. economic activity has been expanding at a moderate pace and job gains have been robust in recent months.

In his post-meeting press conference Fed Chair Jerome Powell said it is possible the central bank could raise rates again in September or hold steady, noting the central bank plans to take a meeting by meeting approach.