TSX Ends On Weak Note, Sheds 1.2% In Week

(RTTNews) - The Canadian market ended on a weak note on Friday, weighed down by losses in energy, consumer staples and utilities sections.

The mood remained cautious amid concerns about high interest rates and global economic slowdown. Weak commodity prices weighed as well.

The benchmark S&P/TSX Composite Index ended with a loss of 49.47 points or 0.25% at 19,541.27. The index touched a low of 19,529.94 and a high of 19,707.58 intraday.

The index shed 1.2% in the week, and about 3.7% in September. In the July-September quarter, it posted a loss of about 3%.

On the economic front, data from Statistics Canada showed the Canadian GDP stagnated in July, matching the initial estimate, and following a 0.2% decline in June. According to preliminary estimates, Canada's economy is expected to have grown by 0.1% in August.

Consumer staples stocks Alimentation Couche-Tard (ATD.TO) and Jamieson Wellness Inc (JWEL.TO) ended lower by 3.28% and 1.7%, respectively.

In the energy sector, Precision Drilling Corporation (PD.TO), Topaz Energy (TPZ.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Whitecap Resources (WCP.TO) and Tourmaline Oil Corp (TOU.TO) lost 1 to 2.2%.

Consumer discretionary stock Aritzia Inc (ATZ.TO) gained nearly 6%. Aritzia reported second quarter net revenue of $534 million, an increase of approximately 2% on top of outstanding growth of 50% in the second quarter of Fiscal 2023 and 75% in the second quarter of Fiscal 2022.

BlackBerry (BB.TO) reported a net loss of US$42 million for the second quarter as revenues declined 21% from a year earlier. The company had posted a net loss of US$54 million in the second quarter of the previous financial year. The stock ended down nearly 0.5%.

Cameco Corporation (CCO.TO), Fairfax Financial Holdings (FFH.TO), Bank of Nova Scotia (BNS.TO), Nutrien (NTR.TO), Cargojet (CJT.TO) and Stantec (STN.TO) lost 1 to 3%.

Tecsys Inc (TCS.TO) soared nearly 11%. Cogeco Inc (CGO.TO) climbed 5.3%. Docebo Inc (DCBO.TO), First Quantum Minerals (FM.TO), Shopify Inc (SHOP.TO), Kinaxis Inc (KXS.TO), BRP Inc (DOO.TO), Teck Resources (TECK.B.TO), Cogeco Communications (CCA.TO) and Descartes Systems Group (DSG.TO) also posted strong gains.