Canadian Market Modestly Higher In Cautious Trade

(RTTNews) - Canadian stocks are swinging between gains and losses in somewhat lackluster trade on Friday as traders mostly stay on the sidelines, looking for fresh triggers.

With the Federal Reserve's monetary policy announcement due next week, and recent data suggesting the U.S. central bank is unlikely to cut rates before June, the mood in the market is quite cautious.

The benchmark S&P/TSX Composite Index was up 29.50 points or 0.3% at 21,859.35 a little while ago.

Ero Copper (ERO.TO) and Cameco Corporation (CCO.TO) are gaining 4.8% and 4.2%, respectively. Stelco Holdings (STLC.TO), Russel Metals (RUS.TO), Tourmaline Oil Corp (TOU.TO), Alimentation Couche-Tard (ATD.TO) and Stella-Jones Inc (SJ.TO) are up 1.5 to 3%.

Premium Brands Holdings Corporation (PBH.TO) is down nearly 4% on weak results. The company reported adjusted earnings of $37.9 million, or $0.85 per share, for fourth-quarter of 2023, compared to adjusted earnings of $52.9 million, or $1.19 per share, in the fourth quarter of 2022.

Restaurant Brands International (QSR.TO), Dayforce (DAY.TO) and BRP Inc (DOO.TO) are lower by 1.6 to 2.2%.

Colliers International (CIGI.TO), FirstService Corporation (FSV.TO) and WSP Global (WSP.TO) are down 0.6 to 1%.

On the economic front, data from Canada Mortgage and Housing Corporation showed housing starts in Canada jumped by 14% over a month earlier to 253,468 units in February.

Data from Statistics Canada said wholesale sales in Canada unexpectedly edged up 0.1% month-over-month to C$82.4 billion in January, following a downwardly revised 0.3% decrease in December 2023.