TSX Ends Notably Lower On Economic Worries

(RTTNews) - The Canadian stock market ended notably lower on Friday with shares from across several sectors reeling under sustained selling pressure amid concerns about the economic impact of the coronavirus pandemic.

Data showing a sharp contraction in Canada's manufacturing activity hurt sentiment.

Also, worries about trade war resurfaced after U.S. President Donald Trump threatened fresh tariffs on China. Trump said on Thursday that his administration is crafting retaliatory measures over the origin of the coronavirus pandemic that has swept through the U.S. and crippled its economy.

Trump added that the first phase of a multi-billion dollar trade bill the two countries signed in January is now of secondary importance.

The benchmark S&P/TSX Composite Index ended down 160.40 points, or 1.09%, at 14,620.34, about 100 points off the day's low of 14,520.20.

The index gained about 1.5% in the week.

Energy stocks were among the most prominent losers. The Energy Index tumbled 4.31%. Healthcare index declined 3.3%, while the Capped Real Estate index shed 2.8%. The Financial, Utilities and Industrial indices lost 1.9 to 2.1%.

Shares from consumer discretionary, telecommunications and information technology sectors too declined, while consumer staples shares turned in a mixed performance and materials shares rose sharply.

MEG Energy declined 7.7%. Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO) and Crescent Point Energy (CPG.TO) shed 6 to 6.7%.

Air Canada (AC.TO) declined 4.6% and Manulife Financial Corporation (MFC.TO) shed 3.6%. Bank of Nova Scotia (BNS.TO), Suncor Energy (SU.TO), Whitecap Resources (WCP.TO), Toronto-Dominion Bank (TD.TO), Enbridge Inc. (ENB.TO) and Bombardier Inc. (BBD.B.TO) lost 1 to 2.8%.

Barrick Gold Corporation (ABX.TO), Kinross Gold Corp (K.TO) and Yamana Gold Corp (YRI.TO) gained 4.4 to 5.7%. B2Gold Corp (BTO.TO) moved up by about 3%.

In economic news, the IHS Markit Canada Manufacturing PMI dropped to 33 in April from 46.1 a month earlier. The latest reading pointed to the sharpest contraction in factory activity since series began. Business closures and lockdowns due to the coronavirus pandemic contributed to a sharp drop in output and new orders.