On Friday, the Canadian market concluded trading with a downturn, primarily impacted by losses in technology stocks. This decline was in tandem with a sell-off in the tech sector on Wall Street, as yields on the 10-Year U.S. Treasury Note ascended to a nearly eight-month peak.
While healthcare stocks experienced some upward movement, the performance across other sectors was mixed. The S&P/TSX Composite Index recorded a decrease of 50.42 points, or 0.2%, closing at 24,796.40. During the day, it fluctuated between an intraday low of 24,701.20 and a high of 24,876.75.
Hut 8 Corp (HUT.TO) saw a significant drop of over 8%. Alongside, ATS Corporation (ATS.TO) fell by 3.3%. Other notable declines included TFI International (TFII.TO), Shopify Inc (SHOP.TO), Canadian Imperial Bank of Commerce (CM.TO), Rogers Communications (RCI.A.TO), Kinaxis Inc (KXS.TO), goeasy Ltd. (GSY.TO), Morguard Corporation (MRC.TO), Imperial Oil (IMO.TO), and Descartes Systems Group (DSG.TO), each registering a decrease between 1% and 2.3%.
Conversely, Quebecor Inc (QBR.A.TO), Onex Corporation (ONEX.TO), Bombardier Inc (BBD.A.TO), CAE Inc (CAE.TO), and Versa Bank (VBNK.TO) posted gains of 2% to 3%. Additionally, Methanex Corporation (MX.TO), Aritzia Inc (ATZ.TO), Open Text Corporation (OTEX.TO), Great-West Lifeco (GWO.TO), and Cogeco Communication (CCA.TO) closed the day with notable profitability.
Sierra Metals Inc. (SMT.TO) saw an increase of approximately 1.2%. The company disclosed on Thursday that a majority of its shareholders have agreed not to sell their shares if Alpayana S.A.C. proceeds with its proposed unsolicited all-cash takeover bid, offering C$0.85 per share for all outstanding common shares of Sierra Metals.