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.
