TSX Ends Moderately Lower

(RTTNews) - The Canadian market ended notably lower on Friday with investors reacting to some weak earnings updates, and data showing weaker than expected U.S. retails data. Worries about potential new tariffs by the Trump administration weighed as well on sentiment.

The benchmark S&P/TSX Composite Index ended down 215.28 points or 0.84% at 25,483.23, slightly off the day's low of 25,470.77. The index gained a marginal 0.14% in the week.

MTY Food Group Inc (MTY.TO) tanked nearly 12%. The company reported net loss of $55.3 million, or $2.34 per diluted share in the fourth-quarter, compared with a profit of $16.4 million, or $0.67 per diluted share in the prior year period.

Magna International (MG.TO) closed more than 4% down, after the company said that its fourth-quarter bottom line totaled $203 million, or $0.71 per share. This compares with $271 million, or $0.94 per share, last year. Magna has declared a fourth-quarter dividend of $0.485 per share, an increase of 2%.

Silvercrest Metals (SIL.TO) and Seabridge Gold (SEA.TO) lost 8.6% and 15.5%, respectively. Eldorado Gold (ELD.TO), Telesat Corporation (TSAT.TO), Enbridge Inc (ENB.TO), Agnico Eagle Mines (AEM.TO) and MAG Silver Corp (MAG.TO) lost 4 to 6%.

Cameco Corporation (CCO.TO), Franco-Nevada Corporation (FNV.TO), Osisko Gold Royalties (OR.TO), Alamos Gold (AGI.TO), Thomson Reuters (TRI.TO), Endeavour Mining (EDV.TO) and Restaurant Brands International (QSR.TO), Wheaton Precious Metals (WPM.TO) and Newmont Corporation (NGT.TO) also declined sharply.

Enbridge Inc. (ENB.TO) dropped 5.5% after the company projected distributable cash flow (DCF) in a range of $5.50 to $5.90 per share and adjusted EBITDA between $19.4 billion and $20 billion for fiscal 2025.

The Company also reaffirmed its 2023 to 2026 near-term growth outlook of 7 to 9% for adjusted EBITDA growth, 4 to 6% for adjusted earnings per share growth and approximately 3% for DCF per share growth.

CAE Inc (CAE.TO), Interfor Corporation (IFP.TO), goeasy (GSY.TO), Velen In (VLN.TO), Bombardier Inc (BBD.B.TO), Russel Metals (RUS.TO) and Cogeco Inc (CYG.TO) closed with sharp gains.

On the economic front, manufacturing sales in Canada rose 0.3% month-over-month in December 2024, slower than initial estimates of 0.6%, and following a revised 0.7% increase in the prior month, data from Statistics Canada showed.

Meanwhile, wholesale sales in Canada fell 0.2% month-over-month in December 2024, matching the 0.2% decline in November.

Car registrations in Canada decreased to 135,511 units in December 2024, down from 161,535 units in the previous month.