July 18, 2024

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Canadian Stocks Turning In Mixed Performance; TSX Down Marginally

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The Canadian market is down in negative territory on Friday with stocks turning in a mixed performance as investors digest the latest batch of economic data from Canada and the U.S., and assessing the likely interest rate moves by the Federal Reserve.

Materials, energy and healthcare stocks are weak. Consumer staples and technology stocks are finding some support.

The benchmark S&P/TSX Composite Index is down 32.94 points or 0.16% at 21,548.41 nearly half an hour past noon.

Materials shares Algoma Steel Group (ASTL.TO), Ivanhoe Mines (IVN.TO), Iamgold Corp (IMG.TO), Equinox Gold Corp (EQX.TO), First Majestic Silver Corp (AG.TO), Seabridge Gold (SEA.TO) and Filo Mining Corp (FIL.TO) are down 3 to 4%.

In the energy sector, PrairieSky Royalty (PSK.TO) is down 5%. Enerplus Corp (ERF.TO) s declining 3.4%, while Secure Energy Services (SES.TO), Precision Drilling Corporation (PD.TO), Baytex Energy (BTE.TO) and Mattr Corp (MATR.TO) are down 2 to 3.4%.

Healthcare stocks Tilray Inc (TLRY.TO) and Chartwell Retirement Residences (CSH.UN.TO) are down 1.3% and 1.8%, respectively. Sienna Senior Living (SIA.TO) is down nearly 1%.

Consumer staple stock Alimentation Couche-Tard (ATD.TO) is gaining 2.5%. Empire Company (EMP.A.TO), Primo Water Corp (PRMW.TO) and Metro Inc (MRU.TO) are up with moderate gains.

Technology stocks BlackBerry (BB.TO), Lightspeed Commerce (LSPD.TO), Tecsys Inc (TCS.TO), Constellation Software (CSU.TO) and Descartes Systems Group (DSG.TO) are gaining 1.3 to 2.4%.

On the economic front, data from Statistics Canada said retail sales in Canada are projected to have dropped by 0.6% in May, according to a flash estimate.

The data showed retail sales increased 0.7% in April, following a downwardly revised 0.8% fall in March.

Another data from Statistics Canada said producer prices in Canada increased 1.8% in May over the same month in the previous year.

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Business News

2024-06-21 12:33:09

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