TSX Drifts Lower As Strong Jobs Data Tempers BoC Rate Cut Hopes
(RTTNews) - After opening slightly up and moving higher subsequently, the Canadian market slipped into negative territory Friday morning, and with stocks continuing to struggle for support, remained weak a little past noon.
Technology, materials and industrials stocks were weak, while consumer discretionary, energy and healthcare stocks found some support.
Data showing a drop in Canadian unemployment rate in November tempered hopes for a rate cut from the nation's central bank this month. Meanwhile, an unexpected slowdown in the annual rate of U.S. core price growth has reinforced recent optimism about the outlook interest rates ahead of next week's Federal Reserve meeting.
The benchmark S&P/TSX Composite Index was down 132.00 points or 0.42% at 31,345.57 about a quarter past noon.
Orla Mining tanked more than 9%. ATCO, Galaxy Digital, Cineplex, Energy Fuels, Brookfield Business Partners, Lundin Gold, Canada Goose Holdings, Hut 8 Corp., Cameco Corporation, MDA Space and Bombardier lost 3 to 7%.
Trican Wells Service climbed nearly 6%. Senvest Capital, Precision Drilling Corporation, Peyto Exploration & Development, G Mining Ventures, AutoCanada, ARC Resources, Capstone Copper Corp., and Skeena Resources gained 2.5 to 4%.
Data from Statistics Canada showed the Canadian economy added 54,000 jobs in November following a 66,600 increase in October, and way better than market estimates of a 5,000 drop.
Meanwhile, the unemployment rate in Canada fell to 6.5% in November from 6.9% in the previous month, the lowest in 16 months.
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