TSX Recovers After Early Setback, Ends Modestly Lower

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(RTTNews) - After a weak start and a subsequent sharp fall Thursday morning, the Canadian market recovered slowly as the day progressed, but still ended the session on a negative note as losses in communications and utilities sectors offset gains in energy, technology and realty sections.

Uncertainty about the outlook for U.S. interest-rate trajectory, and some disappointing earnings updates weighed on the market.

The benchmark S&P/TSX Composite Index, which dropped to 20,794.59 around late morning, losing about 175 points in the process, ended the session with a loss of 49.54 points or 0.24% at 20,919.64.

Communications stock BCE Inc (BCE.TO) ended down 3.75%. BCE reported adjusted net income of $691 million for the fourth quarter of 2023, compared to $654 million a year ago.

Telus Corp (T.TO) and Rogers Communications (RCI.B.TO) ended lower by 2.3% and 1.4%, respectively.

Utilities stocks Boralex Inc (BLX.TO), Innergex Renewable Energy (INE.TO), Northland Power (NPI.TO) and Brookfield Renewable Partners (BEP.UN.TO) lost 3.7 to 4%.

In the materials sector, Algoma Steel Group (ASTL.TO) and Transcontinental Inc (TCL.A.TO) lost 4.6% and 3.4%, respectively. Interfor Corp (IFP.TO), Lithium Americas Argentina Corp (LAAC.TO) and Stelco Holdings (STLC.TO) ended down 2.5 to 3%.

Hut 8 Corp (HUT.TO) soared 10.3%, and Bitfarms (BITF.TO) zoomed 10.1%. Dye & Durham (DND.TO), Celestica Inc (CLS.TO), Shopify Inc (SHOP.TO), CGI orp (GIB.A.TO), Softchoice (SFTC.TO) and Alithya Group (ALYA.TO) gaomed 2 to 4%.

Lightspeed Commerce Inc (LSPD.TO) tanked nearly 25%. The company reported third-quarter net loss of $40.2 million, compared to a net loss of $814.8 million in the year-ago quarter.

Real estate stock Colliers International Group Inc (CIGI.TO) soared nearly 10%. The company reported fourth-quarter revenues of US$1,235.2 million, compared with US$1,222.4 million in the year-ago quarter.

Energy stock Enerplus Corp (ERF.TO) surged 8.15%. Birchcliff Energy (BIR.TO) gained nearly 5%, while Precision Drilling Corp (PD.TO), Paramount Resources (POU.TO), Imperial Oil (IMO.TO) and Tamarack Valley Energy (TVE.TO) advanced 3 to 4%.

Euro Higher Against Majors

The euro appreciated against its major counterparts in the New York session on Friday.

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TSX Down Marginally In Lackluster Trade

Canadian stocks are turning in a mixed performance in somewhat lackluster trade on Friday, with investors focusing on the upcoming US - Russia summit that could help end the war in Ukraine.

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Swiss Market Ends On Firm Note

The Switzerland market ended on a firm note on Friday with stocks from across several sectors gaining ground on sustained buying support. The mood remained positive right through the day's session, amid some expectations about an end to the Ukraine war.

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European Stocks Close Mixed After Cautious Session

European stocks closed on a mixed note on Friday with investors largely staying cautious, awaiting the meeting of the Presidents of the U.S. and Russia, and continuing to assess Trump administration's tariff moves and their impact on global economic growth.

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U.S. Business Inventories Rise In Line With Estimates In June

A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.

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U.S. Consumer Sentiment Unexpectedly Deteriorates In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.

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U.S. Industrial Production Pulls Back Slightly In July

A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July. The Fed said industrial production edged down by 0.1 percent in July after climbing by an upwardly revised 0.4 percent in June. Economists had expected industrial production to come in unchanged.

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New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.

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