TSX Shed Nearly 1% As Resources, Financial Shares Drift Lower

(RTTNews) - The Canadian stock market ended notably lower on Friday, dragged down by losses in materials, energy and financial sectors.

Investors were reluctant to pick up stocks amid worries about inflation and prospects of the U.S. Federal Reserve withdrawing stimulus sooner than anticipated.

The benchmark S&P/TSX Composite Index, which plunged nearly 300 points to 17,929.99 in early trades, briefly edged above the flat line around early afternoon but slid again to eventually close with a loss of 163.28 points or 0.9% at 18,06026. The index shed about 1.6% in the week.

Materials shares tumbled as gold and silver prices declined sharply. The Capped Materials Index shed 3.29%. Pretium Resources (PVG.TO), Eldorado Gold (ELD.TO), MAG Silver Corp (MAG.TO) and Centerra Gold (CG.To) lost 8 to 9%.

First Quantum Minerals (FM.TO), Hudbay Minerals (HBM.TO), Pan American Silver Corp (PAAS.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Kinross Gold (KL.TO), Kirkland Lake Gold (KL.TO) and Wheaton Precious Metals (WPM.TO) also declined sharply.
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