The Canadian market concluded Friday with a slight decline after trading within a narrow range and remaining below the flat line, as investors showed caution due to the absence of substantial market drivers.
The benchmark S&P/TSX Composite Index closed down by 26.49 points, or 0.12%, settling at 21,554.86. The index fluctuated between 21,499.57 and 21,586.39. For the week, it recorded a 0.39% decline, marking the fifth consecutive week of losses.
Energy and materials stocks experienced drops due to weak commodity prices. Specifically, the Energy Capped Index and the Materials Capped Index fell by 1.38% and 1.32%, respectively.
Conversely, technology stocks were in high demand, with the Information Technology Capped Index rising by 1.06%. Select stocks within the consumer staples sector also saw gains.
Prairiesky Royalty (PSK.TO) ended the day with a 4.7% decline. Other notable losers included Aritzia Inc (ATZ.TO), Tourmaline Oil Corp (TOU.TO), TerraVest Industries (TVK.TO), Wheaton Precious Metals (WPM.TO), and Precision Drilling Corporation (PD.TO), which fell between 1.4% and 3.2%.
In a brighter spot, Quebecor Inc (QBR.TO) soared by 9.3%, while ATCO Ltd (ACO.Y.TO) and Bombardier Inc (BBD.B.TO) increased by 5% and 4%, respectively. Additionally, Shopify Inc (SHOP.TO), Stantec Inc (STN.TO), Constellation Software (CSU.TO), Onex Corporation (ONEX.TO), WSP Global (WSP.TO), Intact Financial Corporation (IFC.TO), FirstService Corporation (FSV.TO), and Dollarama Inc (DOL.TO) advanced by 1% to 2%.
On the economic front, Statistics Canada released data indicating a projected 0.6% drop in retail sales for May, according to a flash estimate. This follows a 0.7% increase in April, after a downward revision of March's fall to 0.8%.
Moreover, another report from Statistics Canada revealed that producer prices in Canada rose by 1.8% in May compared to the same month in the previous year.
