TSX Down Sharply As Inflation Data Weighs

RTTNews | 660 days ago
TSX Down Sharply As Inflation Data Weighs

(RTTNews) - The Canadian market is down sharply on Tuesday due to widespread selling after data showing an acceleration in consumer price inflation raised concerns about interest rate hikes.

Data from Statistics Canada showed that the consumer price index rose 4% year over year in August, following a 3.3% increase in July. Economists had expected a 3.8% increase.

On a seasonally adjusted monthly basis, the CPI rose 0.6%, unchanged from the previous month. Core CPI, excluding food and energy, eased to 0.3% from 0.4% last month.

Mirroring widespread selling, all the sectoral indices are down in negative territory. Healthcare, materials, technology, industrials, energy and utilities shares are down sharply.

The benchmark S&P/TSX Composite Index is down 251.59 points or 1.22% at 20,241.24.

ATS Corporation (ATS.TO) is down more than 6%. Cameco Corporation (CCO.TO), Open Text Corporation (OTEX.TO), Kinaxis Inc (KXS.TO), Precision Drilling Corporation (PD.TO), Restaurant Brands International (QSR.TO) and Shopify Inc (SHOP.TO) are down 2.5 to 4%.

Bausch Health Companies (BHC.TO) is down more than 8%. Tilray Inc (TLRY.TO) is lower by about 3.2%.

Enghouse Systems (ENGH.TO) is down 4.2%. Materials stock Equinox Gold Corp (EQX.TO) is plunging more than 19%. Lithium Americas Corp (LAC.TO), First Majestic Silver Corp (FR.TO), First Quantum Minerals (FM.TO) and Iamgold Corp (IMG.TO) are down 4 to 6.5%.

Energy stocks Baytex Energy (BTE.TO), Birchcliff Energy (BIR.TO), Vermilion Energy (VET.TO), Africa Oil Corp (AOI.TO) and Crescent Point Energy (CPG.TO) are down 2 to 3.4%.

Fortis Inc. (FTS,FTS.TO) is down 2.3% after the company announced its 2024-2028 capital plan of C$25.0 billion. The five-year capital plan is expected to increase midyear rate base from C$36.8 billion in 2023 to C$49.4 billion by 2028, translating into a five-year compound annual growth rate of 6.3% on a constant foreign exchange basis.

Cenovus Energy Inc. (CVE) said on Tuesday that it has increased its previously announced Pool 2 maximum notes offering to $500 million from $250 million. The stock is down by about 1.5%.

Aurora Cannabis Inc. (ACB.TO) is gaining 2.6%. The cannabis producer announced today that it has received approval to transfer the listing of its shares to the Nasdaq Capital Market from the Nasdaq Global Select Market, with effect from September 19.

The transfer is expected to allow the firm to seek an additional 180 days to regain compliance with the minimum bid price requirement for its Nasdaq listing.

read more
European Economic News Preview: UK GDP, Foreign Trade Data Due

European Economic News Preview: UK GDP, Foreign Trade Data Due

Monthly GDP and foreign trade from the UK and final inflation from France are due on Friday, headlining a light day for the European economic news. At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial production and foreign trade data. Economists forecast the economy to grow 0.1 percent on a monthly basis in May, in contrast to the 0.3 percent fall in April.
RTTNews | 2h 3min ago
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 | 3h 38min 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 | 3h 45min ago