Canadian Market Modestly Lower After Inflation Data

(RTTNews) - The Canadian market is down in negative territory around noon on Tuesday with stocks from energy, utilities and communications sectors contributing to the weakness. Investors are digesting the nation's inflation data, and looking ahead to the Federal Reserve's monetary policy announcement on Wednesday.

The benchmark S&P/TSX Composite Index, which fell to 25,008.08 earlier in the session, is down 66.66 points or 0.27% at 25,080,55 a few minutes past noon.

Data from Statistics Canada said the annual inflation rate in Canada was at 1.9% in November, easing from 2% in the previous month. Canada's CPI decreased 0% in November over the previous month.

The annual core inflation rate in Canada eased to 1.6% in November, from 1.7% in the prior month. On a monthly basis, core consumer prices fell by 0.1% in November, after a 0.4% increase in the prior month.

Meanwhile, new home prices in Canada increased by 0.2% over a year in November, rebounding from 0.2% drop in the previous month.

Versa Bank (VBNK.TO) is down 8.5%. Air Canada (AC.TO) is declining 7.7%. Canadian Tire Corporation (CTC.TO), Bombardier Inc (BBD.B.TO), Propel Holdings (PRL.TO), Arc Resources (ARX.TO), Laurentian Bank (LB.TO), Cogeco Communications (CCA.TO), Cogeco Inc (CGO.TO), Open Text Corporation (OTEX.TO) and Sprott Inc (SII.TO) are down 2.1 to 4.5%.

Russel Metals (RUS.TO), Tourmaline Oil Corp (TOU.TO), Linamar Corporation (LNR.TO), Precision Drilling Corporation (PD.TO), Agnico Eagle Mines (AEM.TO), Toromont Industries (TIH.TO), Celestica Inc (CLS.TO) and Cameco Corporation (CCO.TO) are down 1 to 1.7%.

Among the gainers, Telesat Corporation (TSAT.TO) is rising 5.3%. Aura Minerals (ORA.TO), Shopify Inc (SHOP.TO), BRP Inc (DOO.TO), Canadian Apartment Properties (CAR.UN.TO), Enghouse Systems (ENGH.TO), Badger Infrastructure (BDGI.TO), Lightspeed Commerce (LSPD.TO), Cae Inc (CAE.TO) and Docebo Inc (DCBO.TO) are advancing 1 to 2.3%.