TSX Recovers After Early Setback, Ends Modestly Lower
(RTTNews) - After a weak start and a subsequent sharp fall Thursday morning, the Canadian market recovered slowly as the day progressed, but still ended the session on a negative note as losses in communications and utilities sectors offset gains in energy, technology and realty sections.
Uncertainty about the outlook for U.S. interest-rate trajectory, and some disappointing earnings updates weighed on the market.
The benchmark S&P/TSX Composite Index, which dropped to 20,794.59 around late morning, losing about 175 points in the process, ended the session with a loss of 49.54 points or 0.24% at 20,919.64.
Communications stock BCE Inc (BCE.TO) ended down 3.75%. BCE reported adjusted net income of $691 million for the fourth quarter of 2023, compared to $654 million a year ago.
Telus Corp (T.TO) and Rogers Communications (RCI.B.TO) ended lower by 2.3% and 1.4%, respectively.
Utilities stocks Boralex Inc (BLX.TO), Innergex Renewable Energy (INE.TO), Northland Power (NPI.TO) and Brookfield Renewable Partners (BEP.UN.TO) lost 3.7 to 4%.
In the materials sector, Algoma Steel Group (ASTL.TO) and Transcontinental Inc (TCL.A.TO) lost 4.6% and 3.4%, respectively. Interfor Corp (IFP.TO), Lithium Americas Argentina Corp (LAAC.TO) and Stelco Holdings (STLC.TO) ended down 2.5 to 3%.
Hut 8 Corp (HUT.TO) soared 10.3%, and Bitfarms (BITF.TO) zoomed 10.1%. Dye & Durham (DND.TO), Celestica Inc (CLS.TO), Shopify Inc (SHOP.TO), CGI orp (GIB.A.TO), Softchoice (SFTC.TO) and Alithya Group (ALYA.TO) gaomed 2 to 4%.
Lightspeed Commerce Inc (LSPD.TO) tanked nearly 25%. The company reported third-quarter net loss of $40.2 million, compared to a net loss of $814.8 million in the year-ago quarter.
Real estate stock Colliers International Group Inc (CIGI.TO) soared nearly 10%. The company reported fourth-quarter revenues of US$1,235.2 million, compared with US$1,222.4 million in the year-ago quarter.
Energy stock Enerplus Corp (ERF.TO) surged 8.15%. Birchcliff Energy (BIR.TO) gained nearly 5%, while Precision Drilling Corp (PD.TO), Paramount Resources (POU.TO), Imperial Oil (IMO.TO) and Tamarack Valley Energy (TVE.TO) advanced 3 to 4%.
