The stock market in Toronto experienced minimal movement during mid-trading on Friday. Following a modest decline on Thursday, the S&P/TSX Composite Index did not show any significant shifts and remained in negative territory for the year.
Job Growth Exceeds Market Expectations
Canada’s economy saw a net increase of 37,300 jobs in January, after experiencing little change in employment over the previous three months. This surpassed market expectations which predicted only 15,000 new jobs.
During the trading session, losses were primarily seen in producer manufacturing, consumer durables, and materials. On the other hand, the tech sector saw significant gains. Commercial services and tech services followed with more distant results.
At midday, Canada’s S&P/TSX Composite Index slightly declined by 0.03% to reach 20,913.21 points. Simultaneously, the blue-chip S&P/TSX 60 index remained steady at 1,264.10 points.
Magna International Faces Share Price Drop
Magna International, a leading automotive parts supplier, saw its shares decrease by 7.6% to reach 72.87 Canadian dollars. This decline was triggered by the company’s latest quarter earnings falling short of expectations.
Other Notable Market Movements