Canadian Market Modestly Higher In Lackluster Trade
2024-06-27
1288
(fxcue news) - Canadian stocks are moving in a tight range in lackluster trade on Thursday, with investors awaiting the data on U.S. non-farm payroll employment for directional clues.
Communications, energy, consumer discretionary and utilities stocks are finding some support, while stocks from the rest of the sectors are turning in a mixed performance.
The benchmark S&P/TSX Composite Index was up 59.10 points or 0.27% at 22,282.77 a little while ago.
Gildan Activewear (GIL.TO) is rising 2.5%. Terravest Industries (TVK.TO), ATCO (ACO.X.TO), Celestica Inc (CLS.TO), Imperial Oil (IMO.TO), Stella-Jones (SJ.TO), Morguard Corporation (MRC.TO), Stantec (STN.TO), Kinaxis Inc (KXS.TO) and TFI International (TFII.TO) are up 1 to 2.5%.
CGI Inc (GIB.A.TO) is gaining about 1%. CGI announced the acquisition of Celero's credit union business serving clients across Canada, consisting of master services agreements that span managed services, core banking, digital banking and related IT services. As a result of the acquisition, CGI will enhance and expand its services to credit unions.
Goeasy (GSY.TO) is plunging more than 9%. Hut 8 Corp (HUT.TO) is down 6%. EQB Inc (EQB.TO), FirstService Corporation (FSV.TO) are moderately lower.
Data from S&P Global said that its Canada Composite PMI was at 47.5 in June, refraining from holding the expansion signaled by the 50.6 in the earlier month, which was the first period of growth in the Canadian private sector activity in one year.
The Services PMI dropped to 47.1 in June, the lowest reading since March, from 51.1 in the previous month, while factory activity declined for the 14th month running, dropping to 49.3 in June.
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