TSX Turns Weak After Hitting New High
2024-10-12
4928
(fxcue news) - The Canadian market rose to a new record high Monday morning, but retreated soon and stayed weak right through the session as investors turned cautious ahead of earnings updates and some key economic events, including the Bank of Canada's monetary policy meeting due this week.
The Canadian central bank is widely expected to reduce its key policy rate by 50 basis points, marking its fourth cut in a row.
The benchmark S&P/TSX Composite Index, which hit a new record high at 24,922.92 in early trades, ended the session with a loss of 99.21 points or 0.4% at 24,723.33.
Real estate, utilities, technology and consumer staples shares were among the notable losers. Energy and materials stocks found some support as commodity prices rose.
Magna International (MG.TO), goeasy (GSY.TO), Teck Resources (TECK.A.TO), BRP Inc (DOO.TO), Cargojet (CJT.TO) and Stella-Jones (SJ.TO) ended lower by 2 to 3.6%.
Loblaw Companies (L.TO), Morguard Corporation (MRC.TO), TFI International (TFII.TO), West Fraser Timber (WFG.TO), Constellation Software (CSU.TO), CGI Inc (GIB.A.TO), Dollarama Inc (DOL.TO) and George Weston (WN.TO) lost 1 to 2%.
RB Global (RBA.TO) climbed 6.6%. Hut 8 Corp (HUT.TO) ended nearly 6% up. Brookfield Renewable Corporation (BEPC.TO) and MAG Silver Corp (MAG.TO) gained about 5% and 4.7%, respectively.
Restaurant Brands International (QSR.TO), Seabridge Gold (SEA.TO), Bombardier Inc (BBD.B.TO), AtkinsRealis Group (ATRL.TO) and Ag Growth International (AFN.TO) were among the other major gainers in the session.
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