Canadian Market Looks Headed For Weak Close

(RTTNews) - The Canadian market, which is turning in a mixed performance in late afternoon trade on Thursday, looks set to end the session on a weak note.

The mood is cautious amid lingering concerns about growth due to the ongoing Russia-Ukraine war, and rising worries about inflation and rate hikes.

Consumer staples, utilities and communications shares are faring well, while healthcare, financials and technology stocks are weak. Energy and materials shares are exhibiting a mixed trend.

The benchmark S&P/TSX Composite Index is down 34.43 points or 0.17% at 22,041.53 about a little over an hour to go for the closing bell.

Interfor Corp (IFP.TO) and West Fraser Timber (WFG.TO) are down 4.2% and 3.7%, respectively.

Shopify Inc (SHOP.TO), Canadian Tire Corporation (CTC.TO), Descartes Systems (DSG.TO), Bank of Nova Scotia (BNS.TO), Toronto-Dominion Bank (TD.TO), Canadian Imperial Bank of Commerce (CM.TO), Royal Bank of Canada (RY.TO) and Canadian National Railway (CNR.TO) are down 1 to 2.5%.

Among the prominent gainers, Lithium Americas Corp (LAC.TO) is up nearly 8.5%. Cameco Corporation (CCO.TO) is gaining about 5.4%, Brookfield Infrastructure Partners (BIP.UN.TO), Alimentation Couche-Tard (ATD.TO), Precision Drilling (PD.TO) and Tourmaline Oil Corp (TOU.TO) are up 2.3 to 2.7%.

Docebo Inc (DCBO.TO), Colliers International Group (CIGI.TO), Nutrien (NTR.TO), Fairfax Financial Holdings (FFH.TO), Loblaw Companies (L.TO) and Boyd Group Services (BYD.TO) are up 1.8 to 2.1%.

On the economic front, a report from the Canadian Federation of Independent Business showed Canada's CFIB's Business Barometer long-term index, based on a 12-month business outlook, rose by 2 points to 65.1 in March of 2022.

Data from Statistics Canada showed the Canadian economy expanded 0.2% month-over-month in January of 2022, growing for an eighth successive month, compared to an upwardly revised 0.1% increase in December and in line with market expectations.