After posting a fresh all-time high in the previous session, the Canadian stock market turned negative on Friday as significantly better-than-expected domestic employment data renewed the uncertainty about the timing of future interest rate cuts. The S&P/TSX Composite Index slipped by 67 points, or 0.3%, in the last session to settle at 22,309 but still managed to end the week with strong 1.6% gains.
Even as largely upbeat earnings drove the shares of consumer noncyclical and utility companies higher, heavy losses in technology stocks pressured the TSX benchmark during the session.
According to Statistics Canada’s latest report, the country’s unemployment rate remained unchanged at 6.1% in April, while employment increased by 90,000 jobs due mainly to a surge in part-time roles.
Top TSX Composite movers and active stocks
CI Financial (TSX:CIX) tanked more than 12% to $14.72 per share, making it the worst-performing TSX stock…
