TSX Snaps 6-day Winning Streak, Ends Modestly Lower

(RTTNews) - The Canadian stock market ended lower on Friday, snapping a six-day winning streak, as an escalation in geopolitical tensions rendered the mood bearish.

Gold and crude oil prices moved higher, extending recent gains, but investors seemed reluctant to pick up stocks, and instead, chose to take some profits.

The benchmark S&P/TSX Composite Index ended down 49.40 points, or 0.3%, at 16,525.43. The index moved in a very narrow range of about 50 points, between 16,508.42 and 16,558.88.

Healthcare and consumer staples stocks suffered sharp losses. Energy and information technology shares were weak as well, although losses posted by these two sectors were less pronounced.

Mining stocks found some support, while financial, industrial and consumer discretionary stocks turned in a mixed performance.

In the healthcare space, Canopy Growth Corp. (WEED.TO) tumbled 7.6% after the company reported a wider net loss for the fourth quarter.

Hexo Corp. (HEXO.TO) and Cronos Group (CRON.TO) lost 3.6% and 3.1%, respectively. CannTrust Holdings (TRST.TO), Bausch Health Companies (BHC.TO) and Aurora Cannabis (ACB.TO) shed 1.8 to 2%, while Sienna Senior Living (SIA.TO) declined 1.25%. Aphria Inc. (APHA.TO) bucked the trend and closed stronger by 1.8%.

Among the stocks in the Consumer Staples index, Loblaw (L.TO) and Alimentation Couche-Tard (ATD.B.TO) lost 3.2% and 3.1%, respectively. Maple Leaf Foods (MFI.TO), Weston George (WN.TO), Saputo (SAP.TO), Premium Brands Holdings Corp. (PBH.TO) and Empire Co. (EMP.A.TO) lost 1 to 1.5%.

Energy shares Crescent Point Energy (CPG.TO), Imperial Oil (IMO.TO), Husky Energy (HSE.TO), ARC Resources (ARX.TO), Cenovus Energy (CVE.TO) and PrairieSky Royalty (PSK.TO) lost 1 to 2.5%.

Among miners, Eldorado Gold (ELD.TO) and Ero Copper (ERO.TO) gained 5.6% and 5%, respectively. Pan American Silver (PAAS.TO) moved up 2.8% and Kinross Gold Corp. (K.TO) advanced by 2.2%.

Kirkland Lake Gold (KL.TO), Barrick Gold Corp. (ABX.TO), Hudbay Minerals (HBM.TO), IAMGold (IMG.TO), Methanex (MX.TO) and Agnico Eagle Mines (AEM.TO) gained 1.3 to 2%.

Among bank stocks, Laurentian Bank (LB.TO) gained about 0.8%. Canadian Imperial Bank of Commerce and Bank of Nova Scotia (BNS.TO) edged up marginally. Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO) and Bank of Montreal (BMO.TO) lost 0.4% to 0.5%.

In economic news, data from Statistics Canada showed that retail sales rose for the third consecutive month, albeit at a slower rate in April.

Retail sales edged up 0.1% month-on-month in April, following a revised 1.8% increase in the previous month. Sales were forecast to rise 0.2%.

Core retail sales, excluding motor vehicle and parts dealers, rose 0.1% on month, after a revised 1.3% gain in March. Economists has expected a 0.4% increase.

U.S. stocks ended slightly lower after a lackluster session, amid uncertainty about the near-term outlook for the markets. Traders were looking ahead to the next week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks.

Escalating tensions between the U.S. and Iran weighed as well.

The major European markets ended modestly lower, while markets across the Asia-Pacific region turned in a mixed performance.

In commodities, West Texas Intermediate crude oil futures for August ended up $0.36, or 0.6%, at $57.43 a barrel.

Gold futures for August ended up $3.20, or 0.2%, at $1,400.10 an ounce, after rising to a high of $1,415.40 an ounce in the session.

Silver futures for July ended down $0.202, at $15.290 an ounce, while Copper futures for July settled at $2.7045 per pound, down $0.0075 from previous close.