Canadian Market Modestly Higher In Cautious Trade

(RTTNews) - The Canadian market is modestly higher Friday morning with investors largely making cautious moves ahead of the holiday weekend.

Investors are digesting data on Canadian economic growth, and the U.S. Commerce Department's reading on personal income and spending.

The benchmark S&P/TSX Composite Index is up 85.18 points or 0.44% at 19,434.84.

A report from Statistics Canada said the Canadian economy likely stagnated from the previous month in November of 2022, as increases in accommodation and food services and wholesale trade were offset by declines in construction as well as mining, quarrying and oil and gas extraction, according to a preliminary estimate. In October, the economy expanded by 0.1%, instead of the stagnation indicated in the preliminary estimate, but slowing from the upwardly revised 0.2% advance in September.

Paramount Resources (POU.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO) and Tourmaline Oil Corp (TOU.TO) are gaining 3 to 4%.

TC Energy Corporation (TRP.TO), Suncor Energy (SU.TO), Imperial Oil (IMO.TO), Precision Drilling Corporation (PD.TO), Pembina Pipeline Corporation (PPL.TO) and Nutrien (NTR.TO) are up 1.6 to 2.8%.

Canada Goose Holdings (GOOS.TO) is down more than 3%. Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), BRP Inc (DOO.TO), Canadian Imperial Bank of Commerce (CM.TO) and Descartes Systems Group (DSG.TO) are lower by 1 to 1.7%.

According to the report from the Commerce Department, the reading on inflation, which is said to be preferred by the Federal Reserve, showed the annual rate of consumer price growth slowed to 5.5% in November from an upwardly revised 6.1% in October.

Economists had expected the annual rate of consumer price growth to slow to 5.3% from the 6% originally reported for the previous month.

The report also showed personal income rose by 0.4% in November after climbing by 0.7% in October. Economists had expected personal income to increase by 0.2%.

Meanwhile, personal spending inched up by 0.1% in November following a 0.9% advance in October. Spending was expected to tick up by 0.2%.