RY 161.2 -1.8509% SHOP 138.97 -5.2176% TD 86.42 -0.9967% ENB 63.565 0.1024% BN 74.36 -4.0145% TRI 244.82 -0.9027% CNQ 43.695 -1.3211% CP 100.11 -2.4269% CNR 140.04 -1.8641% BMO 137.15 -1.267% BNS 68.325 -1.2645% CSU 4591.96 -1.5043% CM 80.13 -2.3043% MFC 44.03 -1.1672% ATD 69.99 -0.5683% NGT 68.92 -0.4478% TRP 68.76 -0.5064% SU 54.77 -0.9405% WCN 276.03 -0.4867% L 197.94 0.7226%
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Index Update: The benchmark S&P/TSX Composite Index ended with a loss of 112.08 points or 0.44% at 25,514.08, nearly 80 points off an early low of 25,436.88.
Macro Update: Data from Statistics Canada showed new home prices in Canada decreased by 0.1% month-over-month in January. The house price index remained unchanged at 0.1% in January, same as in January last year.
Industrial producer prices in Canada rose by 1.6% over a month in January following a 0.4% increase in December. On yearly basis, producer prices jumped by 5.8%, to the highest level in the past 12 months.
Top Movers: First Majestic Silver Corp, Ivanhoe Mines, Capstone Copper Corp, Manulife Financial Corporation and TransAlta Corporation climbed 6.4 to 7.2%.
Our Stance: Despite this setback, the index remains above its 50-period Simple Moving Average (SMA), indicating that the short-term uptrend is still in place. Investors should closely monitor the key support level at 25,250, a historically significant threshold. Staying above this level could pave the way for a rebound, while a breakdown below it may lead to further losses, with additional support found around 25,100 to 25,000. A breach of these levels could signal a deeper correction and a shift in overall market sentiment.
Commodity Update: The U.S. dollar dropped on Friday after a report showed a decline in monthly retail sales and a surprise drop in consumer sentiment for February. These figures, coupled with a higher-than-expected inflation rate for January, signalled that consumers might be cautious about U.S. President Donald Trump's policies, especially his proposed tariffs, affecting their purchasing power. In the commodities market, gold remained steady at $2,956.10, while silver fell 0.11% to $33.43. Copper rose 0.15% to $9,565.20. Brent oil gained 0.20% to $76.64, driven by lower U.S. gasoline inventories and concerns over Russian supply disruptions.
Technical Update: On Thursday, the S&P/TSX Composite Index fell by 112.08 points, or 0.44%, closing at 25,514.08. The decline was largely driven by a 2.17% drop in the technology sector, which exerted significant pressure on market sentiment. Despite this setback, the index remains above its 50-period Simple Moving Average (SMA), indicating that the short-term uptrend is still in place. However, the Relative Strength Index (RSI) reading of 52.86 points to some underlying weakness, suggesting the possibility of further declines if selling pressure increases. Investors should closely monitor the key support level at 25,250, a historically significant threshold. Staying above this level could pave the way for a rebound, while a breakdown below it may lead to further losses, with additional support found around 25,100 to 25,000. A breach of these levels could signal a deeper correction and a shift in overall market sentiment.
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