Canadian Market Down Marginally In Cautious Trade

(RTTNews) - The Canadian market is down marginally a little past noon on Tuesday after recovering from lower levels. The mood is cautious and investors are largely refraining from making significant moves as they await the Bank of Canada's interest rate decision, due on Wednesday.

The central bank is widely expected to raise interest rate by 25 basis points.

The benchmark S&P/TSX Composite Index, which dropped to a low of 20,502.36, is down 31.31 points or 0.16% at 20,600.27 about half an hour past noon.

Consumer staples and communications stocks are among the prominent gainers, while consumer discretionary and energy stocks are weak. Shares from rest of the sectors are turning in a mixed performance.

West Fraser Timber (WFG.TO), Rogers Communications (RCI.A.TO), Toromont Industries (TIH.TO), Dollarama (DOL.TO) and Ag Growth International (AFN.TO) are gaining 2 to 3%.

MTY Food Group (MTY.TO), Fairfax Financial Holdings (FFH.TO), Cargojet (CJT.TO), George Weston (WN.TO) and Thomson Reuters (TRI.TO) are up 1.5 to 2%.

Metro Inc (MRU.TO) is up more than 2%. The company reported first-quarter net earnings of $231 .1 million, up 11.3%, and adjusted net earnings of $237 .6 million, up 10.9%, over the year-ago quarter.

Magna International (MG.TO) is down more than 7%. Magna International Inc said sales were around $37.8 billion in fiscal 2022, compared with $36.242 billion in the previous year. In its November outlook, the company had expected to post sales of $37.4 billion to $38.4 billion, for the fiscal.

Precision Drilling Corporation (PD.TO), Ritchie Bros. Auctioneers (RBA.TO), Linamar Corporation (LNR.TO), Tourmaline Oil Corp (TOU.TO), TC Energy (TRP.TO) and Shopify Inc (SHOP.TO) are down 1.7 to 2%.