Canadian shares are likely to turn in a mixed performance on Wednesday with investors reacting to quarterly earnings updates. Weak crude oil prices and subdued bullion market may weigh on energy and materials shares.
In earnings news, Stella-Jones Inc (SJ.TO) reported a net income of $77 million or $1.36 per share for the first quarter of 2024, up 32% from the year-ago quarter.
Nuvei Corporation (NVEI.TO) reported adjusted net income of $62.5 million for the first quarter, down 3% from $64.5 million a year ago.
B2Gold Corp (BTO.TO) posted a net income of $48.5 million in the first quarter of 2024, compared to $102 million in the year-ago quarter.
Goeasy Ltd. (GSY.TO) reported a net income of $58.9 million for the first quarter, up 15% from $51.4 million in the same period of 2023.
Suncor Energy (SU.TO) reported adjusted operating earnings of $1,817 million for the first quarter of 2024, compared to $1,809 million a year ago.
The Canadian market ended higher on Tuesday, extending gains to a fourth straight day, but gains in the session were just marginal as investors largely refrained from making significant moves.
The benchmark S&P/TSX Composite Index ended with a gain of 31.15 points or 0.14% at 22,290.62, after moving between 22,261.01 and 22,347.39.
Asian stocks ended Wednesday\'s session on a muted note as the Chinese stock rally paused and the Israel-Hamas ceasefire deal faced uncertainty.
The dollar regained momentum after Minneapolis Fed President Neel Kashkari cautioned that interest rates are likely to remain on hold for an extended period.
Chinese markets fell on profit taking after rallying to over six-month highs on optimism over improving economic conditions and hopes regarding potential stimulus measures to revive the country\'s struggling property market.
European stocks are up in positive territory with investors, shrugging off hawkish comments from Federal Reserve Bank of Minneaplis President Neel Kashkari, and continuing to assess the prospects for interest-rate cuts following last week\'s weaker-than-expected U.S. jobs report.
In commodities, West Texas Intermediate Crude oil futures are down $1.06 or 1.35% at $77.32 a barrel.
Gold futures are up slightly at $2,324.90 an ounce, while Silver futures are up $0.016 or 0.04% at $27.560 an ounce.