Canadian Market Drifts Lower On Profit Taking
(RTTNews) - Despite rising odds of interest rate cuts by the Bank of Canada and the Federal Reserve next week, the Canadian market is down in negative territory on Friday, taking a breather after consistently hitting record highs over the past several sessions.
Technology, consumer discretionary, consumer staples and industrials shares are among the notable losers. Energy stocks are finding some support thanks to higher oil prices. Shares from the rest of the sectors are turning in a mixed performance.
The benchmark S&P/TSX Composite Index was down 124.29 points or 0.42% at 29,283.60 a few minutes past noon.
Equinox Gold, SSR Mining, Lundin Gold, NexGen Energy, Celestica, Canada Goose Holdings, Ballard Power Systems and New Flyer Industries are down 2 to 3.4%.
Empire Company, TFI International, Gildan Activewear, Waste Connections, Barrick Gold Corp., Maple Leaf Foods, Descartes Systems Group and SNC Lavalin are among the other notable losers.
Tilray is gaining nearly 5%. Silvercorp Metals, Precision Drilling, Kinaxis, Kelt Exploration, First Majestic Silver, Secure Energy Services, Baytex Energy, Paramount Resources and Capital Power are up 2 to 4%.
The U.S. CPI data and PPI numbers released earlier this week have reinforced expectations of a Fed rate cut at the upcoming September 16-17 Fed's meeting.
Recent data on Canadian inflation has also raised the prospects of an interst rate cut by the Bank of Canada, which is scheduled to announce its monetary policy on Wednesday (September 17).
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