The Canadian market experienced a slight downturn in early afternoon trades on Thursday, with stocks in the consumer discretionary, industrials, and technology sectors facing selling pressure.Investors are scrutinizing the latest economic data from both Canada and the U.S. The market sentiment remains cautious due to concerns about growth prospects and the uncertainty surrounding the Federal Reserve’s interest rate cut timeline.The benchmark S&P/TSX Composite Index recently dipped by 22.80 points, or 0.1%, currently positioned at 23,017.96.According to Statistics Canada, labor productivity in Canadian businesses decreased by 0.2% in the second quarter, following a 0.3% decline in the first quarter.The S&P Global Canada Composite PMI increased slightly to 47.8 in August 2024 from 47.0 in July, yet it remained in contraction territory for the private sector for the third month in a row.Similarly, the S&P Global Canada Services PMI inched up to 47.8 in August 2024 from 47.3 in July, indicating a slower but still significant contraction in the services sector, marking its third consecutive month of decline.Shares of Ag Growth International (AFN.TO), TFI International (TFII.TO), Magna International (MG.TO), and Dollarama Inc (DOL.TO) have fallen between 2 to 3%.BRP Inc (DOO.TO) has declined nearly 2%, while Canadian National Railway (CNR.TO), Thomson Reuters (TRI.TO), Canadian Pacific Kansas City (CP.TO), goeasy (GSY.TO), and Cargojet (CJT.TO) have seen losses ranging from 1 to 1.4%.On the other hand, Perpetua Resources Corp (PPTA.TO) surged over 13%, and Frontera Energy Corporation (FEC.TO) rose almost 11%. Primo Water Corporation (PRMW.TO) gained 9.5%, and North West Company (NWC.TO) increased by 7.5%.Other gainers include Lundin Gold (LUG.TO), CCL Industries (CCL.A.TO), Bombardier Inc (BBD.B.TO), West Fraser Timber (WFG.TO), Rogers Communications (RCI.B.TO), Toronto-Dominion Bank (TD.TO), Newmont Corporation (NGT.TO), Teck Resources (TECK.A.TO), and TerraVest Industries (TVK.TO), with gains ranging from 1 to 3.3%.The material has been provided by InstaForex Company – www.instaforex.com
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