The Canadian stock market experienced a subdued start on Monday with an early slight increase followed by a subsequent downfall, suggesting investors were largely cautious and responding to a lack of significant influences.
In the market performance, healthcare and energy stocks showed signs of weakness. However, some of the stocks within the consumer discretionary, financials and industrials sectors have demonstrated gains and are trending positively.
The key S&P/TSX Composite Index, despite an initial increase to 22,309.69, dropped to 22,178.67 and was, a short while later, down by 12.01 points or 0.05%, recorded at 22,252.37.
In the healthcare section, Bausch Health Companies encountered a 4.7% drop in their value, while Tilray experienced a gain of about 1%.
Energy stocks such as Baytex Energy Corp, Headwater Exploration, Nuvista Energy, Canadian Natural Resources, Suncor Energy, Vermilion Energy and Whitecap Resources saw a decrease in the range of 1 to 2.3%.
Consumer discretionary stocks displayed some resilience, with Magna International and Canadian Tire Corp gaining 1.7% and 1%, respectively.
Onex Corp, Manulife Financial, goeasy, Sprott Inc, IGM Financial and Bank of Montreal, which all registered gains between 0.5 to 1.2%, were the top performers within the financials sector.
Lastly, the Industrial Index demonstrated promising gains, led by Gfl Environmental Inc with a rise of 2.3%. Cae Inc marked a 2.1% gain, while Ballard Power Systems and Thomson Reuters showed nearly 1% increase respectively.
