Canadian Market Down Marginally In Cautious Trade

(RTTNews) - Canadian stocks are turning in a mixed performance in cautious trade on Monday amid rising geopolitical concerns amid the ongoing conflict between Russia and Ukraine.

While Ukrainians continue to hold out against the Russian assault amid news that Russian President has put his nuclear forces on high alert. Meanwhile, Russian and Ukrainian officials are meeting on the Belarusian-Ukrainian border to discuss a possible ceasefire, although optimism the talks will lead to peace is low.

Energy stocks are up on firm crude oil prices. Shares from technology and utilities sections are the other notable gainers. Financials and consumer stocks are weak.

The benchmark S&P/TSX Composite Index is down 20.07 or 0.1% at 21,085.93 a few minutes past noon. Earlier, the index had slipped to 20,951.90.

Kinross Gold Corp (K.TO) is down more than 8.5%. Teck Resources (TECK.B.TO) is down 4%, while B2Gold Corp (BTO.TO), Air Canada (AC.TO) and Yamana Gold (YRI.TO) are down 1.7 to 2.5%.

Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), Cenovus Energy (CVE.TO), Suncor Energy (SU.TO) and Baytex Energy (BTE.TO) are gaining 1 to 4%.

In economic news, data released by Statistics Canada showed Canada posted a current account deficit of C$ 0.8 billion in the fourth quarter of 2021, from the downwardly revised surplus of C$ 0.81 billion in the previous quarter and compared to market expectations of a C$ 2.3 billion surplus.

Another data from Statistics Canada showed the industrial product price in Canada surged 3% from a month earlier in January of 2022, following a downwardly revised 0.5% rise in the previous month. Producer Prices in Canada increased 16.9% in January of 2022 over the same month in the previous year.

The Raw Materials Price Index in Canada rose by 6.5% month-over-month in January of 2022 from a downwardly revised 2.7% decrease in the prior month. Raw materials prices increased to 30.5% (year-on-year) in January from 29% in December of 2021.