Canadian stocks are experiencing a mixed session on Tuesday as investors assess the latest Canadian producer prices and several corporate earnings updates. Market participants are also anticipating the Bank of Canada's forthcoming interest rate decision, scheduled for Wednesday.
It is broadly anticipated that the Canadian central bank will cut interest rates by 50 basis points.
Currently, the S&P/TSX Composite Index has slipped by 37.37 points, or 0.16%, standing at 24,685.96.
On the economic data front, Statistics Canada reported a 0.6% month-over-month decline in industrial producer prices for September, following a revised decline of 0.9% in the previous period. Annually, producer prices decreased by 0.9% in September, following a 0.2% gain in the preceding month.
In parallel, the raw materials price index in Canada dropped by 3.1% month-over-month in September, following an upwardly revised decline of 3% in August. Annually, raw materials prices fell by 8.8%, marking the most significant annual decrease since July 2023.
In the markets, healthcare and materials stocks are witnessing strong demand, while technology, consumer discretionary, and communications sectors are largely subdued.
Dye & Durham (DND.TO) has surged nearly 10% after the company commented on media speculation regarding its potential sale due to takeover interest. The company disclosed it has "expanded the scope of its previously commenced strategic review process to consider additional opportunities to enhance shareholder value, which may include, but are not limited to, a sale of the company, merger, divestiture of assets, or other strategic transactions."
Seabridge Gold Inc (SEA.TO) is up by 5.3%, and Pan American Silver Corp (PAAS.TO) has advanced 4%. Other notable gainers include Franco-Nevada Corporation (FNV.TO), Teck Resources (TECK.A.TO), Newmont Corporation (NGT.TO), Agnico Eagle Mines (AEM.TO), EQB Inc (EQB.TO), TFI International (TFII.TO), and Kinaxis Inc (KXS.TO), all with moderate to significant gains.
Conversely, Goeasy (GSY.TO) has fallen by nearly 10%, while BRP Inc (DOO.TO) is down more than 6%. Toromont Industries (TIH.TO) has decreased about 3.5%. Other notable decliners include Cameco Corporation (CCO.TO), Stantec Inc (STN.TO), Shopify Inc (SHOP.TO), Bombardier Inc (BBD.B.TO), Cargojet (CJT.TO), FirstService Corporation (FSV.TO), and CGI Inc (GIB.A.TO).
