TSX Ends Weak For 3rd Straight Day

(RTTNews) - The Canadian stock market ended weak on Thursday, weighed down by losses in consumer staples, technology and communications sectors.

Financials, materials and consumer discretionary stocks declined as well, while shares from utilities sector posted strong gains.

The mood remained cautious amid lingering concerns about global economic slowdown and inflation.

The benchmark S&P/TSX Composite Index ended down 94.88 points or 0.47% at 20,132.08, settling lower for the third consecutive day. The index, which dropped to a low of 20,119.40 around mid morning, stayed in negative territory right through the day's session.

On the economic front, a report from the Ivey Business School said the Ivey Purchasing Mangers Index in Canada picked up to 53.5 in August from 48.8 in the prior month.

Data from Statistics Canada showed the total value of building permits in Canada fell by 1.5% from a month earlier to $11.7 billion in July 2023, after an upwardly revised 7.5% rise in the previous month.

BRP Inc. (DOO.TO) dropped 2.3% despite reporting higher quarterly earnings. The company reported second-quarter earnings of C$338.7 million, or C$4.26 per share, compared to C$237.7 million, or C$2.94 per share, in the year-ago quarter.

BlackBerry Limited (BB.TO) plunged 16.3%. The company said it expects preliminary revenue for second quarter fiscal year 2024 to be about $132 million, about 21.4% down from a year ago.

Precision Drilling Corp. (PD.TO) shares gained 2.8% after the company announced that it has inked a deal to acquire CWC Energy Services Corp. (CWC) for around $141 million in stock and cash.

The deal comprises of 947,909 Precision shares valued at around $88 million as of September 1, a cash portion of $14 million, and the assumption of CWC's outstanding debt.

Peyto Exploration & Development Corp. (PEY.TO) said on Thursday that it entered into a deal to acquire Repsol Canada Energy Partnership, for $468 million in cash. The stock ended flat.