April 19, 2021

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TSX Shed Nearly 1% As Resources, Financial Shares Drift Lower

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VIXC Financial and Market News

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The Canadian stock market ended notably lower on Friday, dragged down by losses in materials, energy and financial sectors.

Investors were reluctant to pick up stocks amid worries about inflation and prospects of the U.S. Federal Reserve withdrawing stimulus sooner than anticipated.

The benchmark S&P/TSX Composite Index, which plunged nearly 300 points to 17,929.99 in early trades, briefly edged above the flat line around early afternoon but slid again to eventually close with a loss of 163.28 points or 0.9% at 18,06026. The index shed about 1.6% in the week.

Materials shares tumbled as gold and silver prices declined sharply. The Capped Materials Index shed 3.29%. Pretium Resources (PVG.TO), Eldorado Gold (ELD.TO), MAG Silver Corp (MAG.TO) and Centerra Gold (CG.To) lost 8 to 9%.

First Quantum Minerals (FM.TO), Hudbay Minerals (HBM.TO), Pan American Silver Corp (PAAS.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Kinross Gold (KL.TO), Kirkland Lake Gold (KL.TO) and Wheaton Precious Metals (WPM.TO) also declined sharply.

Energy shares Whitecap Resources (WCP.TO), Suncor Energy (SU.TO), Crescent Point Energy (CPG.TO), MEG Energy (MEG.TO), Vermilion Energy (VET.TO) and Imperial Oil (IMO.TO) lost 2 to 3%.

Among the stocks in the financial section, Sun Life Financial (SLF.TO) declined 2.8%, Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO). Bank of Nova Scotia (BNS.TO), Toronto -Dominion Bank (TD.TO) and Manulife Financial (MFC.TO) ended lower by 1 to 2%.

Consumer discretionary stocks Spin Master (TOY.TO) and Brp Inc. (DOO.TO) declined 6.4% and 4.4%, respectively. Martinrea International (MRE.TO) and Magna International (MG.TO) also ended sharply lower.

Technology stocks Shopify Inc. (SHOP.TO) and Absolute Software (ABST.TO) gained 4.8% and 4.4%, respectively. Kinaxis Inc. (KXS.TO), Celestica Inc. (CLS.TO), Descartes Systems (DSG.TO) and Photon Control (PHO.TO) gained 1.5 to 2.7%.

On the economic front, data from Statistics Canada showed Canada’s industrial product price index rose 2% month-over-month in January, after rising by an upwardly revised 1.7% in December. The index surged 4% year-on-year in January, compared to an earlier reading of a 3.8%.

Meanwhile, Canada’s raw material price index was up 5.7% last month, after rising by 3.5% in December 2020.

For comments and feedback contact: editorial@rttnews.com

2021-02-26 18:01:13

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