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Canadian market ends weakly despite positive opening on Monday

Published 06/11/2023, 22:00
© Reuters.

On Monday, the Canadian market opened strong but ultimately closed weakly as several sectors saw share declines. The S&P/TSX Composite Index fell by 80.91 points or 0.41% to close at 19,743.94. This downturn followed a high opening, which was driven by easing interest rate concerns after softer U.S. jobs data was released.

Healthcare, real estate, materials and energy sectors were among those that experienced share declines. Stocks like Qubecor Inc, Nutrien (NYSE:NTR), GFL Environmental (NYSE:GFL) Inc, Finning International, BRP (NASDAQ:DOOO) Inc, Newmont Corporation, Cameco (NYSE:CCJ) Corporation, Tourmaline Oil Corp, goeasy and Toromont Industries all reported losses.

In contrast, consumer staples shares saw an increase. Interfor Corporation, Rogers (NYSE:ROG) Communications, Fairfax Financial Holdings (OTC:FRFHF) along with Descartes (NASDAQ:DSGX) Systems Group, West Fraser Timber and George Weston all reported gains. Additionally, Kinaxis Inc., Dollarama Inc., and Thomson Reuters (NYSE:TRI) also gained between 1 to 2%.

Earlier in the day, the S&P/TSX (TSX:GSPTSE) dipped to 19,792.75 while the Dow Jones rose to 34,095.69 and the S&P 500 and Nasdaq composite climbed to 4,365.22 and 13,526.17 respectively. The Canadian dollar (TSX:CADUSD) also appreciated slightly to 73.11 US cents.

In commodity markets, December crude oil contracts were up at US$81.54/barrel, while natural gas contracts fell to US$3.29/mmBTU. Gold contracts for December traded at a decreased price of US$1,989.20/ounce while copper contracts for the same month increased to US$3.71/pound.

Despite the mixed performance of various sectors and stocks on Monday, the Ivey Purchasing Managers Index signaled a third consecutive month of modest economic expansion in Canada.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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