Canadian Stocks Turning In Mixed Performance

(RTTNews) - Canadian stocks are turning in a mixed performance on Tuesday with investors digesting the nation's inflation data, and looking ahead to Wednesday's monetary policy announcement from the U.S. Federal Reserve.

Data from Statistics Canada said the annual inflation rate in Canada decelerated for the third month to hit 2% in August 2024, the softest since February 2021, and slightly below forecasts of 2.1%.

The Canadian CPI decreased by 0.2% over a month in August 2024, compared to expectations for a flat reading, following a 0.4% rise in the prior month.

Core consumer prices in Canada increased by 1.5% in August 2024 compared to the same month in the previous year, easing from 1.7% in July.

A report from the Canada Mortgage and Housing Corporation said housing starts in Canada fell by 22.3% over a month to 217,405 units in August 2024, the lowest since November 2023.

Energy and healthcare stocks are finding some support, while consumer staples and industrials shares are exhibiting some weakness.

The benchmark S&P/TSX Composite Index, which posted a new high at 23,800.59 earlier in the session, is down 26.72 points or 0.11% at 23,675.35 about half an hour past noon.

Telesat Corporation (TSAT.TO) is gaining more than 10%. Calian Group (CGY.TO) and ATS Corporation (ATS.TO) are up 4.6% and 4.2%, respectively. Magna International (MG.TO), Bombardier Inc (BBD.B.TO), Celestica Inc (CLS.TO), Molson Coors Canada Inc (TPX.B.TO), Precision Drilling Corporation (PD.TO), West Fraser Timber (WFG.TO), TFI International (TFII.TO), Premium Brands Holdings (PBH.TO), goeasy (GSY.TO) and Bank of Montreal (BMO.TO) are up 1 to 3%.

Thomson Reuters (TRI.TO), Loblaw Companies (L.TO), Colliers International (CIGI.TO), Dollarama Inc (DOL.TO), CGI Inc (GIB.A.TO), Cargojet (CJT.TO), Waste Connections (WCN.TO), George Weston (WN.TO), Kinaxis Inc (KXS.TO) and Stella-Jones (SJ.TO) are down 1 to 2.5%.