On Tuesday, the Canadian market continued its downward trajectory, albeit with a slight dip, as investors selectively purchased stocks in the technology, healthcare, and real estate sectors.
Investors processed Canada's consumer price inflation data while anticipating the U.S. Federal Reserve's monetary policy announcement scheduled for Wednesday.
The primary S&P/TSX Composite Index saw a minor decline of 27.50 points, or 0.11%, closing at 25,119.71, having recovered from an early drop to 25,008.08.
According to Statistics Canada, the annual inflation rate in November was 1.9%, a decrease from October’s 2%. The Consumer Price Index (CPI) remained unchanged month-over-month.
Canada's core inflation rate also showed a slight decrease, easing to 1.6% in November from 1.7% the previous month. Monthly core consumer prices fell by 0.1% in November, following an increase of 0.4% in October.
In the housing sector, new home prices in Canada rose by 0.2% year-over-year in November, recovering from a 0.2% decline the month before.
Air Canada (AC.TO) saw a significant drop of nearly 9.5%, as the company announced an expectation of C$22 billion in operating revenues for the full year, slightly up from C$21.833 billion the previous year. However, Adjusted EBITDA is projected to be approximately C$3.5 billion, a decline from C$3.982 billion the prior year.
VersaBank (VBNK.TO) ended the day down 8.8%. Dye & Durham (DND.TO) slid 7%, while Bombardier Inc. (BBD.B.TO) fell 5%. Other notable declines included ATCO (ACO.Y.TO), Propel Holdings (PRL.TO), Open Text Corporation (OTEX.TO), Cogeco Communications (CCA.TO), George Weston (WN.TO), Keyera Corp (KEY.TO), GFL Environmental (GFL.TO), Metro Inc (MRU.TO), Cogeco Inc (CGO.TO), and Loblaw Companies (L.TO), which posted losses ranging from 1.4% to 4%.
CGI Group, Inc. (GIB.A.TO) announced a 25-year collaboration with SkyAlyne for Canada's future aircrew training program, yet its stock experienced a marginal decrease.
Telesat Corporation (TSAT.TO) experienced a significant increase, soaring 9.2%. Bausch + Lomb Corporation (BLCO.TO), Aura Minerals (ORA.TO), TransAlta Corporation (TA.TO), and Shopify Inc (SHOP.TO) registered gains between 3.2% and 4.5%.
Stocks such as Hut 8 Corp (HUT.TO), AtkinsRealis (ATRL.TO), Methanex Corporation (MX.TO), BRP Inc (DOO.TO), Lightspeed Commerce (LSPD.TO), Badger Infrastructure (BDGI.TO), and Enghouse Systems (ENGH.TO) reported increases from 1.8% to 3%.
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