Canadian Market Ends Weak For 2nd Straight Day, Sheds 1.6% In Week

On Friday, the Canadian market experienced a downturn, driven by global economic growth apprehensions and the potential for tariff increases by incoming U.S. President Donald Trump. Significant declines were observed in materials, communications, and real estate sectors.

The S&P/TSX Composite Index, beginning the day on a negative note, plummeted to 25,216.42, ultimately closing at 25,274.30, representing a decrease of 136.41 points or 0.54%. Over the course of the week, the index registered a decline of about 1.6%.

Enghouse Systems (ENGH.TO) faced a steep decline, losing nearly 13% following a reported drop in its fourth-quarter net income. The company disclosed a net income of $22.6 million, down from $25.1 million in the same period the previous year.

TerraVest Industries (TVK.TO) saw its shares decrease by 7.2% due to reduced quarterly earnings. The company's fourth-quarter net income stood at $12.83 million, a decline from $17.39 million in the comparable year-ago period.

Stocks of Endeavour Mining (EDV.TO), Cameco Corporation (CCO.TO), West Fraser Timber (WFG.TO), Cargojet (CJT.TO), Teck Resources (TECK.B.TO), and Waste Connections (WCN.TO) witnessed losses ranging from 2.3% to 3.2%.

Conversely, Dye & Durham (DND.TO) soared by 11.4%, while Celestica Inc (CLS.TO) saw a rise of 9.1%. Tecsys (TCS.TO), Velan Inc (VLN.TO), and Capital Power Corporation (CPX.TO) also achieved significant gains.

Economically, Canadian manufacturing sales increased by 2.1% month-over-month in October, marking the first rise in three months, as reported by Statistics Canada. Wholesale sales in Canada continued their upward trajectory, growing by 1% month-over-month in October, following a revised 1.3% increase in September. The third quarter saw Canadian industries operating at 79.3% of their production capacity, a slight uptick from the 79.1% recorded in the second quarter. However, car registrations in Canada decreased to 163,577 units in October, down from 166,557 units in September, according to Statistics Canada.

The material has been provided by InstaForex Company - www.instaforex.com
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