Canadian stocks presented a mixed performance in lackluster trading on Monday as investors sought directional cues. The initial excitement following the Federal Reserve's substantial interest-rate cut has waned, and market participants are now focusing on upcoming economic data.
The energy and consumer staples sectors are experiencing some gains, while the healthcare sector is underperforming.
At midday, the benchmark S&P/TSX Composite Index is down 21.21 points, settling at 23,846.16. Earlier, the index had reached a new high of 23,961.44 before retracing some of its gains.
Notable performers include Cameco Corporation (CCO.TO), which is up 3.5%. Other gainers include Enghouse Systems (ENGH.TO), AltaGas (ALA.TO), Endeavour Mining (EDV.TO), Tourmaline Oil Corp (TOU.TO), AtkinsRealis Group (ATRL.TO), and George Weston (WN.TO), with each stock advancing between 1% and 3%.
Conversely, Bausch + Lomb Corporation (BLCO.TO) is down 4.3%. Other laggards include Kinaxis Inc (KXS.TO), Precision Drilling Corporation (PD.TO), Stantec (STN.TO), BRP Inc (DOO.TO), Stella-Jones (SJ.TO), Toronto-Dominion Bank (TD.TO), and RB Global (RBA.TO), with declines ranging from 1% to 1.6%.
On the economic front, data released by Statistics Canada indicated that new home prices in the country remained unchanged month-over-month in August 2024, defying market expectations of a 0.1% increase and following a 0.2% rise in the previous month.
The House Price Index in Canada also remained unchanged year-over-year in August 2024, following a 0.1% increase in July 2024. Historically, the House Price Index Year-over-Year in Canada has averaged 2.8% from 1982 to 2024, hitting a record high of 16.5% in March 1989 and a record low of -9.7% in February 1991.