TSX Ends Marginally Down
2024-10-16
4577
(fxcue news) - The Canadian market ended weak on Tuesday due to heavy selling in the energy sector as oil prices fell amid easing fears of a supply disruptions after reports said Israel will not strike Iranian oil and nuclear sites.
Soft Canadian inflation data helped limit the market's downside.
The benchmark S&P/TSX Composite Index ended down 32.09 points or 0.13% at 24,439.08. The index, which dropped to 24,357.87 recovered to 24,479.22 before paring gains.
The Energy Capped Index tumbled 4.79%. Baytex Energy (BTE.TO), International Petroleum Corp (IPCO.TO), Kelt Exploration (KEL.TO), Vermilion Energy (VET.TO), Tamarack Valley Energy (TVE.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Nuvista Energy (NVA.TO), MEG Energy (MEG.TO) and Suncor Energy (SU.TO) lost 5 to 6.3%.
Healthcare stocks Bausch Health Companies (BHC.TO), Chartwell Retirement Residences (CSH.UN.TO) and Sienna Senior Living (SIA.TO) gained 5.7%, 2.7% and 2.5%, respectively.
In the utilities sector, Emera Incorporated (EMA.TO) and Hydro One (H.TO) climbed 4.1% and 3.2%, respectively. Fortis Inc (FTS.TO), Canadian Utilities (CU.TO), Innergex Renewable Energy (INE.TO) and Algonquin Power & Utilities Corp (AQN.TO) gained 2 to 4.1%. Atco Ltd. (ACO.X.TO) climbed nearly 2%.
Real estate stocks Dream Industrial (DIR.UN.TO) and Crombie Real Estate Investment (CRR.UN.TO) gained about 3.2% and 2.5%, respectively. Choice Properties (CHP.UN.TO) and CT Real Estate Investment (CRT.UN.TO) both gained a little over 2%.
Primo Water Corporation (PRMW.TO) shares gained 3.3% after the company announced that its Board of Directors declared a special dividend of US$0.82 per share on its common shares, payable in cash on November 21, 2024 to shareowners of record at the close of business on November 5, 2024.
Data from Statistics Canada said the annual inflation rate in Canada fell to 1.6% in September from 2% in the previous month, the lowest since February 2021. The consumer price index decreased 0.4% in September over the previous month.
The annual core inflation rate in Canada ticked up to 1.6% in September from a 3-1/2-year low of 1.5% in the prior month. On a monthly basis, core consumer pries were flat, after falling by 0.1% in the prior month.
A separate data from Statistics Canada said wholesale sales in Canada declined 0.6% month-over-month to $81.9 billion in August, less than preliminary estimates of a 1.1% drop, following a downwardly revised 0.3% rise in July.
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