Canadian Market Down Marginally In Cautious Trade

(RTTNews) - Canadian stocks are swinging between gains and losses in cautious trade on Tuesday with investors closely following the developments on the Middle East war front, ahead of the deadline set by U.S. President Donald Trump for Iran to reopen the Strait of Hormuz.

Trump has threatened to attack Iran's power plants and bridges if Tehran fails to reach a deal and reopen the Strait of Hormuz, a crucial global energy route.

Iranian state-run media quoted the regime as saying that it is not willing to accept anything short of a permanent end to the Middle East war, which so far claimed more than 3,500 lives, including at least 1,665 civilians.

The benchmark S&P/TSX Composite Index, which recovered to 33,202.00 from an early low of 32,931.12, was down 51.17 or 0.16% at 33,130.80 a little while ago.

Technology, communications, healthcare and consumer discretionary stocks are among the notable losers. Energy and real estate stocks are finding some support.

International Petroleum Corporation, Hut 8 Corp., Methanex, Restaurant Brands International, Toromont Industries, Rogers Communications, MTY Food Group, Aris Mining Corporation, Canadian Tire Corporation and Telesat Corporation are up 2%-4%.

Goeasy, Brookfield Business Partners, North West Company, Bombardier, Linamar Corporation, Stella-Jones, Cargojet, Shopify, TerraVest Industries, Gildan Activewear, AtkinsRealis, Teck Resources, Kinaxis, Stantec, and Thomson Reuters are down 2%-4.7%.

In economic news, a report from the Ivey Business School said Canada's Ivey PMI tumbled to 49.7 in March from 56.6 in February, missing forecasts of 55.9 and signaling broader economic contraction. The Prices Index surged to 75.7 from 63.4, reflecting intensifying inflationary pressure. Meanwhile, the Employment Index rose to 51.1 from 49.4, hinting at stronger hiring momentum despite overall contraction.