Canadian stocks are exhibiting a mixed performance on Tuesday as investors react to earnings reports and interpret the latest economic data from Canada and the U.S.
Notably, healthcare and materials sectors are witnessing significant gains, while utilities, energy, and technology stocks show slight declines.
As of approximately 12:15 PM, the benchmark S&P/TSX Composite Index has dipped by 57.98 points or 0.26%, positioning it at 22,201.19.
In the healthcare sector, Tilray Inc. (TLRY.TO) has surged nearly 9%, and Bausch Health Companies (BHC.TO) saw a modest gain of about 0.5%.
Among energy stocks, Arc Resources (ARX.TO) has dropped 2.3%, Baytex Energy (BTE.TO) is down by 1.1%, and Cenovus Energy (CVE.TO) has fallen 0.7%.
In technology, Lightspeed Commerce (LSPD.TO), Shopify Inc. (SHOP.TO), and Descartes Systems Group (DSG.TO) have decreased between 2% and 2.2%.
The materials sector is performing well, with Hudbay Minerals (HBM.TO) soaring nearly 10% following its report of $18.5 million in net earnings for the first quarter, compared to $33.5 million in the fourth quarter of 2023. Additionally, Lundin Mining Corp. (LUN.TO) is up 5.8%, First Quantum Minerals (FM.TO) is rising 7.3%, and Iamgold Corp. (IMG.TO) is climbing 5%. Other material stocks like Capstone Mining (CS.TO), Ivanhoe Mines (IVN.TO), Novagold (NG.TO), Filo Mining (FIL.TO), Interfor Corp. (IFP.TO), Ero Copper (ERO.TO), SSR Mining (SSRM.TO), and OceanaGold (OGC.TO) are up between 2.5% and 4%.
In the utilities sector, Brookfield Infrastructure Partners (BIP.UN.TO) and TransAlta Corp. (TA.TO) have gained 2.1% and 1.7%, respectively. Conversely, Hydro One Ltd. (H.TO), despite reporting a first-quarter net income increase to $293 million from $282 million the previous year, is down marginally.
Keyera Corporation (KEY.TO) announced first-quarter net earnings of $70.9 million, down from $137.8 million a year prior, yet the stock is up by about 0.5%.
Economically, Statistics Canada reports that car registrations in Canada increased to 172,104 units in March from 136,622 units in February. Additionally, wholesale sales in Canada fell by 1.1% month-over-month in March, slightly better than the initially estimated 1.3% decrease.