Canadian Market Up Marginally In Cautious Trade
2024-09-24
1615
(fxcue news) - The Canadian market is up marginally on Friday with stocks turning in a mixed performance in cautious trade. Investors are digesting the latest batch of Canadian economic data, and reports on U.S. consumption expenditure, personal income & spending.
Energy and consumer discretionary stocks are among the prominent gainers. Materials and technology stocks are weak.
The benchmark S&P/TSX Composite Index is up 15.23 points or 0.06% at 24,049.06 a few minutes before noon.
Canada's GDP is expected to remain unchanged in August 2024, Statistics Canada's report showed. In July, the economy expanded by 0.2%, higher than preliminary estimate and market expectations of a flat reading.
The Canadian Federation of Independent Business said in its report that the CFIB Business Barometer in Canada, which reflects 12-month forward expectations for business performances in the country, eased to 55 in September, from a revised two-year high of 56.9 in August.
Data from U.S. Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1% in August after rising by 0.2% in July. The uptick matched expectations. The report also said the annual rate of growth by the PCE price index slowed to 2.2% in August from 2.5% in July. Economists had expected the pace of growth to slow to 2.3%.
Meanwhile, the Commerce Department said the annual rate of growth by the core PCE price index accelerated to 2.7 percent in August from 2.6 percent in July, in line with estimates.
Energy stocks Tourmaline Oil Corp (TOU.TO) and Advantage Oil & Gas (AAV.TO) are up 3.9% and 3.7%, respectively. Arc Resources (ARX.TO), Kelt Exploration (KEL.TO), Imperial Oil (IMO.TO), Baytex Energy (BTE.TO) and Peyto Exploration & Development Corp (PEY.TO) are gaining 2 to 3%.
Consumer discretionary stock Canada Goose Holdings (GOOS.TO) is rising 6.3%. Brp Inc (DOO.TO) and Magna International (MG.TO) are up 3.1% and 3%, respectively. Linamar Corp (LNR.TO), Mty Food Group (MTY.TO) and Restaurant Brands International (QSR.TO) are up 1.5 to 2%.
Materials shares Oceanagold Corp (OGC.TO), New Gold (NGD.TO), Fortuna Silver Mines (FVI.TO), Wesdome Gold Mines (WDO.TO), Aya Gold & Silver (AYA.TO), Torex Gold Resources (TXG.TO), Equinox Gold (EQX.TO), Centerra Gold (CG.TO), K92 Mining (KNT.TO), Eldorado Gold (ELD.TO) and Silvercrest Metals (SIL.TO) are down 3 to 5%.
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