Canadian Stocks Turning In Mixed Performance

(RTTNews) - Canadian stocks are turning in a mixed performance on Tuesday, with investors largely reacting to earnings updates and digesting latest Canadian and U.S. economic data.

Healthcare and materials shares are up with strong gains. Utilities, energy and technology stocks are a bit weak.

The benchmark S&P/TSX Composite Index is down 57.98 points or 0.26% at 22,201.19 about a quarter past noon.

Tilray Inc (TLRY.TO) is soaring nearly 9%. Bausch Health Companies (BHC.TO) is gaining about 0.5%.

Among energy stocks, Arc Resources (ARX.TO) is down 2.3%. Baytex Energy (BTE.TO) is down 1.1% and Cenovus Energy (CVE.TO) is down 0.7%.

Technology stocks Lightspeed Commerce (LSPD.TO), Shopify Inc (SHOP.TO) and Descartes Systems Group (DSG.TO) are down 2 to 2.2%.

In the materials section, Hudbay Minerals (HBM.TO) is surging nearly 10%. The company reported net earnings $18.5 million for the first quarter, compared to net earnings of$33.5 million in the fourth quarter of 2023.

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%. 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 2.5 to 4%.

Utilities shares Brookfield Infra Partners (BIP.UN.TO) and Transalta Corp (TA.TO) are up 2.1% and 1.7%, respectively.

Hydro One Ltd. (H.TO) reported first-quarter net income of $293 million, compared to $282 million in the year-ago quarter. The stock is down marginally.

Keyera Corporation (KEY.TO) reported first-quarter net earnings of $70.9 million, compared to $137.8 million a year ago. The stock is up by about 0.5%.

On the economic front, data from Statistics Canada showed car registrations in Canada increased to 172,104 Units in March from 136622 Units in February.

Another report from Statistics Canada showed wholesale sales in Canada fell by 1.1% month-over-month in March, slightly less than initial estimates of a 1.3% drop.