Canadian Market Extending Recent Losses, Set For Weekly Drop
(RTTNews) - The Canadian market is down firmly in negative territory on Friday, extending recent losses, amid concerns about the outlook for global economic growth, and on tariff hike threats by Donald Trump.
Materials, energy, healthcare and communications stocks are among the major losers.
The benchmark S&P/TSX Composite Index is down 158.97 or 0.63% at 25,251.74 nearly half an hour past noon.
Enghouse Systems (ENGH.TO) is down more than 10% after reporting a drop in net income in the fourth quarter of this fiscal. The company reported net income of $22.6 million, compared to $25.1 million in the year-ago quarter.
TerraVest Industries (TVK.TO) is down 7.7% on lower quarterly earnings. The company reported fourth-quarter net income of $12.83 million, compared to $17.39 million in the year-ago quarter.
Ero Copper (ERO.TO), Telesat Corporation (TSAT.TO), Eldorado Gold (ELD.TO), Teck Resources (TECK.B.TO), Keyera Corp (KEY.TO), West Fraser Timber (WFG.TO), Pan American Silver Corp (PAAS.TO), Newmont Corporation (NGT.TO), Cargojet (CJT.TO), Cameco Corporation (CCO.TO), Agnico Eagle Mines (AEM.TO) and Sprott Inc (SII.TO) are down 2 to 5%.
Among the gainers, Celestica Inc (CLS.TO) is rising nearly 7%. Velan Inc (VLN.TO) is up 4.7%. Tecsys (TCS.TO), Hut 8 Corp (HUT.TO), ATS Corporation (ATS.TO), Jamieson Wellness (JWEL.TO), Alimentation Couche-Tard (ATD.TO) and Capital Power Corporation (CPX.TO) are gaining 1 to 3%.
On the economic front, data from Statistics Canada showed manufacturing sales in the country rose 2.1% month-over-month in October, rising for the first time in three months.
Wholesale sales in Canada rose 1% month-over-month in October, extending the revised 1.3% increase in September.
Canadian industries operated at 79.3% of their production capacity in the third quarter of this year, up slightly from 79.1% in the second quarter.
Car registrations in Canada dropped to 163,577 units in October from 166,557 units in September, a report from Statistics Canada showed.
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