Canada Stocks: TSX edges lower as industrials weigh

OceanaGold

24/04/2024 15:41

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      TSX down 0.1%
    

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      Industrial shares lead declines 
    

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      Index on track to snap five-session gaining streak
    

  
 (Updated at 10:09 a.m. ET/ 1409 GMT)
       April 24 (Reuters) - Canada's main stock index edged
lower on Wednesday as rising bond yields and weakness in
industrials and communication services threatened to snap its
five-day winning streak.  
    At 10:09 a.m. ET (14:09 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was down 21.33 points, or
0.1%, at 21,990.39.
    Information technology shares  .SPTTTK  gained 0.4%, pulled
up by a 3.7% rise in software company Celstica  CLS.TO  ahead of
its results on Wednesday. 
    Consumer staples  .GSPTTCS  added 0.7%, tracking a 1.4% gain
in Metro  MRU.TO  after it beat adjusted profit per share
estimates for the second quarter. 
    Industrial shares  .GSPTTIN  led declines with a 1.3% loss
and were set to log their worst day since Oct. 2023. The sector
was pulled down by the Canadian National Railway  CNR.TO  that
fell 2.7% after its first-quarter revenue missed analysts
estimates. 
    Communication services  .GSPTTTS  slipped 0.6% despite
Rogers Communications RClb.TO  topping analyst estimates for
first-quarter subscriber additions. 
    "Markets looks pretty good right now, but the big backdrop
that everyone's still concerned about is bond yields", said Greg
Taylor, chief investment officer at Purpose Investments, as the
yield on the 10-year Canadian government bond  CA10YT=RR  was
set to extend its rise for a third session. 
    Data-wise, Canada's retail sales contracted for the second
consecutive month in February, missing expectations, data showed
on Wednesday. 
    "It does really feel like the BoC is going to have to cut
sometime around June," Taylor added.
    Meanwhile, Wall Street opened higher on Wednesday, with
Tesla  TSLA.O  leading gains among mega-cap stocks after its
quarterly results.  .N 
    In Canadian corporate news, miner OceanaGold Corp  OGC.TO 
gained 1.3%  after it said on Wednesday it will raise 6.08
billion pesos ($106 million) through an initial public offering
(IPO) of its Philippine unit.


 (Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi
Prakash Kumar)
 ((Purvi.Agarwal@thomsonreuters.com))