Canadian Market Slips After Positive Start; Technology Stocks Lose Ground

RTTNews | 1057天前

(RTTNews) - After opening modestly higher, the Canadian market turned weak Thursday morning as shares from technology, consumer discretionary and industrials sectors drifted lower on selling pressure.

Worries about the impact of rising interest rates on global economic growth appear to be weighing on the market. Several central banks, including the Federal Reserve, The Swiss National Bank and the Bank of England, have sharply raised their benchmark rates in order to fight soaring inflation. Most of these banks have also signaled more interest rate hikes in the coming months as well.

The benchmark S&P/TSX Composite Index is down 97.47 points or 0.5% at 19,087.07 a few minutes before noon.

Among technology stocks, Lightspeed Commerce (LSPD.TO), Nuvei Corp (NVEI.TO), Dye & Durham (DND.TO), Shopify Inc (SHOP.TO), Hut 8 Mining Corp (HUT.TO) and Shopify Inc (SHOP.TO) are down 4 to 6%.

Telus International (TIXT.TO), BlackBerry (BB.TO), Sylogist (SYZ.TO), Descartes Systems (DSG.TO) and Celestica Inc (CLS.TO) are lower by 2 to 3.5%.

In the consumer discretionary section, Mty Food Group (MTY.TO) is down 3.3%. Brp Inc (DOO.TO), Canada Goose Holdings (GOOS.TO), Gildan Activewear (GIL.TO) and Restaurant Brands International (QSR.TO) are declining 2.5 to 3%.

Among industrials, Cargojet Inc (CJT.TO), Ballard Power Systems (BLDP.TO), Snc-Lavalin (SNC.TO), Aecon Group (ARE.TO), Bombardier Inc (BBD.B.TO), Stantec (STN.TO), Gfi Environmental Inc (GFL.TO), Richelieu Bros. Auctioneers (RCH.TO) and Thomson Reuters (TRI.TO) are down 2.5 to 4.3%.

Stelco Holdings (STLC.TO) is soaring more than 9%. Teck Resources (TECK.B.TO) and Parex Resources (PXT.TO) are gaining 2.5% and 2.3%, respectively.

Data from Statistics Canada showed that new home prices in Canada increased 0.1% for the second consecutive month in August of 2022. New home prices rose 6.9% year-on-year in August of 2022, the smallest increase since January 2021.

Canadian Market Remains In Negative Territory After Weak Start

The Canadian market, which opened on a weak note Thursday morning, continues to languish in negative territory well past noon, weighed down by losses in technology and industrials sectors.

RTTNews | 57分鐘前

Swiss Market Ends Modestly Higher After Mild Struggle

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RTTNews | 1小時21分鐘前

Major European Markets Close On Positive Note

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RTTNews | 1小時37分鐘前

U.S. Producer Price Growth Far Exceeds Estimates In July

Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday. The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June. Economists had expected producer prices to rise by 0.2 percent.

RTTNews | 4小時5分鐘前

U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000

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RTTNews | 4小時38分鐘前

UK GDP Rises More Than Expected

The UK economy expanded more than expected in the second quarter but the overall growth softened as US frontloading propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported Thursday. Although the rate was stronger than the expected growth of 0.1 pe

RTTNews | 5小時19分鐘前

Bay Street Likely To Open On Mixed Note

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RTTNews | 5小時50分鐘前

S&P Sees Limited Impact From U.S. Tariffs On Indian Economy, Raises Ratings

S&P Global Ratings upgraded India's sovereign ratings on Thursday citing a buoyant economic growth, enhanced monetary policy conditions and the government's fiscal consolidation commitment, while the higher tariffs from the U.S. administration is estimated to have only limited impact on the economy. India's sovereign credit ratings were raised to 'BBB' from 'BBB-', with a 'stable' outlook.

RTTNews | 5小時53分鐘前

EURUSD	1.16373	GBPUSD	1.35299	AUDUSD	0.64929
USDJPY	147.889	USDCAD	1.38168	USDCHF	0.8084