Canadian Stocks Move Modestly Lower Following Early Volatility

(RTTNews) - After showing a lack of direction early in the session, Canadian stocks moved moderately lower over the course of the trading day on Friday.

The benchmark S&P/TSX Composite Index ended the day down 77.01 points or 0.3 percent at 23,956.82 after spending early trading bouncing back and forth across the unchanged line.

The weakness among Canadian stocks may partly have reflected profit taking after the S&P/TSX Composite Index reached a new record closing high on Thursday.

Substantial weakness among gold stocks also weighed on the markets, with the S&P/TSX Global Gold Index plunging by 2.6 percent. The weakness in the sector came amid a steep drop by the price of gold.

Technology stocks also saw considerable weakness on the day, dragging the S&P/TSX Capped Information Technology Index down by 1.7 percent.

On the other hand, energy stocks turned in a strong performance amid an increase by the price of crude oil, resulting in a 2.0 percent jump by the S&P/TSX Capped Energy Index.

In economic news, Statistics Canada released a report showing real gross domestic product rose 0.2 percent in July as increases in both services-producing industries and goods-producing industries drove the growth.