TSX Ends Modestly Lower

(RTTNews) - The Canadian stock market came off early lows on Friday, but still ended the session on a weak note, due largely to heavy selling in energy and materials sections. Consumer discretionary stocks were the other notable losers.

But for some strong gains in consumer staples and telecom sections, the market may well have ended with more pronounced losses today.

Despite U.S. President-elect Joe Biden's announcement of a $1.9 trillion stimulus package, the mood was cautious due to worries about growth amid a surge in coronavirus cases and tighter lockdown restrictions in several countries including China.

The benchmark S&P/TSX Composite Index ended with a loss of 49.06 points or 0.27% at 17,903.03, more than 100 points off an early low of 17,808.86.

Mirroring the sell-off in the energy section, the Capped Energy Index tumbled nearly 4%. MEG Energy (MEG.TO), PrairieSky Royalty (PSK.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Sunor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Parex Resources (PXT.TO) and Imperial Oil (IMO.TO) lost 3.5 to 5.3%.

Consumer discretionary stocks Gildan Activewear (GIL.TO), Canadian Tire Corporation (CTC.A.TO), MartinRea International (MRE.TO), Restaurant Brands International (QSR.TO), Magna International (MG.TO) ended lower by 2 to 2.20%.

BlackBerry (BB.TO) climbed nearly 9% on reports that the company has settled a yearslong dispute with Facebook over patents.

Aphria Inc. (APHA.TO) and Alimentation Couche Tard (ATD.B.TO) also ended sharply higher.

U.S. stocks ended weak. Stock markets across Europe also closed weak, while Asian markets ended on a mixed note.

In commodities, West Texas Intermediate Crude oil futures for February ended down $1.21 or about 2.3% at $52.36 a barrel.

Gold futures for February ended down $21.50 or about 1.2% at $1,829.90 an ounce.

Silver futures for March ended lower by $0.936 at $24.866 an ounce, while Copper futures for March settled at $3.6020 per pound, down $0.0625 from the previous close.