The Canadian market experienced a downturn on Tuesday afternoon, dragged down by declines in the energy and consumer discretionary sectors. Investor sentiment remains cautious as attention shifts towards upcoming U.S. inflation data, which may provide insights into the Federal Reserve’s future interest rate decisions.Energy stocks are under significant pressure following a more than 4% drop in oil prices, fueled by concerns about demand prospects from China and the United States.The benchmark S&P/TSX Composite Index recently fell by 197.50 points, or approximately 0.9%, landing at 22,829.65.Leading the losses, Precision Drilling Corp (PD.TO) declined by more than 6%, Methanex Corporation (MX.TO) dropped 5.2%, while Canadian Natural Resources (CNQ.TO) and Suncor Energy (SU.TO) fell by 3.9% and 3.7%, respectively.Other notable decliners include Magna International (MG.TO), Imperial Oil (IMO.TO), Boyd Group Services (BYD.TO), goeasy (GSY.TO), Canadian National Railway (CNR.TO), Dollarama Inc (DOL.TO), TFI International (TFII.TO), and Constellation Software (CSU.TO), each down between 1% and 3%.On the positive side, Kinross Gold Corp (K.TO) advanced 4.7%, while Quebecor Inc (QBR.TO) and Brookfield Renewable Corporation (BEPC.TO) gained 2.5% and 2.2%, respectively. Stocks like Newmont Corporation (NGT.TO), Thomson Reuters (TRI.TO), and Fairfax Financial Holdings (FFH.TO) registered moderate gains.Brookfield Asset Management (BAM.TO) announced plans to invest up to USD 1.1 billion in Infinium, a company specializing in commercially available ultra-low carbon eFuels. Brookfield’s stock has risen about 0.5% following the news.Conversely, TC Energy Corp (TRP.TO) saw a 2.7% decline. The company reported a delay in its deal to sell a minority stake in its Canadian natural gas pipeline system to indigenous communities due to an identified transaction structuring issue.Centamin plc (CEE.TO) witnessed a dramatic surge, with shares soaring nearly 21%. The company reported second-quarter gold production of 93,278 ounces and gold sales of 102,563 ounces from the Sukari Gold Mine.The material has been provided by InstaForex Company – www.instaforex.com
- Czech Retail Sales Growth Accelerates in August, Reaching 5.30% - October 8, 2024
- Czech Unemployment Rate Sees Slight Uptick in September - October 8, 2024
- France Sees Rise in Imports: August Figures Show a Notable Increase - October 8, 2024
