The Canadian stock market saw limited fluctuations yesterday with the majority of investors demonstrating caution, primarily due to diminished optimism regarding an impending interest rate reduction by the Federal Reserve in light of recent data.
The primary barometer, S&P/TSX Composite Index concluded trading with an insignificant gain of 18.22 points or 0.08%, closing at 22,185.25. Movements throughout the day ranged between 22,110.60 and 22,204.74.
Both materials and energy stocks experienced a growth driven by strong metal and oil prices. However, healthcare, real estate, utilities, and consumer discretionary stocks faced a downturn.
In the materials division, Iamgold Corp saw a rise exceeding 9%. Other notable performers were Novagold, First Majestic Silver Corp, Ssr Mining, Seabridge Gold, Wesdome Gold Mines, Fortuna Silver Mines, and Agnico Eagle Mines, reflecting gains between 3% and 6.2%.
The energy segment saw Pason Systems making notable progress of more than 5%. This trend was followed by Baytex Energy with 3.3% and Prairiesky Royalty and Secure Energy Services approximately 2.5%. Whitecap Resources also demonstrated a gain of roughly 1.4%.
On the negative side, healthcare stocks Sienna Senior Living and Bausch Health Companies saw moderate losses of 2.4% and 1.6% correspondingly, with Tilray Inc finishing lower by 0.9%.
The real estate sector experienced losses with Northwest Healthcare and CT Real Estate dipping 4% and 2.5% respectively. Other losers included Colliers International, H&R Real Estate, Killam Apartment, and Boardwalk Real Estate Investment falling between 1.6% and 2%.
Within the utilities sector, shares of Brookfield Infra Partners and Superior Plus Corp declined by 2.46% and 2.38%, respectively.
Consumer discretionary stocks like Magna International and Sleep Country Canada Holdings both finished lower by approximately 1.9%. The Mty Food Group fell by 1.49% while Linamar Corp and Restaurant Brands International saw reductions of 1.1% and 1% correspondingly.
Taking a look at the economic data, the S&P Global Canada Manufacturing PMI witnessed a marginal increment of 0.1 point from February, closing at 49.8 in March. This marks the eleventh consecutive month of contractions in the Canadian manufacturing activity.
