TSX Fails To Hold Gains, Ends Flat

The Canadian market rallied after a slightly weak start on Friday, but shed gains gradually towards the end of the session and finally settled flat.

Worries that aggressive rate hikes by central banks could hurt growth and push global economy into a recession weighed on the market towards the later part of the day's session.

The benchmark S&P/TSX Composite Index, which rallied to 18,685.04, gaining nearly 250 points in the process, ended with just a marginal gain of 2.38 points or 0.01% at 18,444.22.

Real estate and materials shares closed with strong gains. Consumer staples and industrials shares drifted lower. Consumer discretionary stocks also ended mostly lower.

Dye & Durham (DND.TO) soared 9.25%. CCL Industries (CCL.B.TO), Canadian Apartment Properties (CAR.UN.TO), CCL Industries (CCL.A.TO), Wheaton Precious Metals (WPM.TO), Agnico Eagle Mines (AEM.TO), Colliers International (CIGI.TO) and Franco-Nevada Corporation (FNV.TO) gained 2 to 4%.

Cargojet (CJT.TO), TFI International (TFII.TO), BRP Inc (DOO.TO), Canadian Pacific Railway (CP.TO), Loblaw Companies (L.TO), Ritchie Bros. Auctioneers (RBA.TO) and George Weston (WN.TO) shed 1.4 to 4%.

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