July 20, 2024

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Canadian Market Drifts Lower After Inflation Data

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The Canadian market is down in negative territory Tuesday morning, weighed down by data showing the nation’s consumer price inflation unexpectedly increased in May.

Data from Statistics Canada showed the nation’s annual inflation rose to 2.9% in May from the three-year low of 2.7% in the earlier month. The consumer price inflation was expected to rise 2.6% in the month. Month-over-month, the consumer price index increased 0.6% in May, after a 0.5% rise in April.

Canada’s annual core inflation rate accelerated to 1.8% in May from April’s three-year low of 1.6%. The core inflation rate in Canada rose 0.6% from a month earlier in May, following a 0.2% increase in April.

A separate data from Statistics Canada showed Canada’s manufacturing sales likely rose 0.2% from a month earlier in May, according to preliminary estimates. Manufacturing sales rose 1.1% in April.

Communications, consumer discretionary, healthcare, materials and utilities shares are among the prominent losers.

The benchmark S&P/TSX Composite Index was down 75.14 points or 0.34% at 21,773.45 a little while ago.

Methanex Corporation (MX.TO), Linamar Corporation (LNR.TO), Nutrien (NTR.TO), BRP Inc (DOO.TO), Bombardier Inc (BBD.B.TO), Restaurant Brands International (QSR.TO), WSP Global (WSP.TO), Toromont Industries (TIH.TO), Dollarama (DOL.TO), Stantec (STN.TO) and Morguard Corporation (MRU.TO) are down 1 to 2%.

Among the gainers, Hut 8 Corp (HUT.TO) is soaring nearly 20%. The company announced that it will secure $150 million in funding through convertible notes from Coatue Management. The funds will be used to develop an artificial intelligence infrastructure platform, Hut 8 said.

Celestica Inc (CLS.TO) is gaining 3%. Docebo Inc (DCBO.TO) and Alimentation Couche-Tard (ATD.TO) are up 2% and 1.3%, respectively.

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2024-06-25 11:08:31

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