10.10.202520:09:37UTC+00TSX Extends Falls

The S&P/TSX Composite Index fell by 1.4%, closing at 29,850 on Friday, adding to the downturn seen on Thursday. The market was negatively impacted by declines in sectors such as technology, energy, base metals, and banking. Investors were processing the latest employment figures from Canada to gauge potential future interest rate changes. In September, the Canadian economy saw an unexpected rise of 60,000 jobs, mainly attributed to growth in the manufacturing sector affected by tariffs, while the unemployment rate remained at 7.1%, slightly better than the anticipated 7.2%. In the energy sector, Canadian Natural Resources and Cenovus Energy both decreased by 4.6%, which was in line with a significant drop in oil prices exceeding 4%. The materials sector faced challenges as well, with Teck Resources declining by 4.8%. Conversely, First Quantum Minerals experienced a 2.2% drop despite JPMorgan raising its rating to 'overweight' from 'neutral'. Over the course of the week, the Canadian benchmark saw an overall decline of 2.3%.