By Ketki Saxena
Investing.com -- The TSX traded flat in afternoon trading, ahead of impending U.S. inflation data and Bank of Canada's monetary policy decision scheduled for later this week as anxiety around these key economic indicators is causing fluctuations in an already volatile market.
The commodity-heavy Canadian index was also pressured by a drop in crude prices, largely driven by expectations of further Federal rate hikes and as China’s factory gate prices which plunged. This suggests a deceleration in recovery for the world's second-largest economy and largest importer of crude.
The Biggest Stories on Bay Street
Dye & Durham (TSX:DND) announced it will sell its TM group UK subsidiary to German alternative investment firm Aurelius Group for up to £91 million ($116.8 million). This move comes after orders from the UK Competition and Markets Authority aimed at nurturing competition within the property search services sector.
West Fraser Timber Co. Ltd has announced that it will sell its unbleached softwood kraft pulp mill located in Hinton, Alta., to Mondi Group, an integrated packaging and paper company for US$5 million. West Fraser will continue its association with the Hinton mill, agreeing to supply fibre under a long-term contract post-sale.
Vermilion Energy (TSX:VET) revealed plans for a share repurchase program that could see up to 10% of its shares bought back over one year period.
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In Canadian Economics
The total value of building permits in Canada increased 10.5% in May to $10.5 billion. On a constant dollar basis, the total value of building permits was up 10.0% to $6.2 billion.