A continued selloff in technology stocks drove the Canadian equities market lower from its highest closing level in over 21 months despite the release of much cooler-than-expected domestic consumer inflation data for January. The S&P/TSX Composite Index slipped by 38 points, or 0.2%, on Tuesday to settle at 21,218.
Besides the tech sector, heavy losses in the shares of industrial, real estate, and consumer cyclical companies also weighed on the TSX index.
In January 2024, Canada’s consumer price index inched up by 2.9% year over year due mainly to lower gasoline prices, marking a notable deceleration from December’s 3.4% increase.
Top TSX Composite movers and active stocks
Methanex (TSX:MX) plunged by 10.5% to $56.81 per share, making it the worst-performing TSX stock for the day. This selloff in MX stock came after the Vancouver-headquartered methanol producer announced a delay in commercial production…
