The Canadian market closed on a weaker note on Tuesday, remaining in negative territory throughout the day. Sentiment was dampened by disappointing earnings from the Bank of Montreal and declining commodity prices.The benchmark S&P/TSX Composite Index, which dipped to 23,185.74 in early trading — shedding over 150 points — concluded the session down 89.01 points, or 0.38%, at 23,259.96.Bank of Montreal (BMO.TO) plummeted 6.5% after reporting a third-quarter net income of $1,865 million, up from $1,565 million the previous year. However, adjusted net income for the quarter was $1,981 million, down from $2,148 million in the same period last year.Conversely, Bank of Nova Scotia (BNS.TO) saw a gain of approximately 2.5%. The bank posted a third-quarter net income of $1,912 million, down from $2,192 million a year earlier. Adjusted net income stood at $2,191 million, a slight dip from the previous year’s $2,207 million.Several other stocks experienced notable declines: Ag Growth International (AFN.TO) fell 3.5%, while Precision Drilling Corporation (PD.TO), Suncor Energy (SU.TO), West Fraser Timber (WFG.TO), Imperial Oil (IMO.TO), Stella-Jones (SJ.TO), TFI International (TFII.TO), Premium Brands Holdings Corporation (PBH.TO), and BRP Inc (DOO.TO) all recorded losses ranging from 1.5% to 3%.Additional significant dips were seen in Toromont Industries (TIH.TO), goeasy (GSY.TO), WSP Global (WSP.TO), and Constellation Software (CSU.TO).On a positive note, Pollard Banknote (PBL.TO) surged 13.3%. Gildan Activewear (GIL.TO), Thomson Reuters (TRI.TO), Bombardier Inc (BBD.A.TO), Docebo Inc (DCBO.TO), Kinaxis Inc (KXS.TO), Alimentation Couche-Tard (ATD.TO), EQB Inc (EQB.TO), and CGI Inc (GIB.A.TO) all showed gains between 1% and 2.3%.From an economic perspective, preliminary data from Statistics Canada indicated that wholesale sales fell by 1.1% month-over-month in July, following a 0.6% decline in June.The material has been provided by InstaForex Company – www.instaforex.com
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