Technology stocks

Canadian market cuts losses after sharp decline; Tech stocks rise

(RTTNews) – The Canadian market, which plunged sharply in early trades on Thursday, regained some lost ground afterward, but still remains in negative territory as Russia’s war on Ukraine has raised concerns about to global economic growth.

The benchmark S&P/TSX Composite Index, which fell to 20,397.15, losing about 347 points in the process, recovered to 20,668.63, down just 75.54 points or 0.36.

Shares fell, prompting a sell-off in global markets, after Russian President Vladmir Putin declared war on Ukraine late Wednesday night and launched an all-out invasion of Ukraine.

US President Joe Biden and other world leaders condemned Russia for the “unprovoked and unwarranted attack”, which Biden said would result in “catastrophic loss of life and human suffering”.

“Russia bears sole responsibility for the death and destruction this attack will cause, and the United States and its allies and partners will respond in a united and decisive manner,” Biden said in a statement. “The world will hold Russia accountable.”

Several countries, including the United States and the United Kingdom, are expected to impose tougher sanctions on Russia after the invasion, potentially targeting the country’s all-important energy sector.

Tech stocks, which plunged early in the session, rallied nicely, with many top-tier stocks posting notable gains. A few Materials and Energy stocks are also up with solid gains.

Financial and consumer discretionary stocks are down sharply. Healthcare and industrials stocks posted mixed performance.

Tech stocks Shopify Inc (SHOP.TO) and Descartes Systems (DSG.TO) are both up 2.75%. Converge Technology Solutions (CTS.TO), Sierra Wireless (SW.TO), Dye & Durham (DND.TO), Constellation Software (CSU.TO) and Docebo Inc (DCBO.TO) gain 1.5-2%.

Royal Bank of Canada (RY.TO) reported net income of $4.1 billion for the quarter ended January 31, 2022, up $248 million or 6% from a year earlier. Diluted earnings per share rose 7% in the first quarter, the bank said. The stock is down about 2.5%.

Teck Resources Limited (TECK_A.TO) reported on Thursday that its fourth quarter profit attributable to shareholders was C$1.49 billion or C$2.74 per share, compared with a loss of C$464 million or 0.87 Canadian dollars per share last year, due to high commodity prices. Attributable adjusted profit was C$1.4 billion or C$2.54 per share, compared to C$248 million or C$0.46 per share last year, the company said. society. The stock is down more than 6%.

Shares of Canadian Utilities Limited (CU.TO) are down 0.7%. The company today reported 2021 adjusted earnings of $586 million ($2.17 per share), up $51 million ($0.21 per share) from $535 million ($1.96 per share). $ per share) in 2020. The company reported fourth-quarter adjusted earnings of $192 million, up $6 million from a year ago.

Shares of Loblaw Company Limited (L.TO) gain nearly 2% after the company reported net income of $744 million in the fourth quarter of 2021, up $434 million, or 140%, compared to the fourth quarter of 2020.

Shares of TransAlta Corporation (TA.TO) fell 1.6% after the company reported a net loss of $78 million in the fourth quarter of 2021, compared to a net loss of $167 million in the fourth quarter of 2020.

In economic news, Statistics Canada data showed manufacturing sales in Canada likely rose 1.3% from January 2022, after edging up 0.7% in December 2021.

Another data from Statistics Canada showed that the average weekly earnings of non-farm payroll employees in Canada rose 1.7% year-over-year to C$1,134.50 in December 2021, but fell little. changed on a monthly basis. It was still the seventh consecutive month of increases in average weekly earnings.

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