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CANADA STOCKS-TSX gives back much of weekly gain after mixed corporate earnings
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CANADA STOCKS-TSX gives back much of weekly gain after mixed corporate earnings
Feb 14, 2025 1:37 PM

*

TSX ends down 0.8% at 25,483.23

*

Materials group loses 2.7% as gold falls

*

MTY Foods Group tumbles 11.9% on revenue miss

*

Magna ends 4.7% lower after weak revenue forecast

(Updates at market close)

By Fergal Smith

Feb 14 (Reuters) - Canada's main stock index fell on

Friday, weighed by declines for metal mining and consumer

discretionary shares, as weaker-than-expected U.S. retail sales

data and mixed corporate earnings encouraged investors to pocket

much of this week's gains.

The S&P/TSX composite index ended down 215.28

points, or 0.8%, at 25,483.23. For the week, the index was up

0.2%.

"With a long weekend approaching in North America, traders

appear inclined to take profits following yesterday's rally,"

Colin Cieszynski, chief market strategist at SIA Wealth

Management, said in a note. "Soft US retail sales and mixed

earnings don't appear to be helping sentiment either."

U.S. retail sales dropped by the most in nearly two years in

January, likely weighed down by frigid temperatures, wildfires

and motor vehicle shortages, suggesting a sharp slowdown in

economic growth early in the first quarter.

Canada sends about 75% of its exports to the United States

which has threatened to impose tariffs on global trading

partners.

As the threat of a trade war grows, Canadian investors are

seeking protection in gold and in shares of companies producing

goods with few substitutes, such as uranium, while looking to

take advantage of a weaker loonie and expected volatility.

The materials group, which includes fertilizer companies and

metal mining shares, fell 2.7% as copper and gold

prices dropped. Gold was pulling back from a record high.

The price of oil settled 0.8% lower at $70.74 a barrel,

which weighed on energy shares. The energy sector was down 1%

and consumer discretionary ended 1.9% lower.

MTY Food Group ( MTYFF ) shares tumbled 11.9% after the

restaurant chain reported fourth-quarter revenue below

estimates. Shares of Magna International ( MGA ) were down 4.7%

after the auto parts maker cut its 2026 sales estimate and

offered a weak revenue forecast for this year.

The TSX is set to be closed on Monday for the Family Day

holiday.

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