FX.co ★ TSX Ends Marginally Down

The Canadian market saw only slight declines on Monday, due primarily to losses in the materials and technology sectors. Investors demonstrated some degree of hesitation as they looked forward to key data about U.S. inflation and a speech by Federal Reserve Chair Jerome Powell to glean insight into the central bank's monetary policy.

The clock stopped for the S&P/TSX Composite Index at 22,259.17. Although it reached 22,370.68 earlier on during trades, by the end of the day it had slipped by 49.76 points or 0.22%.

Cameco Corporation and Celestica Inc. were among the biggest losers, falling 3.7% and 3.5%, respectively. Other companies such as Nutrien, BRP Inc, Restaurant Brands International, Franco-Nevada Corporation, Fairfax Financial Holdings, and Colliers International dropped by between 1 and 2%.

Emera Incorporated disclosed a net income of $207 million for the first quarter, a descent from $560 million for the corresponding quarter in 2023. The company's stocks subsequently dropped approximately 1.25%.

In contrast, Premium Brands Holdings Corporation saw its stock climb 3.6%. The firm announced adjusted earnings of $24 million for Q1, despite dropping from $28.6 million as compared to the same period the year before.

Methanex Corporation had a good day, with its stock soaring 4.6%. Quebecor Inc., Rogers Communications, CCL Industries, Stantec Inc. all saw gains between 2 and 3.4%.

Dayforce Inc., Dollarama Inc., Royal Bank of Canada, and RB Global also followed the upward trend, scaling between 1.1 to 2%.

However, data from Statistics Canada painted a slightly less optimistic picture. In March 2024, the total value of the country’s building permits dropped 11.7% month-over-month, settling at a total of $10.5 billion. This followed a fairly solid 8.9% growth in February.