Canadian Market Down In Negative Territory Despite Soft Inflation Data

RTTNews | hace 709

(RTTNews) - Despite soft inflation data, the Canadian market is down in negative territory a little past noon on Tuesday, weighed down by losses in consumer discretionary, industrials and utilities sectors.

Technology and consumer staples shares are also weak. Materials shares are gaining, lifted by higher bullion prices.

The benchmark S&P/TSX Composite Index is down 97.09 points or 0.48% at 20,149.38 a few minutes past noon.

Stelco Holdings (STLC.TO) is down 7.6%. George Weston (WN.TO) is down 4% after reporting a 31.4% drop in third quarter net earnings.

Bombardier Inc (BBD.B.TO), Magna International (MG.TO), Linamar Corporation (LNR.TO), Precision Drilling Corporation (PD.TO) and Waste Connections (WCN.TO) are down 3 to 4%.

BRP Inc (DOO.TO), Stantec Inc (STN.TO), Restaurant Brands International (QSR.TO) and WSP Global (WSP.TO) are lower by 1 to 2.5%.

Alamos Gold (AGI.TO), Eldorado Gold Corporation (ELD.TO), Osisko Gold Royalties (OR.TO) and Wheaton Precious Metals (WPM.TO) are up 3 to 5%.

Newmont Corporation (NGT.TO), Agnico Eagle Mines (AEM.TO), Sprott Inc (SII.TO), Cargojet Inc (CJT.TO) and Colliers International (CIGI.TO) are also notably higher.

Data from Statistics Canada showed the annual inflation rate in Canada fell to 3.1% in October of 2023 from 3.8% in the previous month. The result was softer than the Bank of Canada's forecast that inflation is likely to remain close to 3.5% through the middle of next year.

The core inflation rate fell slightly to 2.7%, while the closely-watched trimmed-mean core rate dropped to 3.5%, compared to expectations of 3.7%. From the previous month, consumer prices edged 0.1% higher.

Meanwhile, new home prices in Canada fell by 0.8% from the previous year in October, following a 1% drop in September and marking the seventh consecutive decrease since November 2019.

New home prices in Canada remained unchanged month-on-month in October 2023, following a 0.2% drop in September and in line with market forecasts.

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