TSX Slips After Positive Start; Canada Goose Holdings Soars On Rating Upgrade
(RTTNews) - The Canadian market, which retreated after a slightly positive start Monday morning, remains in negative territory a little past noon, with stocks from communications, consumer staples and industrials sectors under selling pressure. Materials stocks are faring well, limiting market's downside.
Despite optimism about interest rate cuts by the Bank of Canada and the Federal Reserve next week, the mood in the market remains cautious.
The benchmark S&P/TSX Composite Index was down 85.66 points or 0.29% at 28,964.97 nearly an hour past noon. The index advanced to 29,102.14 earlier in the session.
Materials stocks First Majestic Silver, Pan American Silver Corp, G Mining Ventures, New Gold Inc., Hudbay Minerals and MAG Silver Corp are up 3 to 4.2%.
B2Gold Corp, Oceanagold Corp, Torex Gold Resources, Ssr Mining, Alamos Gold, Aya Gold & Silver, Centerra Gold, Lundin Gold and BlackBerry are also up with strong gains.
Canada Goose Holdings is soaring nearly 13% as TD Cowen raised its price target on the stock to $18, saying Canada Goose's evolution beyond its core winter jackets positions it for more consistent growth in the global luxury market.
Celestica, BRP Inc., Open Text Corporation, Canfor, Methanex, FirstService, Onex Corp and Chartwell Retirement Residences are also up with impressive gains.
Canopy Growth, Parex Resources, Ballard Power Systems, Restaurant Brands International, Alimentation Couche-Tard, BCE Inc., Real Matters, Rogers Communications, Precision Drilling Corporation and BlackBerry are down sharply.
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