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Canadian Market Looks Headed For Weak Close; Energy Stocks Fall

RTTNews | 448 days ago

(RTTNews) - The Canadian market is down firmly in negative territory Monday afternoon with energy stocks reeling under sustained selling pressure on weak oil prices. A few stocks from healthcare and industrials sectors are also sharply lower.

The mood is quite cautious with investors looking ahead to the Bank of Canada's monetary policy announcement due on Wednesday. The Europen Central Bank, scheduled to announce its policy on Thursday, is expected to cut interest rate by a quarter percentage point.

The benchmark S&P/TSX Composite Index was down 179.91 or 0.81% at 22,089.21 a little while ago.

The Energy Capped Index is down 4.28%. Baytex Energy (BTE.TO) is down 7.7%. Precision Drilling Corporation (PD.TO), Tamarack Valley Energy (TVE.TO), Veren Inc (VRN.TO), Imperial Oil (IMO.TO), Cenovus Energy (CVE.TO), MEG Energy (MEG.TO), Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO) and Paramount Resources (POU.TO) are lower by 4 to 6.5%.

Healthcare stocks Bausch Health Companies (BHC.TO) and Chartwell Retirement Residences (CSH.UN.TO) are down 4.3% and 2.1%, respectively.

In the industrials section, Badger Infrastructure Solutions (BDGI.TO) is down 3.1%, while Cargojet (CJT.TO), Thomson Reuters (TRI.TO), Westshore Terminals Investment Corp (WTE.TO), Canadian Pacific Kansas City (CP.TO), Ballard Power Systems (BLDP.TO), Waste Connections (WCN.TO), Mullen Group (MTN.TO), Canadian National Railway (CNR.TO) and Snc-Lavalin Group (ATRL.TO) are down 1.3 to 2%.

GFL Environmental (GFL.TO) is soaring 11.8%. Cogeco Inc (CGO.TO) is rallying about 7.5%. BRP Inc (DOO.TO), Rogers Communications (RCI.A.TO), Docebo Inc (DCBO.TO), Restaurant Brands International (QSR.TO) and FirstService Corporation (FSV.TO) are up 2 to 3.4%.

Colliers International Inc (CIGI.TO) announced it has entered into a definitive agreement to acquire Englobe Corporation, a Canadian multi-discipline engineering, environmental and inspection services firm. As per the terms, Colliers will buy a "significant" controlling interest for approximately US$475 million in cash. The stock is gaining about 0.3%.

On the economic front, the S&P Global Canada Manufacturing PMI dipped to 49.3 in May 2024, from 49.4 in April, pointing to the thirteenth consecutive month of contraction in Canadian factory activity.

Japanese Market Significantly Lower

The Japanese stock market is trading significantly lower on Tuesday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling below the 42,400 level, with weakness across most sectors led by index heavyweights, exporters and financial stocks.

RTTNews | 15 minutes ago

Indonesia Bourse May Hand Back Monday's Gains

The Indonesia stock market on Monday wrote a finish to the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,925-point plateau although it's looking at a soft start on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 18 minutes ago

Hong Kong Shares May Be Stuck In Neutral On Tuesday

The Hong Kong stock market has moved higher in two straight sessions, improving more than 825 points or 3.4 percent along the way. The Hang Seng Index now rests just beneath the 25,830-point plateau although it may open under pressure on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 33 minutes ago

Australian Market Modestly Lower

The Australian stock market is trading modestly lower on Tuesday, recouping the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, financial and technology stocks partially offset by gains gold miners.

RTTNews | 36 minutes ago

China Stock Market Due For Consolidation

The China stock market has moved higher in four straight sessions, advancing almost 160 points or 4.4 percent along the way. The Shanghai Composite Index now sits just above the 3,880-point plateau although it may see profit taking on Tuesday.

RTTNews | 48 minutes ago

Taiwan Bourse May Hand Back Monday's Gains

The Taiwan stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 24,275-point plateau although it's expected to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. For the day, the index surged 512.91 points or 2.16 points to finish at 24,277.38 after trading between 24,108.75 and 24,362.02. Among the actives, Mega Financial and United Microelectronics Corporation both eased 0.12 percent, while Fubon Financial jumped 1.93 percent, E Sun Financial and Formosa Plastics both sank 0.74 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.08 percent, Hon Hai Precision rallied 2.47 percent, Largan Precision added 0.42 percent, MediaTek soared 3.30 percent, Novatek Microelectronics climbed 1.18 percent, Nan Ya Plastics surged 3.53 percent, Asia Cement gained 0.40 percent and Cathay Financial, CTBC Financial and Catcher Technology were unchanged.

RTTNews | 1h 18min ago

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 1h 48min ago

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 2h 18min ago

EURUSD	1.16412	GBPUSD	1.3475	AUDUSD	0.6477
USDJPY	147.292	USDCAD	1.38545	USDCHF	0.80424