TSX Retreats After Hitting Fresh Record High, Settles Marginally Down
(RTTNews) - After a slightly positive start and a subsequent fall, the Canadian market climbed to a fresh record high Wednesday morning, but retreated soon and then stayed weak right through the end of the day's session. Escalating tensions in the Middle East weighed on sentiment.
Also, investors refrained from making significant moves due to a lack of triggers on the home front. Stronger than expected U.S. private sector employment data dimmed prospects of aggressive rate cuts by the Federal Reserve.
The benchmark S&P/TSX Composite Index, which hit a new record intra-day high at 24,113.27, ended down 32.44 points or 0.13% at 24,001.55.
Consumer staples, healthcare and communications shares were among the notable losers.
TC Energy Corp (TRP.TO) tumbled about 9%. Ag Growth International (AFN.TO) dropped 3.7%. Docebo Inc (DCBO.TO), Bank of Nova Scotia (BNS.TO), CCL Industries (CCL.A.TO) and Loblaw Companies (L.TO) lost 2 to 2.7%.
Metro Inc (MRU.TO), George Weston (WN.TO) and Canadian National Railway (CNR.TO) also ended notably lower.
TerraVest Industries (TVK.TO) climbed more than 5%. Methanex Corporation (MX.TO), Stella-Jones (SJ.TO), Cameco Corporation (CCO.TO), Dayforce (DAY.TO), Onex Corporation (ONEX.TO), Dollarama Inc (DOL.TO) and Colliers International (CIGI.TO) gained 0.9 to 2%.
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