Canada Stocks: Toronto healthcare stocks rise in flat market, Canada Goose slides

Bausch Health Companies

26/03/2024 21:40

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      TSX closes 0.14% down
    

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      Enbridge to form natural gas supply venture
    

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      Canada Goose to reduce 17% of corporate workforce
    

  
 (Updates to close)
    By Johann M  Cherian and Divya Rajagopal
       March 26 (Reuters) - Canada's main share index ended
steady on Tuesday, as gains in healthcare stocks were offset by
losses in energy stocks, while Canada Goose shares fell 7% after
the company announced plans to cut 17% of its workforce to rein
in costs.
        The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  closed down 0.14% at 21,912.52. The TSX is on course
to end the first quarter of 2024 on an upbeat note, with energy
and industrials among top gainers.
    "From here on, we will see that Q1 earnings will set the
tone for the markets, and investors are hoping for a robust
growth," said Elvis Picardo, portfolio manager at Luft
Financial, iA Private Wealth.
    Traders are also pricing in a 51.7% chance that the Bank of
Canada could deliver its first interest rate cut of 25 basis
points in June, moving ahead of the U.S. Federal Reserve.
 0#BOCWATCH 
        Investors are also awaiting the February U.S. personal
consumption expenditure data, the Federal Reserve's preferred
inflation gauge, on Friday, which could help determine the
outlook for interest rate cuts expected later in the year.
    Back home, the healthcare sector  .GSPTTHC  rose 3%, helped
by a nearly 4% gain in Bausch Health Companies  BHC.TO .
    Luxury parka maker Canada Goose  GOOS.TO  fell 7% after the
company said it would trim about 17% of its global corporate
workforce as part of efforts to rein in costs.
    Athabasca Oil  ATH.TO  closed 5% down after RBC downgraded
the stock to "sector perform" from "outperform".

 (Reporting by Johann M Cherian in Bengaluru, Divya Rajagopal in
Toronto; Editing by Shilpi Majumdar and Costas Pitas)
 ((johann.mcherian@thomsonreuters.com;))