Toronto Stocks Retreat as Canadian Inflation Heats Up, First Majestic Silver Falls on Lower Output
By Adriano Marchese
Toronto stocks were firmly lower.
On the macroeconomic front, Canada's inflation accelerated by 2.9% in March as prices at the gas pump rose, but signs of easing underlying pressures could mean rate cuts later in the year are still possible.
Sector performance in Canada was trending lower on Tuesday. The bulk of the declining force was led by consumer durables, utilities and materials, counteracting gains primarily in process industries, tech and tech services.
Canada's S&P/TSX Composite Index declined by 0.4% to 21647.76 and the blue-chip S&P/TSX 60 fell by 0.5% to 1296.18.
First Majestic Silver shares were down by 8.2% to 9.47 Canadian dollars ($6.87) after the mining company reported lower first-quarter production from its three mines in Mexico that missed analyst expectations.
Other market movers:
K92 Mining shares climbed by 2.9% to C$7.46 after it said precious and base metals production rose in the first quarter, even with a temporary suspension at the underground operations of its mine in the Eastern Highlands province of Papua New Guinea.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 16, 2024 12:24 ET (16:24 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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