Canadian Market Modestly Lower In Lackluster Trade

(RTTNews) - The Canadian market is down in negative territory Monday afternoon in lackluster trade, weighed down by losses in industrials and consumer discretionary sectors.

The mood is cautious amid concerns about the likely impact of monetary tightening by central banks. Investors are also awaiting Fed Chair Jerome Powell's congressional testimonies later this week for clues about the central bank's likely stance on interest rates.

The benchmark S&P/TSX Composite Index is down 49.31 points or 0.25% at 19,926.06.

Industrials shares Stantec (STN.TO), WSP Global (WSP.TO), Broofield Business (BBU.UN.TO), Ballard Power Systems (BLDP.TO), Boyd Group Services (BYD.TO) and Tfi International (TFII.TO) are down 1 to 1.7%.

Consumer discretionary shares Park Lawn Corp (PLC.TO), Sleep Country Canada Holdings (ZZZ.TO), Restaurant Brands International (QSR.TO) and Brp Inc (DOO.TO) are down 0.7 to 1%.

Teck Resources (TECK.B.TO), Descartes Systems Group (DSG.TO) and Cogeco Communications (CCA.TO) are among the major losers from other sectors.

Ats Corporation (ATS.TO), goeasy (GSY.TO), West Fraser Timber (WFG.TO), Enghouse Systems (ENGH.TO), Finning International (FTT.TO), Cameco Corporation (CCO.TO) and Spin Mater Corp (TOY.TO) are up 1 to 2.5%.

On the economic front, data from Statistics Canada showed raw materials prices in Canada decreased by 18.4% in May, the lowest reading in two years.

The data also showed producer prices in Canada slumped by 6.3% year-on-year in May 2023, after an upwardly revised 3.8% decline in the prior month.