TSX Snaps 8-day Winning Streak
2024-08-21
2287
(fxcue news) - Despite data showing a drop in the nation's inflation in the month of July, the Canadian market snapped an eight-session winning streak and ended on a weak note on Tuesday, weighed down by losses in the energy sector.
Healthcare stocks were among the other major losers. Materials shares found some support, while stocks from the rest of the sectors turned in a mixed performance.
The benchmark S&P/TSX Composite Index ended down 78.95 points or 0.34% at 23,037.44. The index, which edged up to 23,131.34 in early trades, touched a low of 22,994.27 in the session.
Cenovus Energy (CVE.TO) ended 3.6% down. Precision Drilling Corp (PD.TO), Suncor Energy (SU.TO), Tecsys (TCS.TO), Imperial Oil (IMO.TO), Teck Resources (TECK.B.TO), Kinaxis Inc (KXS.TO), Bombardier Inc (BBD.B.TO), Dayforce (DAY.TO) lost 1.6 to 2.7%. Premium Brands Holdings Corporation (PBH.TO) and Dollarama (DOL.TO) also ended notably lower.
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.
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