(RTTNews) – Canadian stocks appear to be off to a smart start on Wednesday morning, in the wake of positive global markets and emerging crude oil prices. With recession considerations taking a back seat for now, investors will most likely stick to earnings news to track their developments.
In terms of impact 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 $2. 34 per share, in the same quarter. quarter of last year. Excluding non-recurring items, adjusted earnings were $369 million, or $0. 98 stock-consistent, beating analysts’ average estimate of $0. 92 stock-consistent.
Suncor Energy (SU. TO) reported second-quarter net revenue of $1,568 million, compared to $1,879 million in the year-ago quarter.
Great-West Lifeco Inc. (GWO. TO) reported net revenue of $1. 005 billion for the second quarter of this year, up 77% from last year.
Nuvei Corporation (NVEI. TO) reported an adjusted net revenue source of $62. 6 million for the quarter 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 second-quarter net revenue of $110 million, up from $100 million in the year-ago 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 ease 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 troubled on Wednesday after Bank of Japan Deputy Governor Uchida Shinichi said the central bank would raise interest rates when money markets were volatile.
The European stock rose on Wednesday, following the indications of companies in the 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 rose $10. 70 or 0. 44% to $2,442. 30 per ounce, while silver futures fell $0. 021 or 0. 08% to $27. 195 per ounce.