Canadian Market Recovers After Early Setback

(RTTNews) - After a positive start and a subsequently fall into negative territory, the Canadian stock market regained lost ground in cautious trade Wednesday morning.

Investors are digesting the data on Canadian inflation. The mood is cautious amid expectations the Federal Reserve will hike interest rate by fifty basis points in March.

Healthcare, consumer discretionary, financials and consumer staples shares are weak, while materials shares are up sharply. Technology and industrials shares are turning in a mixed performance. Energy stocks are weak.

The benchmark S&P/TSX Composite Index is up 3.50 points or 0.02% at 21,278.07. Earlier, after advancing to 21,344.51, the index had dropped to 21,155.91.

On the economic front, data released by Statistics Canada showed Canada's inflation rate accelerated to 4.8% in December 2021 from 4.7% a month earlier. That was the steepest inflation rate since September 1991. On a monthly basis, consumer prices edged down 0.1%.
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