Canadian Market Moderately Lower In Cautious Trade
2024-10-20
2874
(fxcue news) - The Canadian market, which fell after a slightly positive start and a subsequent rise to a new record high Monday morning, continues to languish in negative territory in cautious trade and looks headed for a weak close.
Technology, real estate and financial shares are among the notable losers. Energy and materials stocks are finding some support thanks to higher commodity prices.
The mood remains cautious due to a lack of significant triggers. Investors are awaiting the Bank of Canada's policy announcement on Wednesday. The Canadian central bank is widely expected to lower interest rates by 50 basis points.
The benchmark S&P/TSX Composite Index, which climbed to a new record high of 24,922.22 this morning, was down 123.17 points or 0.5% at 24,669.37 a little while ago.
Goeasy (GSY.TO) is declining 4.6%. Magna International (MG.TO) is down 3.7% and Teck Resources (TECK.A.TO) is lower by nearly 3%.
Cargojet (CJT.TO), BRP Inc (DOO.TO), Stella-Jones (SJ.TO), Morguard Corporation (MRC.TO), EQB Inc (EQB.TO), Bank of Montreal (BMO.TO), Loblaw Companies (L.TO), West Fraser Timber (WFG.TO), Constellation Software (CSU.TO) are down 1 to 2.5%.
Among the gainers, RB Global Inc (RBA.TO) is up more than 6%. Hut 8 Corp (HUT.TO), Brookfield Renewable Corporation (BEPC.TO) and MAG Silver Corp (MAG.TO) are gaining 4.7 to 5%.
Restaurant Brands International (QSR.TO), Bombardier Inc (BBD.A.TO), Atkins Realis Group (ATRL.TO), Stantec (STN.TO), Franco-Nevada Corporation (FNV.TO) and Wheaton Precious Metals (WPM.TO) are up 1 to 3%.
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