Canadian Market Up Marginally In Lackluster Trade
(RTTNews) - The Canadian market is up marginally Thursday afternoon with stocks swinging between gains and losses in cautious trade.
Hawkish remarks from the Federal Reserve, and the European Central Bank's decision to raise interest rate appear to be restraining traders from making significant moves.
The benchmark S&P/TSX Composite Index is up 30.59 points or 0.15% at 20,045.68.
Energy stocks are finding support. Shares from the Utilities section are weak, while those from the rest of the sectors are turning in a mixed performance.
First Quantum Minerals (FM.TO) is rising 7.2%. Precision Drilling Corporation (PD.TO) is gaining 3.75%, while Tourmaline Oil Corp (TOU.TO), Nutrien (NTR.TO), BRP Inc (DOO.TO), Descartes Systems Group (DSG.TO) and Fairfax Financial Holdings (FFH.TO) are up 1 to 2.5%.
Enghouse Systems (ENGH.TO) is down 3.7%. Colliers International (CIGI.TO) is lower by about 3%. Stelco Holdings (STLC.TO), Cargojet (CJT.TO, West Fraser Timber (WFG.TO), Cogeco Inc (CGO.TO) and Linamar Corporation (LNR.TO) are down 1.4 to 2%.
In economic news, data from the Canada Mortgage and Housing Corporation showed housing starts in Canada fell by 23% over a month earlier to 202,494 units in May of 2023.
Data from Statistics Canada showed manufacturing sales rose by 0.3% month-over-month in April, slightly above preliminary estimates of 0.2% and following an upwardly revised 0.8% increase in March.
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