Canadian Market Down Marginally In Cautious Trade

Canadian shares are turning in a somewhat sluggish performance since the session started Wednesday morning, with investors reacting to Canadian inflation data and looking ahead to the Federal Reserve's monetary policy announcement, due later in the day.

The benchmark S&P/TSX Composite Index is down 4.41 points or 0.02% at 20,226.91 nearly an hour past noon. Earlier, the index touched a new high at 20,277.80.

Energy, healthcare and consumer discretionary stocks are weak. A few stocks from utilities, real estate, financial and information technology sections have moved notably higher.

Maxar Technologies Inc (MAXR.TO) shares are up more than 12% after Goldman Sachs raised the rating for the stock and forecast a 45% surge this year.

Shopify Inc (SHOP.TO), Boralex Inc (BLX.TO), Colliers International (CIGI.TO), West Fraser Timber (WFG.TO), Agnico Eagle Mines (AEM.TO), Kinaxis Inc (KXS.TO) and Franco-Nevada Corp (FNV.TO) are among the other prominent gainers.

BlackBerry (BB.TO) shares are plunging nearly 8.5%. Teck Resources (TECK.B.TO) is down more than 7%, while Linamar Corp (LNR.TO), Precision Drilling (PD.TO), Canadian Tire Corporation (CTC.A.TO), Nutrien (NTR.TO) and Brp Inc (DOO.TO) are down 1 to 3%.

Data released by Statistics Canada showed Canada's annual inflation rate accelerated to 3.6% in May from 3.4% in April. It was the highest jump in consumer prices since May 2011. On a monthly basis, consumer prices rose by 0.5% in May, the same in the past three months.

Core consumer prices in Canada increased 2.8% in May 2021 over the same month in the previous year.

Another data from Statistics Canada showed wholesale sales in Canada increased by 0.4% month-over-month to C$ 71.5 billion in April 2021, recording a third consecutive monthly increase,

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