Canadian stocks are exhibiting a mixed trend as investors approach trading cautiously, influenced by the recent U.S. producer price inflation data while anticipating the forthcoming consumer price inflation report.
The communications and consumer staples sectors are experiencing declines, whereas the materials sector is benefiting from a rise in metal prices.
The S&P/TSX Composite Index recently recorded a slight decrease, falling 5.78 points to 24,530.54. Earlier in the session, the index reached a high of 24,623.16 but dropped to 24,469.90 before making a partial recovery.
Leading the gainers, TerraVest Industries (TVK.TO) shows an increase of 6.7%, followed by Silvercrest Metals (SIL.TO) rising 6.5%, and MAG Silver Corp (MAG.TO) with a gain of 5.8%.
Several stocks, including Hut 8 Corp (HUT.TO), Aritzia Inc (ATZ.TO), Celestica Inc (CLS.TO), Gildan Activewear (GIL.TO), Methanex Corporation (MX.TO), Newmont Corporation (NGT.TO), Fairfax Financial Holdings (FFH.TO), Wheaton Precious Metals (WPM.TO), AtkinsRealis (ATRL.TO), and West Fraser Timber (WFG.TO), are showing increases ranging from 1.7% to 4.5%.
In contrast, Cogeco Inc (CGO.TO) is experiencing a significant decline of nearly 8% after reporting adjusted diluted earnings per share of $2.82 for the quarter ending November 30, 2024, up from $2.57 the previous year. Diluted earnings per share also rose to $3.09 from $2.21 year-over-year.
Additionally, Cogeco Communications (CCA.TO) sees a decline of 6.7%. Other notable decliners include BCE Inc (BCE.TO), Loblaw Companies (L.TO), Boralex (BLX.TO), and Empire Company (EMP.A.TO), which are experiencing sharp decreases.
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