Canadian Stocks Move Lower Along With Commodities Prices

(RTTNews) - Canadian stocks moved mostly lower during trading on Friday, as resource stocks moved to the downside along with commodities prices.

The benchmark S&P/TSX Composite Index slid 88.91 points or 0.5 percent to 16,517.85, more than offsetting the modest gain posted in the previous session.

Energy stocks showed a substantial move to the downside on the day, resulting in a 2.9 percent nosedive by the S&P/TSX Capped Energy Index.

The sell-off by energy stocks came amid a decrease by the price of crude oil, as crude for October delivery fell $0.48 to $42.34 a barrel.

A decrease in spot gold prices also weighed on materials stocks, with the S&P/TSX Capped Materials Index slumping by 2.1 percent.

Healthcare and technology stocks also showed notable moves to the downside, while some strength was visible among utilities and telecom stocks.

In economic news, Statistics Canada released a report showing Canadian retail sales skyrocketed by 23.7 percent to $53.0 billion in June.

Statistics Canada noted retail sales were 1.3 percent higher than pre-pandemic levels as more regions moved ahead with plans to reopen their economies.

A separate report from Statistics Canada said its new housing price index rose by 0.4 percent in July, with prices rising for the third straight month.