Canadian Stocks Headed For Another Weak Close
2024-12-08
1249
(fxcue news) - The Canadian market is set to end lower for a third straight session with stocks from energy and materials sectors reeling under selling pressure on Monday. With the Federal Reserve's monetary policy announcement, and a slew of key economic data, including inflation readings from Canada and the U.S., due this week, the mood remains quite cautious.
The benchmark S&P/TSX Composite Index is down 135.07 points or 053% at 25,139.23.
BCE Inc (BCE.TO) is down nearly 6%. Wajax Corporation (WJX.TO), Rogers Communications (RCI.B.TO), Teck Resources (TECK.B.TO), Tourmaline Oil Corp (TOU.TO), Pembina Pipeline Corporation (PPL.TO), Quebecor Inc (QBR.A.TO), Cogeco Inc (CGO.TO), Canadian Natural Resources (CNQ.TO) and Nutrien (NTR.TO) are down 2.2 to 3.3%.
Cogeco Communications (CCA.TO), West Fraser Timber (WFG.TO), Imperial Oil (IMO.TO), Suncor Energy (SU.TO), BRP Inc (DOO.TO), Precision Drilling Corp (PD.TO), CGI Inc (GIB.A.TO) and Linamar Corporation (LNR.TO) are also notably lower.
Hut 8 Corp (HUT.TO) is up nearly 9%. TerraVest Industries (TVK.TO), Aritzia Inc (ATZ.TO), Jamieson Wellness (JWEL.TO), Toromont Industries (TIH.TO), ATCO Ltd. (ACO.Y.TO), Shopify Inc (SHOP.TO) and Boyd Group Services (BYD.TO) are gaining 1 to 2.5%.
On the economic front, a report from the Canada Mortgage and Housing Corporation said housing starts in Canada rose by 8.4% month-over-month to 262,400 units in November, the highest level in four months.
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