Canadian Stocks Turning In Mixed Performance

(RTTNews) - Canadian stocks are turning in a mixed performance on Wednesday with investors largely reacting to quarterly earnings updates and looking ahead to the Federal Reserve's monetary policy announcement.

Technology, healthcare and consumer discretionary stocks are weak, while select stocks from energy and industrials sectors are up with notable gains. Financials, materials and communications stocks are mostly subdued.

The benchmark S&P/TSX Composite Index is up 2.84 points or 0.01% at 20,908.12. The index touched a low of 20,798.78 and a high of 20,985.91.

Barrick Gold Corp (ABX.TO) is gaining about 1%. The company reported first-quarter earnings of $438 million, or $0.25 per share, compare with $538 million, or $0.30 per share, in last year's first quarter. The company's revenue for the quarter fell 3.5% to $2.853 billion from $2.956 B last year.

Loblaw Companies Limited (L.TO) reported adjusted net earnings of $459 million for the first quarter of 2022, an increase of $67 million, or 17.1%, over the corresponding quarter last year. The stock is down by about 0.6%.

Fortis Inc. (FTS.TO) is trading 0.5% down after reporting first quarter net earnings of $350 million, or $0.74 per common share, compared to $355 million, or $0.76 per common share in the first quarter of 2021.

Iamgold Corporation (IMG.TO) is plunging nearly 28% despite reporting higher earnings for the first quarter. Meanwhile, the company has revealed a costs blowout at its massive Côté gold project in Ontario, with preliminary estimates from an ongoing risk analysis indicating that development of the asset would require between $1.2 billion and $1.3 billion to complete, as against an earlier estimate of between $710 million and $760 million.

MEG Energy (MEG.TO) is gaining about 6%. Arc Resources (ARX.TO) is up 2.5%, Whitecap Resources (WCP.TO) is surging up 2.1% and Cenovus Energy (CVE.TO) is advancing 1.2%. Bombardier Inc (BBD.B.TO) is up with a gain of nearly 3%.

On the economic front, data released by Statistics Canada showed Canada posted a trade surplus of C$ 2.49 billion in March of 2022, narrowing from an upwardly revised C$ 3.08 billion surplus in the prior month.

Exports from Canada surged 6.3% over a month to a fresh record high of C$ 63.6 billion in March, while imports jumped 7.7% over a month to a new record high of C$ 61.1 billion in the month.