On Thursday, the Canadian market concluded with a slight decline, primarily due to setbacks in the real estate, materials, and utilities sectors. However, the downturn was minimal, thanks to substantial and consistent buying activity in the energy sector.
Investor sentiment was dampened by data showing a contraction in Canada's services sector for the third consecutive month, coupled with concerns over escalating tensions in the Middle East.
The S&P/TSX Composite Index closed with a decrease of 33.05 points, or 0.14%, settling at 23,968.50. During intraday trading, it reached a low of 23,823.96 and a high of 23,982.24.
According to S&P Global, the Canada Composite PMI decreased to 47.0 in September, down from 47.8 in August, indicating a deeper contraction in private sector activity for the fourth month in a row. The S&P Global Canada Services PMI dropped to 46.4 in September from 47.8 in August, marking a continuing decline for the fourth consecutive month.
Several notable stocks recorded losses, including Molson Coors, Colliers International, Cogeco Communications, Teck Resources, Franco-Nevada Corporation, Agnico Eagle Mines, Restaurant Brands International, Canadian Pacific Kansas City, and Constellation Software, with declines ranging from 1.4% to 2.5%.
Conversely, Methanex Corporation, Stantec, Imperial Oil, Precision Drilling Corporation, Atkins Realis Group, Celestica Inc, and Tourmaline Oil Corp experienced gains between 2.5% and 4%.
Additionally, Goeasy, Onex Corporation, CGI Inc, Fairfax Financial Holdings, Boyd Group Services, and Waste Connections also saw significant increases.
