TSX Ends Sharply Lower On Mixed Economic Data, Weak Commodities

(RTTNews) - The Canadian market ended sharply lower on Friday due to heavy selling in technology, materials and energy sectors. Consumer discretionary and financials stocks too reeled under pressure, albeit to a less pronounced extent.

Tariff jitters, weak commodity prices, a mixed batch of economic data, and some disappointing earnings updates rendered the mood bearish.

The benchmark S&P/TSX Composite Index ended with a loss of 367.05 points or 1.44% at 25,147.03, slightly off the day's low of 25,126.74. The index shed about 1.2% in the week.

Ivanhoe Mines plunged more than 11%. Iamgold Corp tumbled nearly 9%. First Quantum Minerals, Eldorado Gold, Fortuna Mining, Lundin Mining, Seabridge Gold, Centerra Gold, MAG Silver, Capstone Mining and New Gold lost 6 to 8.5%.

MEG Energy Corp, Baytex Energy, Teck Resources, NexGen Energy, Cenovus Energy, Parex Resources and Imperial Oil were among the major losers in the Energy sector.

TFI International, Cameco Corporation, Shopify Inc, BlackBerry, Onex Corp, Manulife Financial, Celestica Inc., CGI Inc, Finning International, MTY Food, Cargojet, Richelieu Hardware and CAE Inc were among the major losers from other sectors.

Among the gainers, Tilray surged nearly 10%. Storage Vault closed 7.3% up. Innergex Renewable Energy, Lundin Gold, Bausch Health Companies, BCE Inc., Boralex, Emera Incorporated, Telus Corp and Hydro One climbed 1.3 to 5%.

On the economic front, retail sales in Canada are expected to ease by 0.4% from the previous month in January of 2025, the first drop in seven months, according to preliminary estimates. That follows a 2.5% surge in the final month of 2024, revised higher from the preliminary estimate of 1.6%, to mark the sharpest rise in retail turnover since May of 2022.

Retail Sales Excluding Autos in Canada increased 2.7% month-over-month in December 2024, rebounding from a 0.7% fall in November.

Retail Sales in Canada rose by 3.9% from a year ago in December 2024, following an upwardly revised 2.1% increase in the prior month.