(RTTNews) – Canadian stocks appear to be off to a smart start Wednesday morning, on the back of positive global markets and emerging crude oil prices. With recession considerations put on the back burner for now, investors will most likely stick to earnings news. to follow their progress.
As for the effects on Canada, Air Canada (AC. TO) reported a net revenue source of $410 million, or $1. 04 per share, for the second quarter, particularly down from $838 million, or 2Array34 per share, in the same quarter last year. Excluding one-time items, adjusted earnings were $369 million, or $0. 98 consistent with the stock, beating analysts’ average estimate of $0. 92 consistent with the stock.
Suncor Energy (SU. TO) reported a net revenue source of $1. 568 billion for the second quarter, compared to $1. 879 billion in the year-ago quarter.
Great-West Lifeco Inc. (GWO. TO) reported a net revenue source of $1. 005 billion for the second quarter of this year, up 77% from a year ago.
Nuvei Corporation (NVEI. TO) reported an adjusted net revenue source of $62. 6 million for the 3 months ended June 30, 2024, compared to $58. 1 million a year ago.
Shopify Inc (SHOP. TO) reported earnings of $2. 05 billion in the second quarter, up from $1. 69 billion a year earlier.
Stella-Jones Inc. (SJ. TO) reported net revenue of $110 million in the second quarter, compared to $100 million in the year-earlier second quarter.
On the economic front, Ivey’s PMI score for July will be released at 10 a. m. The Ivey Purchasing Managers’ Index in Canada jumped to 62. 5 in June from the previous month.
After watching the global sell-off on Monday due to the Civic Day holiday, investors opted to lighten their commitments at various counters.
The benchmark S&P/TSX Composite Index closed down 248. 27 points, or 1. 12%, at 21,979. 36, from a session low of 21,659. 26.
Asian stocks were complicated on Wednesday after Bank of Japan Deputy Governor Uchida Shinichi said the central bank would raise interest rates when money markets are volatile.
European stocks rose on Wednesday, following cues from Asian markets.
In the commodities sector, West Texas Intermediate crude oil futures rose $1. 78, or 2. 4%, to $74. 98 a barrel.
Gold futures are up $10. 70 or 0. 44% to $2,442. 30 an ounce, while silver futures are down $0. 021 or 0. 08% to $27. 195 an ounce.