TSX Closes Weak For 3rd Straight Day

(RTTNews) - The Canadian stock market ended lower on Friday, extending losses to a third straight session, as reports showing a surge in new coronavirus cases across the world and growing uncertainty about the pace of economic recovery weighed on investor sentiment.

Another weak session on Wall Street, led by losses in technology stocks, hurt as well.

Telecom, real estate, energy, financial and industrial stocks were mostly weak. Several stocks from materials and consumer discretionary sections too posted losses, while information technology and utilities shares found some support. Healthcare stocks turned in a mixed performance.

The benchmark S&P/TSX Composite Index ended lower by 47.75 points or 0.29% at 16,198.97, despite hitting a high of 16,310.03 in early trades.

Corus Entertainment Inc. (CJR.B.TO) shares tumbled nearly 8%. Osisko Mining (OSK.TO) lost about 4.75%. Canadian Natural Resources (CNQ.TO), Bombardier Inc. (BBD.B.TO), Suncor Energy (SU.TO) and BCE Inc. (BCE.TO) lost 1 to 2%.

Franco-Nevada Corporation (FNV.TO), Kirkland Lake Gold (KL.TO), National Bank of Canada (NA.TO), Canadian National Railway (CNR.TO) and Royal Bank of Canada (RY.TO) declined 1 to 2.3%.

Kinross Gold Corporation (K.TO) moved up 6.3%. Shopify Inc. (SHOP.TO) gained more than 4%, First Quantum Minerals (FM.TO) advanced 2.5% and Nutrien (NTR.TO) ended 2.3% up, while Ballard Power Systems (BLDP.TO) ended with a gain of 1.6%.

In Canadian economic news, data showed retail sales in Canada rose 0.6% in July over the previous month. Retail sales ex-autos dropped to minus 0.4% in July from 15.7% in June 2020. Compared to retail sales in July 2019, sales were up 2.7% in July this year.

Wholesale sales in Canada were up 4.3% over a month earlier in July, after rising 18.5% in June.

The U.S. market ended notably lower despite climbing the day's worst levels. The Dow slid 0.9%, while the Nasdaq and the S&P 500 both tumbled by 1.1%.

Markets in Europe closed lower, while those across the Asia-Pacific region settled mostly higher.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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