Canadian Stocks Turning In Mixed Performance In Lackluster Trade
(RTTNews) - Canadian stocks are turning in a mixed performance in cautious trade on Friday following the cancellation of the U.S.-Iran talks scheduled to take place in Switzerland.
Concerns about possible rate hikes following the Federal Reserve's hawkish tone on Wednesday contribute as well to the cautious mood in the market.
The benchmark S&P/TSX Composite Index was flat at 34,968.99 a little while ago. The index touched a low of 34,873.77 and a high of 35,005.96.
Energy and consumer discretionary stocks are finding some support, while materials stocks are weak.
SNC Lavalin, Bombardier, Parex Resources, Enerflex, Birchcliff Energy, Kelt Exploration, Constellation Software, Cogeo Cable, Baytex Energy, CGI and BRP are up 1.8%-4%.
Alamos Gold is tanking nearly 19%. Torex Gold Resources, Eldorado Gold, Seabridge Gold, Osisko Gold Royalties, Kinross, Pan American Silver, Wheaton Precious Metals, Fortuna Silver Mines, Endeavour Mining, Equinox Gold, Bausch Health Companies, Iamgold Corporation and Agnico Eagle Mines are down 2%-4%.
In economic news, a report from the Canadian Federation of Independent Business said Canada's CFIB Business Barometer long-term Index, which tracks 12-month forward expectations for business performance, climbed to 49.6 in June from 46.3 in May.
Data from Statistics Canada said retail sales in Canada surged by 1% from the previous month in May, according to a preliminary estimate. In April, retail turnover rose by 0.5% to C$73 billion, revised slightly lower from the initial estimate of 0.6%.
Retail sales in Canada increased 3.7% in April over the same month in the previous year.
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