FX.co ★ Canadian Market Modestly Higher In Cautious Trade

Canadian stocks are currently experiencing fluctuating performance, with traders largely adopting a wait-and-see approach in search of new market drivers. Investors are maintaining caution in anticipation of next week's Federal Reserve monetary policy announcement. Recent data suggests it's unlikely that the US central bank will reduce rates before June.

A short while ago, the S&P/TSX Composite Index, a key gauge of Canadian stock market performance, rose by 29.50 points or 0.3%, reaching 21,859.35. Companies such as Ero Copper and Cameco Corporation have reported gains of 4.8% and 4.2% respectively. Other firms, including Stelco Holdings, Russel Metals, Tourmaline Oil Corp, Alimentation Couche-Tard, and Stella-Jones Inc, have reported increases ranging between 1.5% and 3%.

Contrarily, Premium Brands Holdings Corporation reported nearly a 4% decrease due to disappointing results. The company posted an adjusted earning of $37.9 million or $0.85 per share for the fourth quarter of 2023, falling from $52.9 million or $1.19 per share in the same period of 2022.

Shares of Restaurant Brands International, Dayforce, and BRP Inc also fell between 1.6% and 2.2%. Colliers International, FirstService Corporation and WSP Global similarly displayed a drop between 0.6% and 1%.

In terms of economic indicators, housing starts in Canada surged by 14% to 253,468 units in February, showed data released by the Canada Mortgage and Housing Corporation. Meanwhile, data from Statistics Canada reported that despite predictions, wholesale sales in Canada witnessed a slight increase of 0.1% month-on-month, reaching C$82.4 billion in January. This follows a downwardly revised decrease of 0.3% in December 2023.