Canadian Market Recovers From Early Weakness
(RTTNews) - After a weak start and a subsequent drop to lower levels Friday morning, the Canadian market recovered lost ground and is hovering around the flat line in afternoon trades.
Stocks are turning in a mixed performance in cautious trade with investors digesting the data on producer and raw materials prices, and assessing possible interest rate moves by the central bank.
The benchmark S&P/TSX Composite Index is up marginally at 19,814.84. The index, which dropped to 19,683.85 in early trades, recovered to 19,822.82 with select stocks finding good support at lower levels.
Data from Statistics Canada showed industrial producer prices in Canada rose by 0.4% over the previous month in July, rebounding from the 0.6% decline in the previous month. Producer prices in Canada decreased 2.7% in July over the same month in the previous year.
Meanwhile, raw materials prices increased in July, the data showed. The Raw Materials Price Index rose by 3.5% in the month, after an upwardly revised 2% fall in June. Year-on-year, raw materials prices plunged 11.1% in July.
Magna International (MG.TO), Canadian Natural Resources (CNQ.TO) and Suncor Energy (SU.TO) gained 1.5 to 1.75%.
Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and Royal Bank of Canada (RY.TO) shed 0.5 to 0.6%.
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