The Canadian stock market remains entrenched in negative territory this Tuesday afternoon, as shares across various sectors face persistent selling pressure. With a significant amount of key economic data expected later this week, investors are showing hesitation towards making any substantial purchases.
Industrials, utilities, real estate, consumer staples, and financials are among the sectors experiencing notable declines.
As of the latest updates, the S&P/TSX Composite Index has dropped by 152.82 points, or approximately 0.7%, positioning it at 22,220.56.
Among individual stocks, Bank of Nova Scotia (BNS.TO) has declined nearly 1% following its report of lower quarterly earnings. The bank's second-quarter net income stood at $2,092 million, or $1.57 per diluted share, compared to $2,146 million, or $1.68 per diluted share, in the same quarter of the previous year.
Several other stocks have also faced significant losses:
- Dayforce Inc (DAY.TO), iA Financial Corporation (IAG.TO), George Weston (WN.TO), CargoJet (CJT.TO), EQB Inc (EQB.TO), Canadian Pacific Kansas City (CP.TO), Canadian National Railway (CNR.TO), and West Fraser Timber (WFG.TO) have seen declines ranging from 2% to 3.1%.
- Waste Connections (WCN.TO), CGI Inc (GIB.A.TO), Loblaw Companies (L.TO), FirstService Corporation (FSV.TO), Intact Financial Corporation (IFC.TO), and WSP Global (WSP.TO) have dropped by 1% to 1.7%.
Conversely, some stocks are experiencing gains:
- Seabridge Gold (SEA.TO) has risen by approximately 4.2%.
- Docebo Inc (DCBO.TO) is up by 3.2%.
- Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO), Teck Resources (TECK.B.TO), and Methanex Corporation (MX.TO) have increased by between 1% and 2%.
On the economic front, data from Statistics Canada revealed that industrial producer prices in Canada rose by 1.5% month-over-month in April, reaching a new 8-month high and up from a revised increase of 0.9% in the previous month.
Year-over-year, producer prices in Canada decreased by 1.4% in April, recovering from a revised decline of 0.4% in March. The Raw Materials Price Index (RMPI) showed an increase of 5.5% month-over-month in April, up from a 4.3% rise in the previous month. On an annual basis, raw materials prices climbed to 3.1% in April from 0.4% in March.
