- Wednesday, October 16, 2024
Toronto-listed stocks experienced a slight dip in midday trading on Tuesday, erasing earlier gains. The market is eagerly anticipating Canada's central bank's interest-rate decision, which is set to be announced on Wednesday. Consensus expectations suggest that the Bank of Canada will maintain rates at 5%.
In terms of sector performance, there was a mix of results. Energy, financial, industrials, and materials stocks were underperforming, while consumer discretionary stocks saw the biggest gains, followed by real estate.
The S&P/TSX Composite Index, Canada's benchmark index, was down by 0.06% at 19034.69, while the blue-chip S&P/TSX 60 fell by 0.12% to 1144.24.
One notable decline came from Teck Resources, whose shares dropped by 7.1% to 49.45 Canadian dollars (US$36.12). The Canadian mining company raised the cost forecast for its flagship copper mine in Chile due to construction delays and reported weaker-than-expected earnings for the latest quarter.
Other notable market movements include TFI International, whose shares were down 6.9% at C$148.87. The Canadian transport and logistics company reported weaker demand in the end-market, impacting profit and revenue more significantly than analysts had anticipated in the third quarter.
On the other hand, CAE saw its shares rise by 2.3% to C$29.19 after announcing the sale of its healthcare business to Chicago-based Madison Industries for an enterprise value of C$311 million. This strategic move allows CAE to shift its focus back to its core simulation and training markets.
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