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Canadian Market Modestly Lower In Cautious Trade
(RTTNews) - After opening slightly up and moving further higher in early trades on Monday, the Canadian market retreated and is modestly lower in late afternoon trades.
The mood is cautious amid a lack of significant triggers. Investors are awaiting Federal Reserve Chair Jerome Powell's speech at the upcoming Jackson Hole Symposium later this week.
The benchmark S&P/TSX Composite Index is down 37.98 points or 0.19% at 19,780.41. The index, which advanced to 19,875.74 in early trades, dropped to a low of 19,733.48.
Healthcare, real estate, utilities and energy stocks are among the prominent losers. Technology and materials shares are finding support.
Ag Growth International (AFN.TO) and Maple Leaf Foods (MFI.TO) are down 4% and 3.4%, respectively.
Onex Corporation (ONEX.TO), Cargojet (CJT.TO), WSP Global (WSP.TO) and Stantec Inc (STN.TO) are lower by 1 to 2%.
Docebo Inc (DCBO.TO) is gaining 5.5% and Lithium Americas Corp (LAC.TO) is climbing 5.3%. Cameco Corporation (CCO.TO) and Ero Copper (ERO.TO) are up 4% and 3.5%, respectively.
Teck Resources (TECK.A.TO), Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO), Descartes Systems Group (DSG.TO) and Restaurant Brands International (QSR.TO) are also notably higher.
In economic news, data from Statistics Canada showed new home prices in Canada edged down by 0.1% month-on-month in July 2023. Year-on-year, cost of new home fell by 0.9% in July, the fourth consecutive drop since November 2019.
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