TSX Ends Slightly Down; Technology Stocks Lose Ground

(RTTNews) - The Canadian market ended flat on Tuesday after stocks turned in a mixed performance as investors awaited the Canadian central bank's monetary policy announcement.

Technology and communications stocks fell, while energy stocks found support despite weak crude oil prices.

The benchmark S&P/TSX Composite Index, which opened slightly down but climbed to 21,622.99 subsequently, dropped to a low of 21,489.69 in the final hour before settling at 21,525.93 with a loss of 5.14 points or 0.02%.

The Bank of Canada, which is scheduled to announce its monetary policy on Wednesday, is widely expected to leave its key rate unchanged at 5%.

In economic news today, a report from S&P Global said the Composite PMI in Canada increased to 47.1 in February from 46.3 in January, pointing to the ninth consecutive month of decline in private sector activity.

The Services PMI rose to 46.6 in February from 45.8 in January, marking the eighth straight month of decline in the country's services sector.

Softchoice Corporation (SFTC.TO) soared 19.3%. The company reported adjusted net income of $18.5 million for the fourth quarter of 2023, compared to adjusted net income of $19.5 million in the year-ago quarter.

Topaz Energy (TPZ.TO) gained nearly 6% and Molson Coors Canada Inc (TPX.B.TO) climbed 5.2%. Franco-Nevada Corporation (FNV.TO) surged 3%.

ONEX Corporation (ONEX.TO), Agnico Eagle Mines (AEM.TO), Restaurant Brands International (QSR.TO), Imperial Oil (IMO.TO), iA Financial Corporation (IAG.TO), Canadian Natural Resources (CNQ.TO), Waste Connections (WCN.TO) and Royal Bank of Canada (RY.TO) gained 0.9 to 2%.

Kinaxis Inc (KXS.TO) and Descartes Systems Group (DSG.TO) ended down by about 6.5% and 6%, respectively. Docebo Inc (DCBO.TO), Dayforce Inc (DAY.TO), West Fraser Timber (WFG.TO), Shopify Inc (SHOP.TO), goeasy (GSY.TO) and Constellation Software (CSU.TO) lost 2 to 4%.