TSX Ends Weak As Communications, Tech Stocks Decline

(RTTNews) - The Canadian market closed weak on Friday, weighed down by losses in communications, healthcare and technology sectors.

Besides reacting to earnings updates, investors digested Canadian jobs data, and assessed the non-farm payroll data from the U.S. Labor Department as well.

The benchmark S&P/TSX Composite Index ended with a loss of 91.58 points or 0.36% at 25,442.91, after scaling a low of 25,380.38 and a high of 25,587.53 intraday. The index recorded a weekly loss of 0.35%.

Data from Statistics Canada showed employment in Canada advanced by 76,000 in January 2025, marking the sixth consecutive monthly increase. In December 2024, the economy had added 91,000 jobs.

The unemployment rate in Canada fell to 6.6% in January 2025 from 6.7% in the previous month. That was less than the forecast for a 6.8% drop.

Canopy Growth Corp (WEED.TO) shares tanked nearly 28%. Canopy Growth Corp reported a net loss of $122 million, or $1.11 per share, for the third-quarter, compared with net loss of $217 million, or $2.62 per share, in the prior year period.

Tilray Inc (TLRY.TO) closed down 5.2%. Bausch Health Companies (BHC.TO) settled 1.5% down.

Communications stock BCE Inc (BCE.TO) plunged 6.17%. Cogeco Communications (CCA.TO) and Telus Corp (T.TO) both closed lower by about 1.5%.

Technology stocks Open Text Corp (OTEX.TO) and Kinaxis Inc (KXS.TO) closed down 5.9% and 3.3%, respectively. Celestica Inc (CLS.TO), Sylogist (SYZ.TO) and Tecsys Inc (TCS.TO) lost 2.2 to 2.9%. Shopify Inc (SHOP.TO) and Docebo Inc (DCBO.TO) also ended notably lower.

Converge Technology Solutions (CTS.TO) soared more than 53%. Lightspeed Commerce (LSPD.TO) and Coveo Solutions (CVO.TO) gained 4% and 2.6%, respectively. BlackBerry (BB.TO) climbed 1.8%.

Tenaz Energy (TNZ.TO) rallied nearly11%. ARC Resources (ARX.TO), Bombardier Inc (BBD.B.TO), Hudbay Minerals (HBM.TO), TerraVest Industries (TVK.TO), First Quantum Minerals (FM.TO), Dundee Precious Metals (DPM.TO), Aura Minerals (ORA.TO), Cameco Corporation (CCO.TO) and Paramount Resources (POU.TO) gained 2 to 5%.

Data from the Labor Department said non-farm payroll employment rose by 143,000 jobs in January compared to economist estimates for an increase of about 170,000 jobs.

Meanwhile, employment in December and November surged by upwardly revised 307,000 jobs and 261,000 jobs, respectively, reflecting a net upward revision of 100,000 jobs.

The Labor Department also said the unemployment rate dipped to 4% in January from 4.1% in December. The unemployment rate was expected to remain unchanged.