TSX Fails To Hold Gains, Settles Flat

(RTTNews) - The Canadian stock market, which moved higher after a weak start Friday morning and stayed somewhat firm till around mid afternoon, pared its gains as the mood turned cautious amid a lack of triggers and eventually ended on a flat note.

Energy stocks drifted lower on weak crude oil prices. Financials were weak as well. Healthcare shares were in demand. Several stocks from technology, utilities, teleco, real estate and consumer sections also posted impressive gains.

Worries about rising Omicron variant of the coronavirus, and the likely economic impact of imminent interest rate hikes from the Federal Reserve weighed on the market. A sharp drop in crude oil prices hurt as well.

The benchmark S&P/TSX Composite Index, which slipped to 20,594.83 in early trades, rallied to a high of 20,857.96 before paring gains and settling at 20,739.01, down 0.77 points from Thursday's close. The index shed 0.7% in the week.

Nuvei Corporation (NVEI.TO) shares soared nearly 11%. AutoCanada (AC.TO) rallied 8.8%. Maxar Technologies (MAXR.TO), Docebo Inc (DCBO.TO), Brookfield Renewable Partners (BEP.UN.TO), Tecsys Inc (TCS.TO), Boyd Group Services (BYD.TO) and CCL Industries (CCL.B.TO) gained 3 to 6%.

Constellation Software (CSU.TO), CGI Inc (GIB.A.TO), FirstService Corporation (FSV.TO), TFI International (TFII.TO) and Franco-Nevada Corporation (FNV.TO) gained 1 to 2%.

Enghouse Systems (ENGH.TO) ended more than 6.5% down. The company reported net income of $30 .2 million for the fourth quarter, compared to $29.4 million in the year-ago quarter.

Precision Drilling Corporation (PD.TO), Dye & Durham (DND.TO), Canadian Tire Corporation (CTC.TO), Canadian Natural Resources (CNQ.TO), Bank of Montreal (BMO.TO), Restaurant Brands International (QSR.TO) and Fairfax Financial Holdings (FFH.TO) declined sharply.