By Adriano Marchese
Canadian stocks were lower in midday trading on Wednesday.
FactSet says markets are on the defensive following recent rallies and a strong January.
Minerals were the biggest laggards in the session, followed by consumer discretionary and industrial services.
Of the few gainers, commercial services and producer manufacturing were the top.
Shares of CGI Inc. rose after reporting better-than-expected earnings and revenue in its fiscal first quarter and saying it would buy back company stock.
At midday, Canada's S&P/TSX Composite Index was down 0.45% to 20673.32 and the blue-chip S&P/TSX 60 fell by 0.42% to 1246.23.
CGI Inc. shares were 5.8% higher at 120.69 Canadian dollars ($90.69) after it reported first-quarter net income of C$382.4 million, or C$1.60 a share, compared with C$367.4 million, or C$1.49 a share, a year earlier. On an adjusted basis, earnings of C$1.66 a share beat expectations of C$1.60 a share. Revenue rose to C$3.45 billion from C$3.09 billion the prior year, ahead of a forecasted C$3.32 billion.
Other market movers:
Canadian Pacific Railway turned in mixed results, with weaker-than-expected operating results in the final quarter that were below guidance. Shares were down 1.6% to C$103.35.
Shares of TC Energy Corp. fell 7.4% to C$53.10 after it said its Coastal GasLink project in western Canada has been hit with another budget blowout as it continues to face cost pressures, skilled labor shortages, contractor disputes as well as drought and other unexpected events.
Canaccord Genuity Group Inc. said it would acquire the Canadian private wealth business of Canadian asset manager Mercer Global Investments Canada Ltd. Shares were up 1% at C$11.62.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
02-01-23 1220ET
