Canadian Market Ends On Weak Note

(RTTNews) - The Canadian market turned in a weak performance on Tuesday with stocks from across several sectors reeling under selling pressure right through the day's session.

After having watched the global sell-off from the sidelines on Monday due to Civic Day holiday, traders chose to lighten commitments at several counters.

Global stocks fell sharply on Monday amid rising fears of a possible recession in the U.S., and geopolitical tensions in the Middle East.

Materials, healthcare, technology, consumer discretionary and consumer staples sectors were among the major losers. Industrials and financials stocks also closed mostly weak.

The benchmark S&P/TSX Composite Index ended down 248.27 points or 1.12% at 21,979.36, well off the session's low of 21,659.26.

On the economic front, data from Statistics Canada showed Canada recorded a trade surplus of C$640 million in June. Exports increased to C$66650 million in June, while imports were up at C$66010 million in the month, the data showed.

The S&P Global Canada Composite PMI fell to 47.0 in July 2024, down from 47.5 in June, indicating a sharper contraction in private sector output and marking the lowest reading since March.

The S&P Global Canada Services PMI fell to 47.3 in July 2024, after coming in at 47.1 in June, indicating continued contraction in Canada's services economy for the second consecutive month, although the pace of decline eased.

Pollard Banknote (PBL.TO) tanked 35.2%. Wheaton Precious Metals (WPM.TO), Franco-Nevada Corporation (FNV.TO), CGI Inc (GIB.A.TO), Boyd Group Services (BYD.TO) and Cargojet (CJT.TO) lost 3 to 5.4%.

WSP Global (WSP.TO), Colliers International (CIGI.TO) and Waste Connections (WCN.TO) also declined sharply.

Molson Coors Canada (TPX.B.TO), Quebecor (QBR.A.TO), RB Global (RBA.TO) and Lassonde Industries (LAS.A.TO) gained 4 to 5%. Bombardier Inc (BBD.A.TO) and Restaurant Brands International (QSR.TO) also ended with strong gains.