June 23, 2024

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Canadian Stocks Modestly Higher In Cautious Trade

2 min read

Canadian stocks are turning in a mixed performance on Monday with investors awaiting some crucial economic data from the U.S. and Europe for clues about the outlook for interest rates.

With the U.S. market closed for Memorial Day, activity on Bay Street remains somewhat lackluster. Materials shares are up, tracking higher metal prices.

The benchmark S&P/TSX Composite Index is up 46.89 points or 0.21% at 22,367.76.

Pan American Silver Corp (PAAS.TO), Finning International (FTT.TO), Nutrien (NTR.TO), FirstService Corporation (FSV.TO) and RB Global (RBA.TO) are up 1 to 3%.

Bombardier Inc (BBD.B.TO) is gaining about 1.5%. announced that it intends to vigorously defend itself in a class action, which the Superior Court of Québec has authorized Plaintiff Denis Gauthier to institute for damages against it under the Québec Securities Act. Bombardier and the individual defendants deny any wrongdoing.

Africa Oil (AOI.TO) shares are up 4.2%. The company announced that it bought back about 1.3 million common shares from May 20 to May 24 under its previously announced share buyback program.

Constellation Software (CSU.TO) is down by about 2.5%. Lassonde Industries (LAS.A.TO) is declining 2% and Terravest Industries (TVK.TO) is lowe rby about 1.4%. Thomson Reuters (TRI.TO) is down nearly 1%.

On the economic front, preliminary data from Statistics Canada showed wholesale sales in Canada rose by 2.8% month-over-month in April, rebounding from a 1.1% fall in March.

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2024-05-27 14:41:48

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