Canadian Market Recovers Well After Early Setback

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(RTTNews) - e Canadian market, which slid in early trades Tuesday morning on hot inflation data, and rising geopolitical concerns following an escalation in Russia - Ukraine war, recovered lost ground subsequently with a few frontline stocks finding some solid support at lower levels.

Data from Statistics Canada showed the annual inflation rate in Canada rose to 2% in October from an over-three-year low of 1.6% in the previous month. The consumer price index increased 0.4% in October over the previous month.

The annual core inflation rate in Canada increased to 1.7% in October, up from 1.6% a month earlier. On a monthly basis, core consumer prices rose by 0.4% in October, after being flat in the prior month.

Market is also weighed down by rising geopolitical concerns after Russian President Vladimir Putin updated nuclear doctrine.

Kremlin has warned that it would consider a nuclear strike if it was subject to a conventional missile assault supported by a nuclear power.

The benchmark S&P/TSX Composite Index, which dropped to 24,787.79, losing nearly 200 points, has recovered to 24,974.40, down just 2.54 points from previous close.

Molson Coors Canada (TPX.B.TO), Hut 8 Corp (HUT.TO), Finning International (FTT.TO), Brookfield Infrastructure (BIPC.TO) and Boralex Inc (BLX.TO) are down 2 to 4%.

George Weston (WN.TO) is down nearly 2%. The company reported adjusted diluted net earnings of $3.57 per common share in the third quarter, up $0.21 or about 6.3%, compared to a year ago.

Calian Group (CGY.TO), Canadian Natural Resources (CNQ.TO), Badger International (BDGI.TO), Aritzia Inc (ATZ.TO), Magna International (MG.TO), Loblaw Companies (L.TO), Canadian Pacific Kansas City (CP.TO), MTY Food Group (MTY.TO), Cargoje (CJT.TO), Linamar Corporation (LNR.TO) and Stella-Jones Inc (SJ.TO) are down 1 to 1.7%.

Dye & Durham (DND.TO) is up nearly 14%. Barrick Gold Corporation (ABX.TO), Rogers Communications (RCI.A.TO), Cameco Corporation (CCO.TO), Agnico Eagle Mines (AEM.TO), TerraVest Industris (TVK.TO), Celestica Inc (CLS.TO), Wheaton Precious Metals (WPM.TO), Methanex Corporation (MX.TO), Teck Resources (TECK.B.TO) and Franco-Nevada Corporation (FNV.TO) are gaining 1.5 to 2.5%.

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