Canadian Market Retreats After Firm Start, Ends Flat
(RTTNews) - After seven successive days of gains, the Canadian market turned a bit weak on Tuesday, but still managed a good recovery to eventually end the day's session with just a marginal loss.
Concerns about economic slowdown weighed even as worries about any aggressive tightening by the Fed faded after data showed a drop in U.S. job openings, and a decline in factory orders.
The benchmark S&P/TSX Composite Index, which climbed to 20,361.26 in early trades, fell to 20,203.25 a little past noon, but recovered to finally end the session at 20,203.25, down just 2.52 points from the previous close.
Communications and materials shares moved higher. Healthcare, consumer discretionary, energy and financials shares were among the major losers.
Agnico Eagle Mines (AEM.TO) climbed more than 5.5%. Rogers Communications (RCI.B.TO), Franco-Nevada Corporation (FNV.TO), BCE Inc (BCE.TO), Constellation Software (CSU.TO), Cogeco Inc (CGO.TO), Wheaton Precious Metals (WPM.TO), George Weston (WN.TO) and Loblaw Co. (L.TO) gained 1.4 to 3.5%.
Spin Master Corp (TOY.TO), BRP Inc (DOO.TO), Stelco Holdings (STLC.TO), Methanex Corporation (MX.TO), TFI International (TFII.TO), Bombardier (BBD.B.TO), West Fraser Timber (WFG.TO), Colliers International (CIGI.TO) and Magna International (MG.TO) lost 2 to 5.2%.
On the economic front, data released by Statistics Canada showed the total value of building permits in Canada advanced 8.6% from a month earlier to $10.7 billion in February 2023, after a downwardly revised 3.7% slump in the prior month.
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