Materials, technology, and healthcare stocks are facing significant challenges in the Canadian market this Wednesday. Investors are adopting a cautious approach, awaiting pivotal economic data, including U.S. inflation readings.As of late morning, the benchmark S&P/TSX Composite Index has dropped by 93.99 points, or 0.4%, positioning it at 23,165.97.Among the day’s highlights, Royal Bank of Canada (RY.TO) is experiencing a rise of approximately 2.3%. The bank reported a net income of $4.5 billion for the quarter ending July 31, 2024, an increase of $626 million or 16% compared to the previous year. Its diluted earnings per share (EPS) was reported at $3.09, marking a 13% year-over-year improvement. The adjusted net income and adjusted diluted EPS for the recent quarter were $4.7 billion and $3.26, respectively, reflecting an 18% and 15% increase from the prior year.National Bank of Canada (NA.TO) is up by 5.2%, following the announcement of a third-quarter net income of $1,033 million. This marks a 24% increase over the $830 million reported in the same quarter of the previous year. The bank’s third-quarter diluted EPS stood at $2.89, compared to $2.33 in Q3 2023.In other news, CDN Western Bank (CWB.TO) has risen by 4.1%, while IA Financial Corp (IAG.TO) and Manulife Financial (MFC.TO) show gains of 1.3% and 1%, respectively.Conversely, the Materials Capped Index has fallen by 2.37%. Ivanhoe Mines (IVN.TO) is experiencing a significant decline of nearly 8%. Other stocks such as Capstone Mining (CS.TO), SSR Mining (SSRM.TO), New Gold (NGD.TO), Aya Gold & Silver (AYA.TO), Oceanagold (OGC.TO), First Majestic Silver (AG.TO), Hudbay Minerals (HBM.TO), Torex Gold Resources (TXG.TO), MAG Silver Corp (MAG.TO), Pan American Silver Corp (PAAS.TO), Lundin Mining (LUN.TO), First Quantum Minerals (FM.TO), and Silvercrest Metals (SIL.TO) have decreased between 4% and 6%.Kinaxis Inc (KXS.TO) has emerged as the most significant loser in the technology sector, plummeting by 11.8% attributed to recent leadership changes.Other notable declines in the technology sector include Lightspeed Commerce (LSPD.TO), Celestica Inc (CLS.TO), Dye & Durham (DND.TO), Shopify Inc (SHOP.TO), and Docebo Inc (DCBO.TO), with drops ranging from 2.5% to 3.4%.CGI Inc. (GIB-A.TO) saw a slight decline, despite announcing that its U.S. operating subsidiary, CGI Federal, secured two contract awards from the U.S. Patent and Trademark Office (USPTO). These contracts have a combined potential value of USD 119 million.The material has been provided by InstaForex Company – www.instaforex.com
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