Canadian Market Pares Early Gains In Cautious Trade
(RTTNews) - After opening marginally higher and moving further up north subsequently, the Canadian market turned a bit subdued on Friday as stocks, with the exception of those from consumer durables and consumer staples sectors, and a few from the tech space, lacked support at higher levels.
Fairly strong jobs data aided sentiment at the start. However, worries about the U.S.-Iran conflict and its likely impact on growth and interest rates rendered the mood cautious, prompting investors to lighten commitments at higher levels.
The benchmark S&P/TSX Composite Index was up 11.91 points or 0.03% at 35,212.36 about half an hour past noon. The index had climbed to 35,357.12 earlier in the session.
Aritzia, Finning International, Gildan Activewear, ATS Automation Tooling Systems, IGM Financial, Cineplex, Ivanhoe Mines, Metro, Canada Goose Holdings, Constellation Software, Toromont Industries, NexGen Energy, BRP, Jamieson Wellness, Dollarama and Linamar gained 1.5%-3.2%.
BlackBerry, Ballard Power Systems, Quebecor, Bausch Health Companies, Paramount Resources, Knight Therapeutics, Alamos Gold, Peyto Exploration, Birchcliff Energy, Brookfield Renewable and Tourmaline Oil Corporation lost 2%-5%.
Data from Statistics Canada showed Canadian employment rose by 18,000 jobs in June, and the unemployment rate dropped down a bit to 6.5% from 6.6% in May.
Employment was expected to increase by 10,000 jobs in June, following an increase of 88,000 in May.
A separate data from Statistics Canada showed building permits in Canada slumped 1.7% in May.
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