The Canadian market experienced a decline on Wednesday, extending losses from the previous session as investors opted to take profits ahead of pivotal economic data, including reports on U.S. personal income and spending.Positive earnings from the Royal Bank of Canada and the National Bank of Canada spurred some buying in the financial sector, helping to mitigate the market’s overall downturn.The S&P/TSX Composite Index, which dipped to 23,063.68 in the late afternoon, closed with a loss of 132.98 points, or 0.57%, at 23,126.98.Materials and technology stocks were the primary laggards. The Materials Capped Index declined by 2.07%, while the Information Technology Capped Index fell 1.63%.Royal Bank of Canada (RY.TO) shares rose 2.2%. The bank reported a net income of $4.5 billion for the quarter ending July 31, 2024, an increase of $626 million or 16% from the previous year. Diluted earnings per share (EPS) was $3.09, up 13% over the same period. The adjusted net income and adjusted diluted EPS were $4.7 billion and $3.26, respectively, up 18% and 15% from the prior year.National Bank of Canada (NA.TO) surged nearly 6% after reporting a net income of $1.033 billion for the third quarter of its current financial year, up 24% from $830 million in the year-ago quarter. Third-quarter diluted EPS was $2.89, compared to $2.33 in the same quarter of 2023.Shares in the materials sector, such as Ivanhoe Mines (IVN.TO), Capstone Mining Corp (CS.TO), SSR Mining (SSRM.TO), New Gold (NDG.TO), Aya Gold & Silver (AYA.TO), Oceanagold (OGC.TO), Pan American Silver Corp (PAAS.TO), First Majestic Silver (AG.TO), and Hudbay Minerals (HBM.TO), saw declines of 3% to 6%.Kinaxis Inc. (KXS.TO) plunged 14.5% following the announcement of significant management changes. Docebo Inc. (DCBO.TO) fell by 5.5%. Other technology stocks such as Lightspeed Commerce (LSPD.TO), Enghouse Systems (ENGH.TO), Shopify Inc. (SHOP.TO), Open Text Corp. (OTEX.TO), Constellation Software (CSU.TO), and Dye & Durham (DND.TO) also ended the day with sharp declines.The material has been provided by InstaForex Company – www.instaforex.com
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