On Thursday, the Canadian market experienced a retreat after achieving a record high. This was largely due to traders trimming positions in anticipation of key Canadian and U.S. employment data releases.
Sectors such as healthcare, consumer staples, and technology underperformed, while consumer discretionary and energy stocks saw noteworthy gains throughout the session. The S&P/TSX Composite Index, despite reaching a high of 22,239.05, closed at 22,051.79—a loss of 60.67 points, or 0.27%.
Notable decreases included Stelco Holdings, which fell by 4.7%, as George Weston, BRP Inc, Cameco Corporation, Restaurant Brands International, FirstService Corporation, Cargojet, and Kinaxis Inc all dropped between 2 to 3.5%. Other significant declines came from Loblaw Companies, Constellation Software, and Canadian National Railway.
However, there were gains as well. Dollarama Inc saw a significant surge of 10%, having reported net earnings of $323.8 million, or $1.15 per diluted common share, for the last quarter of fiscal 2024. This was a substantial increase from the $261.3 million or $0.91 per diluted common share reported in the corresponding quarter of fiscal 2023.
Similarly, Lundin Mining Corporation rallied 5.8%, as Bombardier Inc, Methanex Corporation, WSP Global, Fairfax Financial Holdings, and Canadian Natural Resources all made strides, ending 1 to 1.7% higher.
As for economic news, data from Statistics Canada shows a trade surplus of C$1.4 billion in February 2024, a significant increase from the revised C$0.6 billion surplus in January. This was driven by export figures, which jumped 5.8% to a monthly total of C$66.6 billion, while imports also increased by 4.6% to C$65.2 billion.
