The Canadian market concluded its trading week on a dismal note on Friday due to diffused selling pressure. This was brought on by anxiety over inflation, uncertainty over the prospective timing of interest rate cuts, and escalating geopolitical tensions that soured investor sentiment.
All sectoral indices ended on a downward note, with stocks in healthcare, technology, communications, consumer discretionary, utilities, energy, materials, and financials all taking a hit.
The primary S&P/TSX Composite Index closed with a decline of 210.12 points, or 0.95%, at 21,899.99. The index touched its lowest point at 21,827.35. Overall, the index experienced a decrease of about 1.65% over the week.
MTY Food Group Inc saw a significant fall of 10%. Their first-quarter net income reportedly dropped by 6% at C$17.3 million or C$0.71 per share, down from C$18.4 million or C$0.75 per share from the previous year.
Molson Coors Canada saw a 5.1% dip, while Goeasy saw a 3.6% decrease. Other companies such as Constellation Software, Dayforce, BRP Inc, Precision Drilling Corporation, and West Fraser Timber saw losses between 2.5 to 3%.
Additional companies that suffered losses include Tilray Inc, Bausch Health Companies, Copperleaf Technologies, Lightspeed Commerce, Docebo Inc, Franco-Nevada Corporation, Toromont Industries, Rogers Communications, Manulife Financial, Laurentian Bank and Boyd Group Services.
Corus Entertainment Inc. experienced the most significant drop, plunging over 25%. The company reported a significant decrease in the fiscal second-quarter adjusted net loss of over $5.9 million or $0.03 per share, a significant improvement from a loss of nearly $13.9 million or $0.07 per share in the same quarter of the previous year.
