Canadian Stocks Turning In Mixed Performance

RTTNews | 329天前

(RTTNews) - Canadian stocks are turning in a mixed performance on Tuesday with investors digesting Canadian producer prices data and some earnings updates, and awaiting the Bank of Canada's interest rate decision on Wednesday.

The Canadian central bank is widely expected to reduce interest rates by 50 basis points.

The benchmark S&P/TSX Composite Index was down 37.37 points or 0.16% at 24,685.96 a little while ago.

On the economic front, data from Statistics Canada showed industrial producer prices in Canada fell by 0.6% over a month in September, following a revised 0.9% decline in the prior period. On yearly basis, producer prices fell by 0.9% in September, after a 0.2% rise in the prior month.

Meanwhile, the raw materials price index in Canada dropped 3.1% month-over-month in September following an upwardly revised 3% fall in August. Year-on-year, prices of raw materials declined 8.8%, the largest year-over-year decrease since July 2023.

Healthcare and materials shares are in demand. Technology, consumer discretionary and communications shares are mostly subdued.

Dye & Durham (DND.TO) is gaining nearly 10% after the company responded to a media report that its is exploring a sale after receiving takeover interest. The company said in a statement that it has "expanded the scope of its previously commenced strategic review process to consider additional opportunities to enhance shareholder value that may include, but are not limited to, a sale of the company, merger, divestiture of assets, or other strategic transactions."

Seabridge Gold Inc (SEA.TO) is up 5.3% and Pan American Silver Corp (PAAS.TO) is gaining 4%. Franco-Nevada Corporation (FNV.TO), Teck Resources (TECK.A.TO), Newmont Corporation (NGT.TO), Agnico Eagle Mines (AEM.TO), EQB Inc (EQB.TO), TFI International (TFII.TO) and Kinaxis Inc (KXS.TO) are up with sharp to moderate gains.

Goeasy (GSY.TO) is down nearly 10%. BRP Inc (DOO.TO) is declining more than 6%. Toromont Industries (TIH.TO) is lower by about 3.5%. Cameco Corporation (CCO.TO), Stantec Inc (STN.TO), Shopify Inc (SHOP.TO), Bombardier Inc (BBD.B.TO), Cargojet (CJT.TO), FirstService Corporation (FSV.TO) and CGI Inc (GIB.A.TO) are also notably lower.

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