Markets

TSX Ends On Weak Note On Growth Concerns

(RTTNews) - Save for a few minutes at mid-morning, the Canadian stock market was down in the red on Thursday as rising uncertainty about the pace of economic recovery due to rising coronavirus cases outweighed recent positive news about potential coronavirus vaccines.

Shares from information technology, energy, materials and healthcare sections drifted lower. Telecom stocks moved up, while those from industrial, financial and consumer sections turned in a mixed performance.

The benchmark S&P/TSX Composite Index ended with a loss of 38.83 points or 0.24% at 16,024.50, after scaling a low of 15,957.77 and a high of 16,069.07 intraday.

First Quantum Minerals (FM.TO) and Air Canada (AC.TO) both ended lower by about 4%. Bombardier Inc. (BBD.B.TO) shed 2.3%, Canadian Natural Resources (CNQ.TO) eased 1.8%, B2Gold Corp (BTO.TO) ended lower by 1.6% and Cenovus Energy (CVE.TO) lost 1.1%.

Shopify Inc. (SHOP.TO) lost more than 3%, Ballard Power Systems (BLDP.TO) declined more than 6%, while Cargojet (CJT.TO), Descartes Systems Group (DSG.TO), Kirkland Lake Gold (KL.TO) and Constellation Software (CSU.TO) lost 1.6 to 2.3%.

Among the gainers, Husky Energy (HSE.TO) moved up 2.6% and Manulife Financial Corporation (MFC.TO) advanced 1%, on strong volumes.

Fairfax Financial Holdings (FFH.TO), Bank of Nova Scotia (BNS.TO), BCE Inc. (BCE.TO), Canadian National Railway (CNR.TO), Fortis (FTS.TO), Canadian Tire Corporation (CTC.A.TO) and Canadian Pacific Railway (CP.TO) also closed on positive note.

In economic news, private businesses in Canada hired a record 1042.9 thousand workers in June of 2020, after shedding 2059.4 thousand jobs in May, as many businesses reopened across the country amid the gradual lifting of lockdown restrictions.

U.S. stocks closed lower after disappointing data on jobless claims. The Dow ended down 0.5%, the Nasdaq slid 0.7% and the S&P 500 dipped 0.3%.

The major European markets and markets across the Asia-Pacific region also closed lower.

In commodities, West Texas Intermediate Crude oil futures for August ended down $0.45 or about 1.1% at $40.75 a barrel.

Gold futures for August ended down $13.50 or about 0.7% at $1,800.30 an ounce, the lowest settlement since July 6.

Silver futures for September lost $0.188 or 1% at $19.573 an ounce, while Copper futures for September settled at $2.9015 per pound, gaining $0.0165 or 0.6% for the session.

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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