Canadian Market Recovers After Early Setback

(RTTNews) - After recovering from an early setback Monday morning that saw the benchmark S&P/TSX drop by more than 130 points, Canadian stocks recovered lost ground and are turning in a mixed performance with investors digesting the nation's inflation data, and looking ahead to fresh economic reports from the U.S. for directional clues.

The benchmark S&P/TSX Composite Index was down 6.07 points or 0.02% at 30,320.39 about a quarter past noon. The index had slipped to 30,192.91 earlier in the session.

Data from Statistics Canada showed Canada's headline inflation rate fell to 2.2% in October from 2.4% in the previous month, edging near the 2% threshold of Bank of Canada's projection. The CPI increased 0.2% in October over the previous month.

Core inflation in Canada inched up to 2.9% in October, the steepest since August 2023. In September, core inflation rate came in at 2.8%. On a monthly basis, core consumer prices rose 0.6% in October after a 0.2% increase in September.

Stantec is down more than 5%. Canadian Energy Services is down nearly 4%. Canada Goose Holdings, CCL Industries, B2Gold Corp., Cineplex, Canfor, Nutrien, Baytex Energy, AtkinsRealis, Lightspeed Commerce and Thomson Reuters are down 2 to 3%.

Dorel Industries is surging more than 7%. Superior Plus is gaining about 5.1%. Sienna Senior Living, Cargojet, SSRMining, Fairfax Financial, Barrick Gold, Extendicare, Northland Power, Maple Leaf Foods and Celestica are up 1.8 to 3%.