By Adriano Marchese

Canadian stocks were in sharp retreat Wednesday as investors digest Tuesday's Canadian inflation report, which saw inflation accelerate in December.

Some reports suggest the Bank of Canada may trail the Federal Reserve cutting rates as wage growth and shelter costs continue to remain high, while immigration surprises further add to the complications, according to FactSet.

Most sectors were dragging the indexes down, with the principal losses coming from tech, materials and health tech. Only consumer discretionary stocks gained in the session.

Canada's S&P/TSX Composite Index was 1.47% lower at 20640.43 and the blue-chip S&P/TSX 60 fell by 1.43% to 1245.78.

Teck Resources' were down 2.4% to 49.80 Canadian dollars after the Canadian mining company reported copper production for 2023 fell short of its target and it warned of continued cost pressures.

Other market movers:

Pan American Silver fell by 6.6% to C$18.54 after it said the company said silver and zinc production missed targets in 2023.

Shares in FPX Nickel were down nearly 11% to C$0.29 after it said it received a C$14.5 million investment from Japanese metals miner and producer Sumitomo Metal Mining for a 9.9% stake.

Rogers Communications said two board members and members of the Rogers family have retired from the company board as part of a private family settlement. Shares were down 1.3% to C$63.35.

Write to Adriano Marchese at

(END) Dow Jones Newswires

01-17-24 1239ET