July 21, 2024

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Canadian Market Down As Resources, Financials Stocks Tumble

2 min read

The Canadian market is languishing in negative territory after a weak start on Thursday, with stocks from energy, materials and financials sectors going down south on selling pressure.

Weak commodity prices and concerns that the Federal Reserve might reduce interest rates just one time this year, appear to be prompting investors to exit counters.

The benchmark S&P/TSX Composite Index was down 250.71 points or 1.14% at 21,710.84 a little while ago.

The Energy Capped Index is down 2.28%. Cenovus Energy (CVE.TO), Enerplus Corp (ERF.TO), Veren (VRN.TO), Paramount Resources (POU.TO), MEG Energy (MEG.TO), Precision Drilling Corporation (PD.TO), International Petroleum Corp (IPCO.TO), Vermilion Energy (VET.TO) and Canadian Natural Resources (CNQ.TO) are down 2.5 to 4%.

The Materials Capped Index is down nearly 1%. MAG Silver Corp (MAG.TO), First Quantum Minerals (FM.TO), Methanex Corp (MX.TO), Nutrien (NTR.TO), Ccl Industries (CCL.B.TO) and Lundin Gold (LUG.TO) are down 1.6 to 2.7%.

The Financials Capped Index is down 1.25%. Sun Life Financial (SLF.TO), Sprott Inc (SII.TO), EQB Inc (EQB.TO), Manulife Financial (MFL.TO), goeasy (GSY.TO), Toronto-Dominion Bank (TD.TO), Canadian Imperial Bank of Commerce (CM.TO) and Bank of Montreal (BMO.TO) are down by 1 to 2%.

Among the gainers, Canadian Tire Corporation (CTC.TO) is up nearly 3%, Celestica Inc (CLS.TO) is up 1.6% and Cameco Corporation (CCO.TO) is climbing 1.5%. Cargojet (CJT.TO), Descartes Systems Group (DSG.TO), Dollarama (DOL.TO) and Restaurant Brands International (QSR.TO) are also notably higher.

Following yesterday’s tamer-than-expected consumer price inflation data, a report released by the U.S. Labor Department this morning showed a modest decrease by producer prices in the month of May.

The report said the producer price index for final demand dipped by 0.2% in May after climbing by 0.5% in April. Economists had expected producer prices to inch up by 0.1%.

The report also said the annual rate of producer price growth…

2024-06-13 11:32:54

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