TSX Seen Closing Notably Lower; Energy, Materials Stocks Among Major Losers

RTTNews | 6h 59min ago

(RTTNews) - The Canadian market, which opened modestly lower Thursday morning, continues to languish in negative territory in afternoon trades with stocks from several sectors reeling under sustained selling pressure.

Energy, materials and communications shares are among the major losers. Healthcare, utilities and financials shares are also mostly weak.

Lower commodity prices, and concerns about trade war following U.S. President-elect Donald Trump's threat of tariff hikes are weighing on stocks.

The benchmark S&P/TSX Composite Index was down 257.66 points or 1% at 25,400.04 a little while ago.

Imperial Oil (IMO.TO) is down 6%. New Gold Inc (NGD.TO) is declining by about 5.7%. Canopy Growth Corporation (WEED.TO), Calibre Mining (CXB.TO), Ballard Power Systems (BLDP.TO), Kinross Gold Corp (K.TO), First Quantum Minerals (FM.TO), Capstone Copper Corp (CS.TO) and BlackBerry (BB.TO) are down 3 to 4.5%.

B2Gold Corp (BTO.TO), Telus Corporation (T.TO), Baytex Energy (BTE.TO), Barrick Gold Corporation (ABX.TO), Freehold Royalties (FRU.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO) and Rogers Communications (RCI.B.TO) are also down sharply.

Empire Company Limited (EMP.A.TO) shares are gaining 7.5% after the company reported net earnings of $173.4 million ($0.73 per share) for the second quarter of fiscal 2025, compared to $181.1 million ($0.72 per share) in the second quarter of financial year 2024. For the quarter, the Company recorded adjusted net earnings of $173.4 million ($0.73 per share) compared to $178.3 million ($0.71 per share) last year.

Hut 8 Corp (HUT.TO) is gaining 6.8%. Transcontinental (TCL.B.TO) is up 4.5%. Bombardier Inc (BBD.B.TO) and Bausch+Lomb (BLCO.TO) are up nearly 3%. Propel Holdings (PRL.TO), Celestica Inc (CLS.TO), Senvest Capital (SEC.TO), George Weston (WN.TO), Descartes Systems Group (DSG.TO), Loblaw Companies (L.TO) and Winpak (WPK.TO) are up 1 to 2.3%.

Transat A.T. Inc. (TRZ.TO) is up more than 4%. The company reported a net income of $41.2 million or $1.05 per share for the quarter ended October 31, 2024, compared to $3.2 million or $0.08 per share in the year-ago quarter.

In economic news, data from Statistics Canada said the total value of building permits in Canada fell 3.1% month-over-month to $12.61 billion in October, retreating from an 11.5% increase in the previous month.

Swiss Market Ends Modestly Higher After SNB Lowers Rate By 50 Bps

The Switzerland market exhibited some weakness early on in the session on Thursday, and despite a smart recovery, failed to sustain momentum but still managed to end the day on a positive note thanks to some brisk buying at a few top counters. A bigger than expected rate cut by the central bank aided sentiment.

RTTNews | 8h 1min ago

European Stocks Close Mixed After ECB, SNB Cut Interest Rates

European stocks closed on a mixed note on Thursday with investors digesting the European Central Bank's decision to cut interest rates by 25 basis points, and weighing the prospects of another cut in the first quarter of 2025.

RTTNews | 8h 32min ago

U.S. Dollar Appreciates After Hot PPI Data

The U.S. dollar moved up against its most major counterparts in the New York session on Thursday, as producer price inflation increased more than expected in November, supporting expectations that the U.S. central bank will cut rates by 25 basis points next week.

RTTNews | 8h 46min ago

U.S. Producer Price Growth Exceeds Estimates In November

A report released by the Labor Department on Thursday showed producer prices in the U.S. increased by more than expected in the month of November. The Labor Department said its producer price index for final demand climbed by 0.4 percent in November after rising by an upwardly revised 0.3 percent in October. Economists had expected producer prices to inch up by 0.2 percent.

RTTNews | 11h 51min ago

U.S. Weekly Jobless Claims Unexpectedly Extend Rebound

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended December 7th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 242,000, an increase of 17,000 from the previous week's revised level of 225,000. Economists had expected jobless claims to dip to 220,000.

RTTNews | 11h 56min ago

ECB Cuts Deposit Rate To 3.00%

The European Central Bank lowered its key interest rate by 25 basis points again, in line with economists' expectations, as policymakers assessed that the disinflation process is on track though growth concerns remain. The Governing Council, led by ECB President Christine Lagarde, cut the key policy rate - the deposit rate - by a quarter-basis point to 3.00 percent on Thursday.

RTTNews | 12h 56min ago

U.S. Producer Prices Climb More Than Expected In November

A report released by the Labor Department on Thursday showed producer prices in the U.S. increased by more than expected in the month of November.

RTTNews | 13h 0min ago

U.S. Weekly Jobless Claims Unexpectedly Climb To 242,000

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended December 7th, according to a report released by the Labor Department on Thursday.

RTTNews | 13h 4min ago

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