Canadian Market Notably Lower, Looks Headed For Weak Close

(RTTNews) - The Canadian market is down firmly in negative territory Tuesday afternoon as stocks from several sectors continue to reel under sustained selling pressure. With a slew of key economic data due later in the week, investors appear quite reluctant to indulge in any significant buying.

Industrials, utilities, real estate, consumer staples and financials shares are among the prominent losers.

The benchmark S&P/TSX Composite Index was down 152.82 or about 0.7% at $22,220.56 a little while ago.

Bank of Nova Scotia (BNS.TO) is down nearly 1% after the bank reported lower quarterly earnings. The bank reported second-quarter net income of $2,092 million, or $1.57 per diluted share, compared to $2,146 million, or $1.68 per diluted share, in the second quarter of the previous year.

Dayforce Inc (DAY.TO), iA Financial Corporation (IAG.TO), George Weston (WN.TO), CargoJet (CJT.TO), EQB Inc (EQB.TO), Canadian Pacific Kansas City (CP.TO), Canadian National Railway (CNR.TO) and West Fraser Timber (WFG.TO) are down 2 to 3.1%.

Waste Connections (WCN.TO), CGI Inc (GIB.A.TO), Loblaw Companies (L.TO), FirstService Corporation (FSV.TO), Intact Financial Corporation (IFC.TO) and WSP Global (WSP.TO) are lower by 1 to 1.7%.

Seabridge Gold (SEA.TO) is gaining about 4.2%. Docebo Inc (DCBO.TO) is up 3.2%. Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO), Teck Resources (TECK.B.TO) and Methanex Corporation (MX.TO) are up 1 to 2%.

On the economic front, data from Statistical Canada showed industrial producer prices in Canada rose by 1.5% over a month in April, reaching a fresh 8-month high, and up from an upwardly revised 0.9% uptick in the prior month.

Producer Prices in Canada decreased by 1.4% yoy in April, rebounding from an upwardly revised 0.4% fall in March.

The Raw Materials Price Index in Canada was up 5.5% month-over-month in April, from a 4.3% increase in the previous month. On yearly basis, raw materials prices increased to 3.1% in April from 0.4% in March.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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