The Canadian stock market is poised to end lower for the third consecutive session, as stocks in the energy and materials sectors experience selling pressure today. Investors remain cautious ahead of the Federal Reserve's upcoming monetary policy announcement, along with key economic data, including inflation figures from both Canada and the U.S., scheduled for release this week.
The main index, the S&P/TSX Composite Index, has declined by 135.07 points, or 0.53%, to stand at 25,139.23.
BCE Inc has seen a significant drop of nearly 6%. Other companies such as Wajax Corporation, Rogers Communications, Teck Resources, Tourmaline Oil Corp, Pembina Pipeline Corporation, Quebecor Inc, Cogeco Inc, Canadian Natural Resources, and Nutrien are experiencing declines ranging from 2.2% to 3.3%.
Additionally, Cogeco Communications, West Fraser Timber, Imperial Oil, Suncor Energy, BRP Inc, Precision Drilling Corp, CGI Inc, and Linamar Corporation are notably lower in trading today.
In contrast, Hut 8 Corp is up by almost 9%. TerraVest Industries, Aritzia Inc, Jamieson Wellness, Toromont Industries, ATCO Ltd., Shopify Inc, and Boyd Group Services are seeing gains between 1% and 2.5%.
On the economic front, data from the Canada Mortgage and Housing Corporation indicates that housing starts in Canada increased by 8.4% month-over-month to 262,400 units in November, marking the highest level seen in four months.
