Canadian Market Remains Weak After Hot Inflation Data
(RTTNews) - Despite coming off the day's lows, the Canadian market continues to languish in negative territory Tuesday afternoon and looks set to end the session on a weak note.
Hot inflation data, and worries about tariffs and economic outlook weigh on sentiment.
Technology, real estate, industrials and consumer staples stocks are among the major losers.
The benchmark S&P/TSX Composite Index is down 82.65 points or 0.33% at 24,702.46, with a little over an hour to go for the closing bell.
Celestica Inc., Storage Vault, Shopify Inc., BlackBerry, Novagold, Onex Corp, Cargojet, Linamar Corporation, Constellation Software, MDA Space and Transcontinental are among the major losers.
Aya Gold & Silver is up nearly 10%. Tilray, Fortuna Mining, TerraVest Industries, First Majestic Silver, Centerra Gold, Brookfield Business, Torex Gold Resources, Ero Copper, Lundin Gold, Sprott Inc., First Quantum Minerals, Interfor Corp. and B2Gold Corp are up 2 to 5%.
Data from Statistics Canada said the annual inflation rate in Canada jumped to 2.6% in February from 1.9% in the previous month, the highest in eight months, as a sales tax break that ended mid of last month pushed prices higher amid an already broad-based price increase.
The Bank of Canada had forecast inflation to come in at 2.5%. Inflation index increased 1.1% in February over the previous month.
The annual core inflation rate in Canada rose for the fourth month to 2.7% in February, the higest level in fifteen months. On a monthly basis, core consumer prices increased by 0.7% in February, up from 0.4% in the prior month.
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