TSX Ends Weak For 6th Straight Session

(RTTNews) - The Canadian market closed weak on Thursday, falling for the sixth consecutive session, as fears of tariff hikes, hawkish comments from the Federal Reserve, and concerns about economic slowdown rendered the mood bearish once again. Rising bond yields weighed as well.

The benchmark S&P/TSX Composite Index settled with a loss of 143.06 points or 0.58% at 24,413.94, falling further from a historic high of 25,842.20 it scaled in the second week of September this year.

Hut 8 Corp (HUT.TO) tumbled more than 9%. Cargojet (CJT.TO) closed down 4.5%. Canadian Pacific Kansas City (CP.TO), Imperial Oil (IMO.TO), Calian Group (CGY.TO), Shopify Inc (SHOP.TO), Nutrien (NTR.TO) and Docebo Inc (DCBO.TO) lost 2 to 3.1%.

Precision Drilling Corporation (PD.TO), Colliers International (CIGI.TO), Thomson Reuters (TRI.TO), Descartes Systems Group (DSG.TO), National Bank of Canada (NA.TO) and Canadian National Railway (CNR.TO) closed lower by 1 to 2%.

Propel Holdings (PRL.TO) rallied 6.75%. Aecon Group (ARE.TO), BRP Inc (DOO.TO), TerraVest Industries (TVK.TO), goeasy (GSY.TO), CCL Industries (CCL.B.TO), CGI Inc (GIB.TO), Cameco Corporation (CCO.TO) and Sprott Inc (SII.TO) gained 1.3 to 3.5%.

Vermilion Energy (VET.TO) gained about 2%. The company said it is boosting its dividend by 8% to $0.13 per share, effective in the first quarter of 2025, and released 2025 guidance. Vermilion estimated its 2025 fund flows from operations and free cash flow at $1.0 billion and $400 million, respectively, based on forward commodity prices.

Data from Statistics Canada said average weekly earnings of non-farm payroll employees in Canada rose by 5.3% year-on-year to $1,284.43 in October 2024, the fastest pace since March 2021, following a downwardly revised 4.9% increase in September.