On Wednesday morning, the Canadian market experienced a modestly positive start followed by a decline. Although it reached a new record high, it soon fell back and remained sluggish for the rest of the session. Heightened tensions in the Middle East dampened investor sentiment.
Additionally, traders were cautious, avoiding major decisions due to the absence of significant domestic catalysts. Meanwhile, stronger-than-anticipated U.S. private sector employment data reduced the likelihood of aggressive interest rate cuts by the Federal Reserve.
The S&P/TSX Composite Index, which soared to an intraday record of 24,113.27, ultimately closed 32.44 points lower, recording a 0.13% decline at 24,001.55.
Noteworthy declines were observed in the consumer staples, healthcare, and communications sectors.
TC Energy Corp fell approximately 9%. Ag Growth International saw a 3.7% decrease, while Docebo Inc, Bank of Nova Scotia, CCL Industries, and Loblaw Companies declined between 2% to 2.7%.
Metro Inc, George Weston, and Canadian National Railway also registered significant losses.
Conversely, TerraVest Industries surged by more than 5%. Methanex Corporation, Stella-Jones, Cameco Corporation, Dayforce, Onex Corporation, Dollarama Inc, and Colliers International reported gains ranging from 0.9% to 2%.
