After a weak start and a subsequent drop to lower levels, the Canadian market recovered gradually on Tuesday and eventually settled marginally down. The mood was cautious with investors awaiting the Canadian central bank's interest rate decision on Wednesday.
The benchmark S&P/TSX Composite Index ended down 6.63 points or 0.03% at 24,716.70. The index, which dropped to 24,565.21 in early trades, briefly moved into positive territory, rising to 24,724.53 in the closing minutes.
Healthcare and materials stocks moved higher. Consumer discretionary and utilities stocks were a bit weak, while shares from the rest of the sectors turned in a mixed performance.
Healthcare stock Tilray Inc (TLRY.TO) gained about 7.3%. Seabridge Gold (SEA.TO), up 6%, was the biggest gainer in the Materials index. Sandstorm Gold (SSL.TO) climbed 5.7%. Ssr Mining (SSRM.TO), First Majestic Silver (AG.TO), Pan American Silver Corp (PAAS.TO), Triple Flag Precious Metals (TFPM.TO) and Fortuna Silver Mines (FVI.TO) gained 3 to 5%.
Teck Resources (TECK.A.TO), Franco-Nevada Corporation (FNV.TO) and Wheaton Precious Metals (WPM.TO) climbed 2.2 to 2.5%. Agnico Eagle Mines (AEM.TO) gained nearly 1.5%.
Dye & Durham (DND.TO) soared 9.5% after the company responded to a media report that its is exploring a sale after receiving takeover interest. The company said in a statement that it has "expanded the scope of its previously commenced strategic review process to consider additional opportunities to enhance shareholder value that may include, but are not limited to, a sale of the company, merger, divestiture of assets, or other strategic transactions."
Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO), George Weston (WN.TO) and TFI International (TFII.TO) posted moderate gains.
goeasy (GSY.TO) ended down 9.4%. BRP Inc (DOO.TO) closed lower by 7.6%. Toromont Industries (TIH.TO), Stantec Inc (STN.TO), Cameco Corporation (CCO.TO), Bombardier Inc (BBD.B.TO) and Shopify Inc (SHOP.TO) also closed notably lower.
Thomson Reuters (TRI) ended 0.7% down. The company has acquired Materia, a US-based startup that specializes in the development of an agentic AI assistant for the tax, audit and accounting profession.
On the economic front, data from Statistics Canada showed industrial producer prices in Canada fell by 0.6% over a month in September, following a revised 0.9% decline in the prior period. On yearly basis, producer prices fell by 0.9% in September, after a 0.2% rise in the prior month.
Meanwhile, the raw materials price index in Canada dropped 3.1% month-over-month in September following an upwardly revised 3% fall in August. Year-on-year, prices of raw materials declined 8.8%, the largest year-over-year decrease since July 2023.
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