TSX Retreats After Hitting Fresh High, Ends Slightly Weak

(RTTNews) - Despite hitting a fresh record high in early trades, the Canadian stock market closed slightly weak on Friday as investors largely stayed on the sidelines, looking for direction.

Despite continued optimism about earnings and growth, worries about surging cases of the Delta variant of the coronavirus weighed on sentiment and rendered the mood cautious.

The benchmark S&P/TSX Composite Index, which hit a new high at 20,567.11, ended the session with a loss of 2.53 points or 0.01% at 20,518.07.

Materials shares moved higher thanks to firm bullion prices. Energy and healthcare shares drifted lower, while shares from all other sectors turned in a mixed performance.

Among materials shares, Pretium Resources (PVG.TO) soared nearly 17%. "We accomplished another profitable quarter with $152.3 million in revenue, generated $50.7 million in free cash flow and we have reached a key turning point where our cash position now exceeds our debt," said Jacques Perron, President and Chief Executive Officer of Pretivm.

Iamgold Corp (IMG.TO), Yamana Gold (YRI.TO), MAG Silver Corp (MAG.TO), Equinox Gold (EQX.TO), Ssr Mining (SSRM.TO), Kirkland Lake Gold (KL.TO), Silvercrest Mining (SIL.TO) and Wheaton Precious Metals (WPM.TO) gained 3 to 5%.

Energy stocks Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO), PrairieSky Royalty (PSK.TO) and Cenovus Energy (CVE.TO) lost 2.4 to 3%.

In the healthcare section, Tilray Inc (TLRY.TO) declined 5.45%, while Aurinia Pharmaceuticals (AUP.TO), Aurora Cannabis (ACB.TO), Cronos Group (CRON.TO) and Canopy Growth Corp (WEED.TO) lost 2.7 to 3.5%.

Trillium Therapeutics Inc (TRIL.TO) gained about 2.4% after the company reported net loss of $18.4 million for the second quarter ended June 30, 2021, compared to net loss of $23.2 million in the year-ago quarter. Net loss per share dropped to $0.18 in the latest quarter, from $0.28 per share a year ago.

Organigram Holdings (OGI.TO) surged up 7.4%, Chartwell Retirement Residences (CSH.UN.TO) gained 2.4% and Bausch Health Companies (BHC.TO) gained 1.3%.

Data released by Statistics Canada this morning said the industrial product price index in Canada went up 0.1% month over month in July 2021, following an upwardly revised 0.3% rise in the prior month, according to a preliminary estimate. Year-over-year, the index advanced 16.2%, after an upwardly revised 17.4% jump in the previous month.