Despite data indicating a reduction in the nation's inflation for July, the Canadian market ended an eight-session winning streak, closing weaker on Tuesday, primarily due to declines in the energy sector.
Healthcare stocks were also significant losers during the day. Materials shares received some support, whereas other sector stocks exhibited mixed performance.
The S&P/TSX Composite Index closed lower by 78.95 points, or 0.34%, at 23,037.44. After rising to 23,131.34 during early trading, the index hit a session low of 22,994.27.
Cenovus Energy (CVE.TO) fell by 3.6%. Precision Drilling Corp (PD.TO), Suncor Energy (SU.TO), Tecsys (TCS.TO), Imperial Oil (IMO.TO), Teck Resources (TECK.B.TO), Kinaxis Inc (KXS.TO), Bombardier Inc (BBD.B.TO), and Dayforce (DAY.TO) each declined between 1.6% and 2.7%. Premium Brands Holdings Corporation (PBH.TO) and Dollarama (DOL.TO) also saw notable declines.
Statistics Canada reported that the nation's inflation rate decreased to 2.5% in July from 2.7% the previous month, with the Consumer Price Index (CPI) rising 0.4% in July compared to June.
Core consumer prices in Canada increased by 1.7% in July year-over-year, down from 1.9% in June.
