Canadian Stocks Seeing Modest Weakness On Disappointing GDP Data

(RTTNews) - After ending the previous session modestly lower, Canadian stocks are seeing some further downside during trading on Tuesday.

The S&P/TSX Composite Index initially showed a lack of direction but is currently down 17.47 points or 0.1 percent at 16,582.90.

The modest weakness among Canadian stocks comes after a report from Statistics Canada showed Canadian GDP contracted by 0.1 percent in February after rising by 0.3 percent in January.

Statistics Canada said the slight drop in GDP came as both goods-producing and services-producing industries declined.

Energy stocks are seeing some weakness on the day despite an increase by the price of crude oil, while consumer discretionary and industrial stocks have also moved to the downside.

On the other hand, substantial strength is visible among technology stocks, with the S&P/TSX Capped Information Technology Index spiking by 3 percent.
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