Canadian Market Moderately Lower As Energy Stocks Fall
2024-08-20
1820
(fxcue news) - Despite soft inflation data raising prospects of another rate cut by the Canadian Central Bank, the Bay Street is languishing in negative territory after a somewhat sluggish start Tuesday morning, weighed down by losses in energy section due to declining oil prices.
The benchmark S&P/TSX Composite Index is down 98.79 points or 0.43% at 23,017.60 a few minutes past noon.
Data from Statistics Canada showed Canada's inflation rate dropped to 2.5% in July from 2.7% a month earlier. The CPI rose 0.4% in July over the previous month.
Core consumer prices in Canada increased by 1.7% in July compared to the same month in the previous year, easing from 1.9% in June.
The Energy Capped Index is down 2.1%. Cenovus Energy (CVE.TO) is down 3.3%. Meg Energy (MEG.TO), Baytex Energy (BTE.TO), Ces Energy Solutions (CEU.TO), Veren Inc (VRN.TO), Tamarack Valley Energy (TVE.TO), Suncor Energy (SU.TO), Precision Drilling Corp (PD.TO), Canadian Natural Resources (CNQ.TO), Imperial Oil (IMO.TO) and Vermilion Energy (VET.TO) are down 2 to 3%.
Among other losers, Gran Tierra Energy Inc (GTE.TO) is plunging more than 9%. The Boards of Gran Tierra Energy (GTE.TO) and i3 Energy Plc (ITE.TO) have reached agreement on the terms of a recommended and final cash and share offer by Gran Tierra for i3 Energy pursuant to which Gran Tierra will acquire the entire issued and to be issued share capital of i3 Energy.
Bombardier Inc (BBD.B.TO) is down 2.5%. Kinaxis Inc (KXS.TO), Dollarama Inc (DOL.TO), TerraVest Industries (TVK.TO) and Colliers International (CIGI.TO) are also notably lower.
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