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Canadian Market Modestly Higher, Looks Set To End On Positive Note
(RTTNews) - The Canadian market is modestly higher Tuesday afternoon with technology stocks contributing to the uptick.
Shares from healthcare sector are notably lower. Shares from utilities and industrials sections are largely subdued. A few stocks from real estate and financials sectors are notably higher.
The mood is cautious with investors looking ahead to Bank of Canada's interest rate decision tomorrow.
The benchmark S&P/TSX Composite Index is up 66.55 points or 0.33% at 19,998.17.
The Ivey Purchasing Managers Index in Canada dropped further to 53.5 in May 2023, from 56.6 in the prior month. The reading indicates the Canadian economic activity slowed for a second month and the most in three months.
Data from Statistics Canada showed the total value of building permits in Canada shrank by 18.8% from a month earlier to $9.6 billion in April, after an upwardly revised 12.3% growth in the previous month.
Technology stocks Shopify Inc (SHOP.TO) is surging 5.7%. Coveo Solutions (CVO.TO), Bitfarms (BITF.TO), Converge Technology Solutions (CTS.TO) and Lightspeed Commerce (LSPD.TO) are gaining 2.5 to 4%.
Healthcare stock Bausch Health Companies (BHC.TO) is plunging 12.5%. Canopy Growth Corp (WEED.TO) is declining 5.7%.
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