Canadian Stocks Turning In Mixed Performance In Cautious Trade

(RTTNews) - Canadian stocks are turning in a mixed performance on Friday with investors digesting the nation's jobs data, and continuing to react to recent quarterly updates.

Worries about global economic slowdown and inflation continue to weigh on sentiment.

Technology stocks are weak, while healthcare, energy and consumer staples shares are finding some support. Stocks from the rest of the sectors are mostly moving in a tight range.

The benchmark S&P/TSX Composite Index is down 12.88 points or 0.06% at 20,119.20 nearly an hour past noon. The index dropped to a low of 20,066.44 earlier in the session.

Data from Statistics Canada showed the Canadian economy added 39,900 jobs in August 2023, far exceeding market expectations of a 15,000 thousand increase.

The unemployment rate in Canada was at 5.5% in August of 2023, remaining unchanged from the 18-month high from the previous month and slightly below market estimates of 5.6%.

Meanwhile, average hourly earnings for permanent employees in Canada increased by 5.2% yoy to $34.79 in August 2023, rising from a 5% growth in the previous month.

Enghouse Systems (ENGH.TO) is gaining more than 4%. Precision Drilling Corp (PD.TO) is up 3.5%. Alimentation Couche-Tard (ATD.TO), Methanex Corporation (MX.TO), goeasy (GSY.TO) and Loblaw Companies (L.TO) are up 1 to 1.5%.

CCL Industries (CCL.A.TO), Docebo Inc (DCBO.TO), Shopify Inc (SHOP.TO), Molson Coors Canada Inc (TPX.B.TO), First Quantum Minerals (FM.TO), Ag Growth International (AFN.TO) and Linamar Corporation (LNR.TO) are down 2 to 3%.

TFI International (TFII.TO), ATS Corporation (ATS.TO) and Cogeco Communications (CCA.TO) are also notably lower.