The Canadian market exhibited a mixed performance on Friday, with stocks fluctuating as investors analyzed the latest economic data from Canada and the U.S., and gauged potential interest rate moves by the Federal Reserve.
Sectors such as materials, energy, and healthcare showed weakness, whereas consumer staples and technology stocks received some support.
The benchmark S&P/TSX Composite Index dropped 32.94 points, or 0.16%, to stand at 21,548.41, about half an hour past noon.
In the materials sector, shares of Algoma Steel Group (ASTL.TO), Ivanhoe Mines (IVN.TO), Iamgold Corp (IMG.TO), Equinox Gold Corp (EQX.TO), First Majestic Silver Corp (AG.TO), Seabridge Gold (SEA.TO), and Filo Mining Corp (FIL.TO) fell by 3% to 4%.
The energy sector saw PrairieSky Royalty (PSK.TO) decline by 5%. Enerplus Corp (ERF.TO) dropped 3.4%, while Secure Energy Services (SES.TO), Precision Drilling Corporation (PD.TO), Baytex Energy (BTE.TO), and Mattr Corp (MATR.TO) were down between 2% and 3.4%.
In healthcare, Tilray Inc (TLRY.TO) dipped by 1.3% and Chartwell Retirement Residences (CSH.UN.TO) by 1.8%. Sienna Senior Living (SIA.TO) declined nearly 1%.
Conversely, consumer staple stock Alimentation Couche-Tard (ATD.TO) gained 2.5%. Empire Company (EMP.A.TO), Primo Water Corp (PRMW.TO), and Metro Inc (MRU.TO) experienced moderate gains.
Technology stocks also performed well, with BlackBerry (BB.TO), Lightspeed Commerce (LSPD.TO), Tecsys Inc (TCS.TO), Constellation Software (CSU.TO), and Descartes Systems Group (DSG.TO) rising between 1.3% and 2.4%.
On the economic front, Statistics Canada reported that retail sales in Canada are estimated to have dropped by 0.6% in May, following a flash estimate. This comes after retail sales increased by 0.7% in April, following a downwardly revised 0.8% fall in March.
Additionally, Statistics Canada data indicated that producer prices in Canada rose by 1.8% in May compared to the same month in the previous year.
