Canadian Shares Turning In Mixed Performance

2024-07-10 1081
(fxcue news) - Canadian shares are turning in a mixed performance on Tuesday with investors digesting Fed Chair Jerome Powell's congressional testimony, and awaiting some crucial data, including U.S. consumer price inflation, due later in the week. Communications, industrials, energy and technology stocks are among the notable losers. Healthcare and financials shares are finding some support. The benchmark S&P/TSX Composite Index was down 52.50 points or 0.25% at 22,073.63 a little while ago. Maple Leaf Foods (MFI.TO) is up 6% after the company said it will spin off its pork segment, separating it from its consumer-packaged goods business and creating two separate, independent and public companies. Altus Group (AIF.TO) is gaining 4.5%. Brookfield Renewable Corporation (BEPC.TO), Aritzia Inc (ATZ.TO), Terravest Industries (TVK.TO), Canadian Western Bank (CWB.TO), National Bank of Canada (NA.TO) and Bank of Nova Scotia (BNS.TO) are up 1 to 2.2%. Hut 8 Corp (HUT.TO) is plunging 6.6%. Badger Infrastructure Solutions (BDGI.TO) is down nearly 6%. Finning International (FTT.TO), Kinaxis Inc (KXS.TO), Cogeco Inc (CGO.TO), Shopify Inc (SHOP.TO), Rogers Communications (RCI.A.TO) and Restaurant Brands International (QSR.TO) are down 2 to 3.1%. Canadian Pacific Kansas City (CP.TO), Brp Inc (DOO.TO), Toromont Industries (TIH.TO), Precision Drilling Corporation (PD.TO), goeasy (GSY.TO) and Fairfax Financial Holdings (FFH.TO) are down 1.2 to 2%. Fed Chair Powell told the Senate Banking Committee today that more good data would strengthen the central bank's confidence inflation is moving sustainably toward its 2% target and lead to a potential interest rate cut. "The Committee has stated that we do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2%," Powell said in prepared remarks.
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