June 18, 2024

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Canadian Market Struggles For Direction

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Canadian stocks are turning in a lackluster performance on Friday with investors not making significant moves due to a lack of fresh triggers. With the U.S. market close early today, the volume of business is also rather thin for the second straight session.

The benchmark S&P/TSX Composite Index is up 1.15 points at 20,117.81 a few minutes before noon. After opening on a weak note at 20,091.67, the index climbed to 20,156.72 this morning before paring gains.

Canadian Tire Corporation (CTC.TO) is gaining nearly 5%. Precision Drilling Corporation (PD.TO) is up 3.5%. Nuvei Corporation (NVEI.TO), RB Global (RBA.TO), Cargojet Inc (CJT.TO), Bank of Montreal (BMO.TO) and West Fraser Timber (WFG.TO) are up with sharp to moderate gains.

Docebo Inc (DCBO.TO), Waste Connections (WCN.TO), Fairfax Financial Holdings (FFH.TO) and Goeasy (GSY.TO) are down 0.6 to 1.6%.

On the economic front, data from Statistics Canada showed retail sales in Canada jumped by 0.6% in September from the previous month. Retail sales rose by 2.7% from a year ago in September, the biggest increase in five months.

Retail sales excluding autos in Canada were up 0.2% month-over-month in September, the same as an upwardly revised 0.2% gain in August.

Canada’s manufacturing sales likely fell by 2.7% from a month earlier in October, following a 0.4% gain in September, according to preliminary data.

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2023-11-24 11:57:51

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