By Ketki Saxena
Investing.com -- At the close in Toronto, the S&P/TSX Composite Index was at 19,022.86 points, down 0.21% in the day’s trading, but rebounding from steep intraday losses as gains in crude helped cap further losses on the commodity-heavy Canadian index.
Canadian equities received a double whammy from jobs reports on both sides of the border: U.S. jobs were stronger than expected, raising the case for another 75 bps hike from the U.S. central bank later this month.
The Canadian economy reported job losses for the first time since January, contrary to expectations of a gain for economists. However, the unemployment rate dropped to another record low. Analysts expect the Bank of Canada to move forward with a 75 basis point hike at its next meeting on the 13th of July, as tackling out-of-control inflation firmly remains its now top priority.
The Canadian index was also weighed by further declines in copper, following concerns of renewed lockdowns in Shanghai and a drop in demand from top consumer China, and gold, which continues to be pressured by a surging dollar.
Further losses on the TSX were capped by oil prices, which rose about 2% in volatile trade on Friday on worries of tight supply. Supply is set to become further constrained following the Russian-court-ordered shutdown of the Caspian Pipeline Consortium, through which roughly 1% of total global supply flows.
However, crude closed the week at a loss as worries of recession-driven demand destruction continued to weigh on investors.
The biggest gainers of the session today were Converge Technology Solutions Corp (TSX:CTS), which rose 4.44% or 0.24 points to trade at 5.64 at the close. Aritzia Inc (TSX:ATZ) added 4.17% or 1.51 points to end at 37.70 and Park Lawn Corp was up 3.43% or 1.14 points to 34.39 in late trade.
Canadian miners were the Biggest losers today, including Capstone Mining Corp (TSX:CS) which lost 10.22% or 0.33 points to trade at 2.90 in late trade. HudBay Minerals Inc (TSX:HBM) declined 7.63% or 0.40 points to end at 4.84 and First Quantum Minerals (TSX:FM) Ltd shed 6.40% or 1.71 points to 25.00.
In New York, the Dow Jones Industrial Average declined 0.15%, while the S&P 500 index lost 0.08%, and the NASDAQ Composite index added 0.12%.
Wall Street closed another volatile day on a mixed note - but in positive territory, for the week as investors eased Fed rate hike bets amid mounting indicators of economic slowdown.