TSX Ends Marginally Down

RTTNews | 728 days ago

(RTTNews) - After a weak start and a subsequent fall to lower levels Tuesday morning, the Canadian market recovered on selective buying at several counters and finally ended the session marginally down.

Weak trade data from China raised concerns about the outlook for growth in the world's second largest economy. Also, investors stayed largely cautious, awaiting key inflation data from China and the U.S. later in the week.

The benchmark S&P/TSX Composite Index, which dropped to 20089.94 around mid morning, ended the session with a loss of 30.06 points or 0.15% at 20,205.98.

A few stocks from healthcare, energy and consumer staples sectors posted strong gains. Technology stocks were weak, while shares from the rest of the sectors ended mixed.

Tilray Inc (TLRY.TO) shares soared 31% after the company announced that it has entered into a definitive agreement to acquire eight Beer & Beverage Brands From Anheuser-Busch.

Energy stocks Birchcliff Energy (BIR.TO) rallied 3.2%. Pason Systems (PSI.TO), Nuvista Energy (NVA.TO), Peyto Exploration (PEY.TO), Imperial Oil (IMO.TO) and Enerplus Corp (ERF.TO) gained 1.7 to 2.8%.

Kinaxis Inc (KXS.TO), Docebo Inc (DCBO.TO), Stelco Holdings (STLC.TO), Bombardier Inc (BBD.A.TO), Nuvei Corporation (NVEI.TO) lost 3.2 to 5.4%.

CCL Industries (CCL.A.TO), Fairfax Financial Holdings (FFH.TO, First-Service Corporation (FSV.TO) and Franco-Nevada Corporation (FNV.TO) ended lower by 1.3 to 2.3%.

Sprott Inc (SII.TO) climbed 4.5%. Imperial Oil (IMO.TO), Onex Corporation (ONEX.TO), Colliers International (CIGI.TO), Restaurant Brands International (QSR.TO), CGI Inc (GIB.A.TO) and TFI International (TFII.TO) gained 1.2 to 2%.

In economic news, data from Statistics Canada showed Canada posted a trade deficit of C$ 3.73 billion in June of 2023, larger than market forecasts of C$ 2.90 billion and a downwardly revised gap of C$ 2.68 billion in the prior month.

Exports from Canada dropped 2.2% over a month to $60.7 billion in June 2023, following a downwardly revised 3% fall in May, while imports fell by 0.5% over a month to $64.4 billion in June 2023, after increasing 3% in May.

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