Canadian Stocks Climb Off Worst Levels But Still Close Mostly Lower
(RTTNews) - After coming under pressure early in the session, Canadian stocks regained some ground over the course of the trading day on Tuesday but still ended the day mostly lower.
The benchmark S&P/TSX Composite Index tumbled by as much as 1.6 percent in early trading before climbing well off its worst levels and closing down 177.16 points or 0.5 percent at 32,896.55.
The lower close on Bay Street came as gold stocks moved sharply lower along with the price of the precious metal, dragging the S&P/TSX Global Gold Index down by 2.9 percent.
Gold prices have plunged by nearly 3 percent on the day amid an increase in the value of the U.S. dollar and easing geopolitical concerns.
Meanwhile, commercial real estate stocks showed a strong move to the upside on the day, driving the S&P/TSX Capped REIT Index up by 1.3 percent.
Notable strength was also visible among consumer discretionary stocks, as reflected by the 1.1 percent gain posted by the S&P/TSX Capped Consumer Discretionary Index.
On the economic front, Statistics Canada released a report showing its consumer price index inched up by 0.1 percent in January on a seasonally adjusted monthly basis.
The report also said the annual rate of growth by consumer prices slowed to 2.3 percent in January from 2.4 percent in December.
Statistics Canada said gasoline prices were the largest contributor to deceleration in headline inflation. Excluding gasoline, consumer prices jumped 3.0 percent in January, matching the increase in December.
