Canadian Stocks Turning In Mixed Performance

(RTTNews) - Canadian stocks are turning in a mixed performance in lackluster trade on Friday with investors largely making cautious moves after recent strong gains.

Stronger-than-expected jobs data from Canada and the U.S. have raised concerns that the Bank of Canada and the Federal Reserve might announce aggressive rate hikes.

Healthcare, energy and materials shares are among the prominent losers, while consumer discretionary shares are faring well. Shares from the rest of the sectors are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is down 28.06 points or 0.15% at 19,035.11.

Atco Ltd (ACO.Y.TO) is gaining nearly 3%. Aritzia Inc (ATZ.TO), Dollarama (DOL.TO), Boralex (BLX.TO), Precision Drilling Corp (PD.TO), goeasy (GSY.TO), TFI International (TFII.TO), Cogeco Communications (CCA.TO) and Canadian Tire Corporation (CTC.A.TO) are up 1 to 3%.

First Quantum Minerals (FM.TO) is declining more than 8%. Teck Resources (TECK.B.TO) is down 5.2%, while MTY Food Group (MTY.TO), Canadian National Railway Company (CNR.TO), Nutrien (NTR.TO), West Fraser Timber (WFG.TO) and Descartes Systems Group (DSG.TO), Colliers International (CIGI.TO), Maxar Technoloies (MAXR.TO), Colliers Internatioal (CIGI.TO) and Suncor Energy (SU.TO) are gaububg 1 to 5%.

Data from Statistics Canada showed the Canadian economy shed 43,200 jobs in June of 2022, against market expectations of a 23,500 rise.

Full time Employment in Canada decreased by 4,000 in June, compared to a 135,400 increase in the previous month.

Meanwhile, the unemployment rate in Canada fell to 4.9% in May of 2022 from 5.1% in the prior month. It was the lowest rate on record since comparable data became available in 1976.

The Bank of Canada is widely expected to raise its overnight rate by a 75 basis points at its meeting next week and by another 50 basis points in September, according to a recent Reuters survey.

Data released by the Labor Department today showed non-farm payroll employment jumped by 372,000 jobs in June after surging by a revised 384,000 jobs in May. Economists had expected employment to increase by 268,000 jobs compared to the addition of 390,000 jobs originally reported for the previous month.

Meanwhile, the report showed the unemployment remained at 3.6% for the fourth month in a row, matching economist estimates.