The Canadian market ended its fourth consecutive day of gains on Tuesday, although the increase was slight as investors were cautious in making substantial moves. The S&P/TSX Composite Index saw a minor rise of 31.15 points or 0.14%, ending the day at 22,290.62. The index fluctuated within the range of 22,261.01 and 22,347.39 during the trading session.
Finning International, an industrial equipment supplier, saw a rise of approximately 3.5% in its shares. The company reported a first-quarter net income of $121 million, which was lower than the $134 million reported in the same period last year. Other stocks that showed a rise were Calian Group, Nutrien, Celestica Inc., Cameco Corporation, Methanex Corporation, and Canadian Tire Corporation, each showing a 2-3% increase.
Molson Coors Canada Inc., RB Global Inc., Cargojet, Teck Resources, Precision Drilling Corporation, and Canadian Natural Resources also climbed between 1-2%. However, Hut 8 Corp saw a nearly 7% decline. Additionally, Kinaxis Inc, Pet Valu Holdings, Wajax Corporation, Snc-Lavalin Group Inc, Badger Infrastructure Solutions, and WSP Global Inc each saw a decline between 2-4%.
Food processing company, George Weston Ltd, reported a 10.6% increase in first-quarter adjusted net earnings for 2024; a rise of $30 million from the corresponding quarter of the previous year. This announcement caused a 0.8% rise in the company's stock.
MEG Energy Corp also saw a slight increase in its shares. The oil and gas company reported a first-quarter net income of $98 million for 2024, which was up from $81 million in the same period of 2023. In contrast, CT Real Estate Investment Trust shares took a hit following the announcement of its first-quarter net income of C$1.01 billion, which was significantly higher than the C$70.5 million reported in the corresponding quarter of the previous year.
In other news, the Ivey Purchasing Managers Index in Canada showed a promising rise, growing to 63 in April 2024 from 57.5 the previous month. This surpassed forecasts of 58.1 and marked the highest level in two years, reflecting the ninth consecutive monthly increase.