TSX Trims Losses, But Still Ends Weak For Sixth Straight Day

(RTTNews) - Despite some late hour buying that pulled the market a long way up from the day's lows, the Canadian benchmark TSX Composite Index ended in negative territory on Friday, extending its slide to a sixth successive day.

Worries about the impact of the U.S.-China trade dispute on the global economy and uncertainty about Canadian and U.S. officials arriving at deal that would help rescue the North American Free Trade Agreement rendered the market weak. Data from Statistics Canada that showed a surprise decline in jobs in August hurt as well.

Statistics Canada's report showed that the Canadian employment dropped by 51,600 jobs in August. Economists had expected an increase of 5,000 jobs. The unemployment rate also climbed to 6% from 5.8% in July.

The benchmark S&P/TSX Composite Index ended down 10.67 points, or 0.07%, at 16,090.27. The index scaled a low of 15,994.32 and a high of 16,093.44 intraday. On Thursday, the index ended lower by 36.63 points, or 0.23%, at 16,100.94.

Information technology stocks fared well. A few stocks from materials and energy sections too had a fairly good outing. Stocks from other sectors ended on a mixed note.

The Capped Information Technology Index climbed up 1.21%. Shopify Inc.(SHOP.TO) bounced back after previous session's setback, and ended 5.3% up and BlackBerry (BB.TO) gained 2.2%, while Enghouse Systems (ENGH.TO) spurted 5.2% on strong third quarter results.

The Capped Materials Index advanced by 0.5%. Barrick Gold Corporation (ABX.TO) gained nearly 2% and Agnico Eagle Mines (AEM.TO) gained about 1.85%, while Goldcorp Inc. (G.TO) and Methanex Corporation (MX.TO) both ended nearly 1% up. Lunding Mining Corporation (LUN.TO) gained 3.9%.

Among energy stocks, PrairieSky Royalty (PSK.TO) climbed up 5.1%, Tourmaline Oil Corp. (TOU.TO) ended 3.15% up, ARC Resources (ARX.TO) advanced by 2.8% and Crescent Point Energy (CPE.TO) added 2.15%, while Cenovus Energy Inc. (CVE.TO), Husky Energy Inc. (HSE.TO), Vermilion Energy Inc. (VET.TO) gained 0.8% - 1.4%.

Encana Corporation (ECA.TO) and Imperial Oil (IMO.TO) both ended lower by 1.8%.

Among the stocks in the banking space, Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO) ended modestly lower. National Bank of Canada (NA.TO) gained about 0.4%, while Toronto-Dominion Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO) ended little changed from previous close.

Hydro One Limited (H.TO) announced that Tom Woods has been appointed as the new Chair in a unanimous vote by the company's Board of Directors. The company also said that Chris Lopez has been appointed as Acting Chief Financial Officer and that Paul Dobson will continue as Acting President and Chief Executive Officer. The stock gained 1.7%.

Pembina Pipeline Corporation (PPL.TO) announced that its Board of Directors declared a common share cash dividend for September 2018 of $0.19 per share to be paid on October 15, 2018 to shareholders of record on September 25, 2018. The stock declined marginally.

Aphria Inc. (APH.TO) ended 4.6% down on profit taking after previous session's sharp upmove. Bombardier Inc. (BBD.B.TO) gained more than 6%.

Among other stock markets, Asian markets ended mostly lower on Friday, with investors treading cautiously, as they looked ahead to U.S. jobs data for clues on interest rate hikes. U.S. President Donald Trump's remarks that he was "still bothered by the terms of U.S. trade with Japan," hurt sentiment.

The European markets ended on a mixed note. The U.S. market ended modestly lower amid ongoing trade concerns after President Donald Trump suggested he may impose tariffs on another $267 billion worth of Chinese goods.

Trump's remarks to reporters aboard Air Force One came as the administration is already considering imposing tariffs on $200 billion worth of Chinese goods following the expiration of a public comment period at midnight on Thursday.

"The $200 billion we are talking about could take place very soon depending on what happens," Trump said. "To a certain extent it's going to be up to China."

"And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want," he added. "That changes the equation."

China's Commerce Ministry has warned it will be forced to roll out necessary retaliatory measures if the U.S. imposes any new tariffs.

In economic news from U.S., data released by the Labor Department showed employment in the U.S. jumped by more than expected in the month of August. The Labor Department said non-farm payroll employment surged up by

201,000 jobs in August after climbing by a downwardly revised 147,000 jobs in July. Economists had expected employment to increase by about 191,000 jobs compared to the addition of 157,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth during the month, the unemployment rate held at 3.9% in August compared to expectations for a drop to 3.8%.

In commodities, crude oil futures for October delivery settled at $67.75 a barrel, down 2 cents, from previous close, as demand growth concerns outweighed recent data that showed a larger than expected drop in crude stockpiles.

Gold futures for December ended down $3.90, or 0.3%, at $1,200.40 an ounce. Silver futures for December ended down $0.011, at $14.170 an ounce, while Copper futures declined by $0.0140, to $2.6225 per pound.