The Canadian stock market saw a slight decline on Tuesday, as it remained in negative territory throughout the trading day. Investors were in a holding pattern, anticipating new economic data and updates from quarterly earnings reports.
The market was pressured by the downturn in crude oil and gold prices, which negatively affected energy and materials stocks. The main index, the S&P/TSX Composite Index, closed with a decrease of 30.20 points, or 0.13%, finishing at 24,072.51. During the session, it reached a low of 23,969.27 and a high of 24,083.13.
The Energy Capped Index fell by 2.33%, with Mattr Corp (MATR.TO) dropping more than 10.5%. Other significant losses in the sector included Advantage Oil & Gas (AAV.TO) with a decline of 6.1%, while Birchcliff Energy (BIR.TO), Baytex Energy (BTE.TO), and several others experienced losses between 3% and 4.5%.
In the materials sector, Teck Resources (TECK.B.TO), Hudbay Minerals (HBM.TO), Methanex Corp (MX.TO), and several others saw declines ranging from 3% to 5%.
Conversely, technology stocks showed positive performance, with Celestica Inc (CLS.TO) and Shopify Inc (SHOP.TO) rising 2.7% and 2.3%, respectively. Other tech companies, including Descartes Systems Group (DSG.TO) and Lightspeed Commerce (LSPD.TO), witnessed gains of 1% to 2%.
Statistics Canada reported that the country's trade deficit expanded to C$1.10 billion in August 2024, a rise from the revised C$0.29 billion deficit recorded in July, and surpassing market forecasts of a C$0.5 billion shortfall. This marks the sixth consecutive monthly deficit and is the largest since May. The data showed a 1% decrease in exports, while imports saw a modest increase of 0.3% in August.
