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TSX Ends Modestly Lower After Volatile Session

RTTNews | 1140 days ago

(RTTNews) - The Canadian market ended modestly lower on Friday after stocks turned in a mixed performance in cautious trade as investors assessed the possible impact of the rate hikes by central banks on global growth.

It is feared that tighter monetary policies by central banks might push the economy into recession next year.

The benchmark S&P/TSX Composite Index ended with a loss of 73.58 points or 0.39% at 18,930.48 after scaling a low of 18,787.68 and a high of 19,193.97 intraday.

Energy stocks tumbled, contributing substantially to market's negative close. The Energy Capped Index fell 5.72% as several key stocks in the sector plunged on weak crude oil prices.

Healthcare, technology, communications, consumer discretionary, real estate and industrials shares moved higher.

Vermilion Energy (VET.TO), Parex Resources (PXT.TO), Suncor Energy (SU.TO), Paramount Resources (POU.TO), Tourmaline Oil Corp (TOU.TO) and Canadian Natural Resources (CNQ.TO) lost 5 to 8.6%.

Precision Drilling (PD.TO), Teck Resources (TECK.B.TO), Fairfax Financial Holdings (FFH.TO), Methanex Corp (MX.TO), Nutrien (NTR.TO) and Imperial Oil (IMO.TO) were among the other major losers in the session.

Lightspeed Commerce (LSPD.TO) rallied more than 7%. Colliers International (CIGI.TO), Canadian Tire Corporation (CTC.TO), Kinaxis Inc (KXS.TO), Shopify Inc (SHOP.TO), CargoJet (CJT.TO) and Boyd Group Services (BYD.TO) gained 2 to 5%.

On the economic front, data from Statistics Canada showed the Raw Materials Price Index in Canada surged 37.4% year-on-year in May of 2022, following a 38.3% rise in April. On monthly basis, the raw materials price index increased 2.5% in May, rebounding from a 2.1% fall in April.

Producer prices in Canada jumped 1.7% month-over-month in May of 2022, picking up from a 0.8% increase in April. Producer prices in Canada increased 15% in May of 2022 over the same month in the previous year, the data showed.

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