Investing.com - Canada's main stock index, the S&P/TSX Composite, hovered at the flatline in afternoon trading on Monday. Sentiment remained cautious in Canadian markets ahead of a domestic inflation report expected to show a month-over-month uptick in inflation, which could keep the Bank of Canada on the sidelines for longer.
Economists expect that the headline Canadian CPI rate, on an annualized basis, will come in at 3.1% for February amid higher gas prices, as compared to a 2.9% reading in January.
Wall Street’s main indices meanwhile traded on a positive note as investors anticipate a rate-hold from the U.S. Federal Reserve on Tuesday. Strength in Nvidia (NASDAQ:NVDA) also helped boost sentiment, as the AI darling kicked off its annual conference for developers, amid expectations for the unveiling of next-gen AI chips.
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Toronto Stock Market News
All eyes are on Nuvei (TSX:NVEI) today, with the payment processing company’s stock up 33% by afternoon trading, after the company said it was considering proposals to take the company private. The announcement from Nuvei follows reports that private equity firm Advent International was in advanced talks to buy the company.
Cannabis stocks such as Tilray (TSX:TLRY) rose after an appeal on Friday from U.S. Vice President Kamala Harris to the Drug Enforcement Administration (DEA), asking for marijuana to be rescheduled as a lower-risk drug as “quickly as possible.”
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In Canadian Economics
Data from the Canadian Real Estate Association shows that national home sales in February were up a whopping 19.7% year over year.
The actual national average home price was $685,809 last month, up 3.5% from February last year.
On a monthly basis, seasonally adjusted home sales in February were down 3.1%. The number of newly listed properties was up 1.6% month-over-month
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All currencies Canadian dollar unless noted otherwise.