Canadian Market Down Marginally In Cautious Trade
(RTTNews) - Canadian stocks are turning in a mixed performance in lackluster trade on Monday with investors looking for directional clues. The euphoria over Federal Reserve's jumbo interest-rate cut has subsided and markets now look ahead to fresh economic data.
Energy and consumer staples stocks are finding some support, while healthcare stocks are weak.
The benchmark S&P/TSX Composite Index is down 21.21 at 23,846.16 at noon. The index hit a new high of 23,961.44 before paring gains.
Cameco Corporation (CCO.TO) is gaining 3.5%. Enghouse Systems (ENGH.TO), AltaGas (ALA.TO), Endeavour Mining (EDV.TO), Tourmaline Oil Corp (TOU.TO), AtkinsRealis Group (ATRL.TO) and George Weston (WN.TO) are up 1 to 3%.
Bausch + Lomb Corporation (BLCO.TO) is declining 4.3%. Kinaxis Inc (KXS.TO), Precision Drilling Corporation (PD.TO), Stantec (STN.TO), BRP Inc (DOO.TO), Stella-Jones (SJ.TO), Toronto-Dominion Bank (TD.TO) and RB Global (RBA.TO) are down 1 to 1.6%.
On the economic front, data from Statistics Canada said new home prices in Canada remained unchanged month-over-month in August 2024, against market forecasts of a 0.1% increase, following a 0.2% rise in the previous month.
House Price Index in Canada remained unchanged year-on-year in August 2024, following a 0.1% increase in July of 2024. House Price Index YoY in Canada averaged 2.8% from 1982 until 2024, reaching an all time high of 16.5% in March of 1989 and a record low of -9.7% in February of 1991.
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