(RTTNews) - After a weak start and a subsequent recovery that resulted in a brief spell in positive territory, the Canadian market drifted lower Thursday morning with stocks turning in a mixed performance amid a slew of earnings updates, and some concerns about the situation in the Middle East.
Despite reports about Iran and Oman moving closer to striking an agreement to once again reopen the Strait of Hormuz, oil prices moved up sharply following reported attacks on Saudi tankers in the Red Sea and Gulf of Aden.
Shares from technology, real estate and consumer sectors shed ground, while communications stocks moved higher. Materials, energy and financials stocks turned in a mixed performance.
The benchmark S&P/TSX Composite Index, which climbed to 36,249.79, was down 110.61 points or 0.31% at 36,035.81 at noon.
Canadian Natural Resources gained nearly 2% after reporting net earnings of $4.5 billion for the three months ended June 2026, compared with earnings of $2.46 billion in the corresponding quarter of the previous year.
Restaurant Brands International drifted down by about 2% despite reported earnings per share of $1.50 for the second-quarter, compared with $1.29 a year ago.
Curaleaf Holdings jumped 6.5%. The company reported a net income of $12.5 million or $0.05 per share for the second-quarter, compared with a net loss of $53.2 million or $0.24 per share in the prior-year quarter.
Lundin Mining dropped 1.6% despite the company's net earnings from continuing operations attributable to the company's shareholders increasing to $278.4 million in the second-quarter, from $115.7 million in the previous year.
Enerflex shed about 2% on weak results. The company reported that its second quarter net earnings declined to $30 million from $60 million, a year ago. Earnings per share on a basic basis fell to $0.25 from $0.49.
BCE Inc. shares climbed 3.6%. The company reported earnings per share of $0.65 for the second-quarter of this financial year, compared with $0.63 in the year-ago quarter.
Keyera Inc. gained about 1.8% after the company's EPS for the second-quarter came in at $1.19, up sharply from $0.55 in the year-ago quarter.
In economic news, the S&P Global Canada Composite PMI rose to 49.7 in July from 47.9 in June, signaling a second consecutive month of contraction in private-sector business activity. Canada's S&P Global Services PMI rose to 49.1 in July from 47.1 in June.
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