Canadian Market Remains Weak; Materials, Industrials Shares Drifting Lower

RTTNews | 779 days ago
Canadian Market Remains Weak; Materials, Industrials Shares Drifting Lower

(RTTNews) - The Canadian market, where trading resumed after a long weekend, remains in negative territory after a weak start Tuesday morning, tracking weak bullion prices and European stocks.

Worries about rising Sino-U.S. tensions, and concerns about inflation and interest rates are weighing on sentiment. Investors are also looking for updates on U.S. debt ceiling talks.

The benchmark S&P/TSX Composite Index, which dropped to 20,254.47 earlier in the session, is down 43.34 points or 0.21% at 20,307.72.

Materials stocks are down, weighed down by lower bullion prices. The Materials Capped Index is down 1.76%. Wesdome Gold Mines (WDO.TO) is declining 6%. Hudbay Minerals (HBM.TO), Capstone Mining Corp (CS.TO), Wheaton Precious Metals (WPM.TO), Stelco Holdings (STLC.TO) and Teck Resources (TECK.B.TO) are down 3 to 4.2%. First Quantum Minerals (FM.TO), Nutrien (NTR.TO), Agnico Eagle Mines (AEM.TO) and Interfor Corp (IFP.TO) are also down sharply.

Industrials shares Canadian Pacific Railway (CP.TO) and Canadian National Railway (CNR.TO) are down 3.1% and 2.5%, respectively. Boyd Group Services (BYD.TO), SNC-Lavalin (SNC.TO), Bombardier Inc (BBD.B.TO), Waste Connections (WN.TO) and Thomson Reuters (TRI.TO) are down 1 to 1.6%.

In the healthcare sector, Bausch Health Companies (BHC.TO) is rising more than 7%. Canopy Growth Corp (WEED.TO) and Tilray Inc (TLRY.TO) are gaining 4.8% and 4.6%, respectively. Bellus Health Inc (BLU.TO) is up 1.1%.

Energy stocks are up on higher crude oil prices. Africa Oil Corp (AOI.TO) is up 7%. The company announced that it has submitted withdrawal notices to its joint venture partners on Blocks 10BB, 13T and 10BA in Kenya , to unconditionally and irrevocably, withdraw from the entirety of the joint operating agreements and Production Sharing Contracts for these concessions.

Headwater Exploration (HWX.TO), Imperial Oil (IMO.TO), MEG Energy (MEG.TO) and Crescent Point Energy (CPG.TO) are advancing 2.5 to 3%.

In economic news, raw materials prices in Canada fell 10.8% in April 2023, less than market expectations of a 24.5% decline. Producer prices unexpectedly edged down by 0.2% in April, following a revised 0.1% fall in the prior month.

read more
Australian Market Slips To Modest Losses In Mid-market

Australian Market Slips To Modest Losses In Mid-market

The Australian stock market is slipping to modest losses in mid-market moves on Friday after opening in the green, reversing some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,600 level, with weakness in gold miner and energy stocks partially offset by gains in iron ore miner stocks.
RTTNews | 1h 43min ago
Asian Markets Trade Mostly Higher

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from Wall Street overnight, as traders hope for an end to the tariff uncertainty after US President Donald Trump confirmed he will not extend the August 1 deadline for striking trade deals, though he continues to threaten higher reciprocal tariffs on various sectors and countries.
RTTNews | 1h 49min ago
Thai Stock Market Tipped To End Losing Streak

Thai Stock Market Tipped To End Losing Streak

Ahead of Thursday's holiday for Asarnha Bucha Day, the Thai stock market had moved lower in consecutive trading days, sinking more than a dozen points or 1 percent along the way. The Stock Exchange of Thailand now sits just above the 1,110-point plateau although it may stop the bleeding on Friday.
RTTNews | 2h 42min ago
Higher Open Called For Indonesia Stock Market

Higher Open Called For Indonesia Stock Market

The Indonesia stock market has moved higher in four straight sessions, gathering almost 140 points or 2 percent along the way. The Jakarta Composite Index now sits just above the 7,000-point plateau and it's looking at a steady start again on Friday.
RTTNews | 3h 35min ago
Japanese Market Modestly Higher

Japanese Market Modestly Higher

Reversing the losses in the previous session, the Japanese market is modestly higher on Friday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 39,700 level, with gains in exporters and technology stocks.
RTTNews | 3h 44min ago
Hong Kong Shares Tipped To Open In The Green

Hong Kong Shares Tipped To Open In The Green

The Hong Kong stock market has moved higher in two of three trading days since the end of the three-day losing streak in which it had dropped more than 330 points or 1.4 percent. The Hang Seng Index now sits just beneath the 24,030-point plateau and it may see additional support on Friday.
RTTNews | 3h 50min ago