TSX Ends Marginally Down For The Day; Gains Nearly 4.5% In Week

(RTTNews) - The Canadian stock market ended slightly lower on Friday after swinging between gains and losses amid largely cautious moves by investors.

With the counting still going on in the U.S. following the presidential election held on Tuesday, a clear picture about a much needed fiscal stimulus has not emerged as yet. Rising coronavirus cases and reimposition of lockdown measures in several places across the world continued to cause concerns about economic recovery. Lower commodity prices weighed as well.

Fairly encouraging data on Canadian employment for the month of October helped limit market's decline.

The benchmark S&P/TSX Composite Index ended lower by 15.34 points or 0.09% at 16,282.83, after scaling a low of 16,236.62 and a high of 16,378.55 intraday.

The index gained nearly 4.5% in the week.

Energy stocks declined sharply. Materials, financial, consumer discretionary and industrial shares ended mixed.

Cannabis stocks flared up with investors betting on hopes Democrat Joe Biden, if he forms the government in the U.S., will legalize recreational consumption of marijuana.

Information technology and consumer staples stocks also posted strong gains. A few top stocks from utilities section moved up as well.

Aurora Cannabis (ACB.TO) soared 56%. Hexo Corp (HEXO.TO) surged up 21% and Cronos Group (CRON.TO) climbed 16.2%. Canopy Growth Corporation (WEED.TO) gained 10.5%, while Aphria Inc. (APHA.TO) pared its gains and ended just marginally up.

Constellation Software (CSU.TO) surged up 2.7%, Ritchie Bros Auctioneers (RBA.TO) gained 10%, Jamieson Wellness (JWEL.TO) climbed 6.5%, Docebo Inc. (DCBO.TO) ended 5.85% up and Open Text Corporation (OTEX.TO) rallied 5.4%.

Magna International (MG.TO) shares gained nearly 4%. Magna reported third quarter adjusted earnings per share of $1.95, about 38% higher than a year ago.

Pembina Pipeline Corporation (PPL.TO) declined more than 6%. TC Energy Corporation (TRP.TO), Barrick Gold Corporation (ABX.TO), Brookfield Asset Management (BAM.A.TO) and Suncor Energy (SU.TO) lost 1.4 to 3.2%.

Enbridge Inc. (ENB.TO) shares slid 3.5%. The company reported third quarter earnings of C$990 million or C$0.49 per share, up from C$949 million or C$0.47 per share a year ago. Adjusted earnings were C$961 million or C$0.48 per share, compared to C$1.12 billion or C$0.56 per share in 2019.

Data released by Statistics Canada this morning showed that the Canadian economy created 83600 jobs in October 2020, below market forecasts of a 100 thousand rise and after a 378,200 increase in September. Full-time employment increased by 69100 jobs while part-time jobs were up by 14500.

Unemployment rate in Canada came in at 8.9% for October, down from 9% a month earlier, the data showed.