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TSX Ends Session Moderately Lower, But Gains 1.86% In Week

The Canadian stock market ended weak on Friday after languishing in negative territory right through the day's session as weak economic data hurt sentiment.

Worries about an escalation in U.S.-China tensions after Beijing approved a controversial security law for Hong Kong and U.S. President Donald Trump's decision to remove special exemptions for Hong Kong too contributed to the market's weakness.

The benchmark S&P/TSX Composite Index ended down 69.90 points, or 0.46%, at 15,192.83, about 100 points off the day's low of 15,092.89. The index gained 1.86% in the week.

Healthcare stocks were the most prominent losers. The Capped Healthcare Index tumbled as much as 7.57%. Financial and energy stocks too closed on a weak note.

Information technology stocks gained in strength, and pushed the Capped Information Technology index up by 1.53%. Materials, consumer discretionary and industrial shares turned in a mixed performance.

Hexo Corp (HEXO.TO) declined 8.6%. Husky Energy (HSE.TO), Bombardier Inc. (BBD.B.TO) and Baytex Energy (BTE.TO) lost 4.5 to 7.4%. First Quantum Minerals (FM.TO), PrairieSky Royalty (PSK.TO), Suncor Energy (SU.TO), Manulife Financial Corporation (MFC.TO) and Kinross Gold (K.TO) also ended notably lower on huge volumes.

Pan American Silver Corp (PAAS.TO) soared more than 9%. B2Gold Corp (BTO.TO) and Yamana Gold (YRI.TO) gained 6.5% and 5.2%, respectively.

West Fraser Timber (WFT.TO), Bank of Nova Scotia (BNS.TO), National Bank of Canada (NA.TO), Royal Bank of Canada (RY.TO) and Canadian Imperial Bank of Commerce (CM.TO) lost 1.75% to 5%.

Descartes Systems Group (DSG.TO), Kinaxis Inc. (KXS.TO) and Enghouse Systems (ENGH.TO) gained 4 to 5%.

The Canadian economy shrank 2.1% on quarter in the first quarter of this year, after expanding 0.1% in the previous period. It was the sharpest contraction since the first quarter of 2009.

On annualized basis, GDP growth decreased to -8.2% in the first quarter of 2020 from 0.6% in the fourth quarter of 2019.

The industrial product price Index in Canada declined 2.3% month-over-month in April, after falling 0.9% in the previous month. It was the fourth consecutive monthly decrease and the largest decline since December 2008.

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