RSS TSX Ends Weak For 6th Straight Session

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 RSS TSX Ends Weak For 6th Straight Session

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The Canadian stock market experienced a downturn on Thursday, marking its sixth successive decline amid mounting apprehensions over potential tariff hikes, hawkish remarks from the Federal Reserve, and worries about an economic deceleration, all of which contributed to a resurgent bearish sentiment. Additionally, the upward trajectory of bond yields further pressured the market.

The S&P/TSX Composite Index concluded the session down by 143.06 points or 0.58%, closing at 24,413.94. This represents a continued retreat from the record high of 25,842.20 achieved in the second week of September this year.

Notable performance in the market included a significant drop in Hut 8 Corp (HUT.TO), which plunged over 9%. Meanwhile, Cargojet (CJT.TO) decreased by 4.5%. Shares of Canadian Pacific Kansas City (CP.TO), Imperial Oil (IMO.TO), Calian Group (CGY.TO), Shopify Inc (SHOP.TO), Nutrien (NTR.TO), and Docebo Inc (DCBO.TO) saw declines ranging from 2% to 3.1%.

Other companies such as Precision Drilling Corporation (PD.TO), Colliers International (CIGI.TO), Thomson Reuters (TRI.TO), Descartes Systems Group (DSG.TO), National Bank of Canada (NA.TO), and Canadian National Railway (CNR.TO) experienced drops of 1% to 2%.

On a brighter note, Propel Holdings (PRL.TO) surged by 6.75%. Gains were also recorded by Aecon Group (ARE.TO), BRP Inc (DOO.TO), TerraVest Industries (TVK.TO), goeasy (GSY.TO), CCL Industries (CCL.B.TO), CGI Inc (GIB.TO), Cameco Corporation (CCO.TO), and Sprott Inc (SII.TO), with increases between 1.3% and 3.5%.

Vermilion Energy (VET.TO) saw an approximate 2% increase following its announcement of an 8% hike in its dividend to $0.13 per share, effective in the first quarter of 2025, alongside releasing its 2025 financial guidance. Vermilion forecasts its fund flows from operations and free cash flow for 2025 to be $1.0 billion and $400 million, respectively, in line with projected commodity prices.

Statistics Canada reported that the average weekly earnings of non-farm payroll employees in Canada grew by 5.3% year-over-year to $1,284.43 in October 2024. This marks the fastest growth since March 2021, following a revised 4.9% increase recorded in September.

The material has been provided by InstaForex Company - www.instaforex.com
 
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