Meanwhile, Canada's service sector shrank for the fifth consecutive month in April, indicating that the uncertainties in trade policies and the federal election continue to weigh on the economy. In terms of industry performance, the energy sector declined by 2.7% due to OPEC+'s accelerated production increase and the nearly 2% drop in oil prices. The industrial sector also fell 0.7% as railway stocks weakened. The only bright spot was the materials sector, which rose 1.6% due to the rebound of gold prices above $3,300 per ounce. In addition, the US - based Sunoco announced its plan to acquire Parkland for approximately $9.1 billion (including debt), causing the latter's stock price to surge 5.5%.
The overall performance of the Canadian stock market on May 5 reflects the combined influence of various factors such as the international oil price trend, the domestic service sector situation, and external events like the Fed's interest rate decision - making and corporate mergers and acquisitions. Investors are closely watching these factors to make more informed decisions in the future.
