By Adriano Marchese
Statistics Canada recently reported a 0.3% decline in inflation for December, compared to the previous month. However, inflation has risen by 3.4% compared to the same period last year. This increase is consistent with inflation rates in the U.S. and the eurozone bloc.
Stock Market Reacts
Following this news, the stock market in Toronto experienced a decline. The energy, materials, and commercial services sectors were among the worst performers, while the health technology sector enjoyed notable gains.
At midday, Canada’s S&P/TSX Composite Index dropped 0.52% to 20951.51, and the blue-chip S&P/TSX 60 was down 0.47% to 1263.67.
Barrick Gold Shares Decrease
One of the significant movers in the market was Barrick Gold, whose Toronto-listed shares fell by 6.1% to 22.19 Canadian dollars ($16.53). This decline occurred after the company reported that fourth-quarter gold production had increased sequentially, while copper production remained unchanged from the previous quarter. However, these figures fell short of TD Securities’ Greg Barnes’ estimates by 2% for gold output and 5% for copper.
Other Market Movements
Parex Resources experienced a 13% drop in shares, falling to C$22.32. The oil and gas company reported that average production in the fourth quarter did not meet expectations, and its production guidance for the next two years did not align with analyst forecasts.
On the other hand, Goodfood Market saw its shares rise by 6.9% to C$0.31. The online grocer and home meal company reported a narrower loss in its first fiscal quarter, despite discontinuing its on-demand offering, which resulted in a decline in sales.
