The Canadian market opened slightly higher before losing ground on Monday morning, largely due to weakening trends in the communications, healthcare, real estate, and utilities sectors. The overall sentiment remains cautious due to a lack of significant market catalysts.
The primary Canadian index, the S&P/TSX Composite Index, fell by 19.21 points or 0.08%, settling at 22,147.82. After initially peaking at 22,204.74, the index dipped to a low of 22,115.90 before clawing back some lost ground.
Several prominent companies including Bank of Nova Scotia, West Fraser Timber, Dayforce, Onex Corporation, Molson Coors Canada Inc, and Restaurant Brands International saw a decline in their share prices, falling between 1.3 to 2.4%.
On the other hand, Cameco Corporation experienced a rise of 5.8%, while BRP Inc gained 5.5%, and Nuvei Corporation increased by 5%. Ag Growth International, Celestica Inc, Descartes Systems Group, Nutrien, Precision Drilling Corporation, and Cargojet also experienced an upward trend, with their shares rising by 1 to 3%.
From an economic perspective, the S&P Global Canada Manufacturing Purchasing Managers Index (PMI) witnessed a slight increase of 0.1 point from the previous reading, landing at 49.8 in March. This indicates that the Canadian manufacturing industry is experiencing contraction for the 11th consecutive month.
