TSX Posts 5th Consecutive Weekly Decline

The S&P/TSX Composite Index edged 0.1% lower to close at 21,555 on Friday, marking the fifth consecutive week of losses with this one ending nearly 0.4% down, as investors parsed through the latest economic data for clues on the BoC's monetary policy stance while metals prices weighed on major components.

Yearly producer prices accelerated the most since January 2023, while Canadian retail sales are expected to have dropped by 0.6% in May 2024, the sharpest decline since March 2023, erasing April's 0.7% increase.

This data underscored the hesitation to cut interest rates by the BoC seen in their latest meeting minutes, attempting to strike a balance in fighting inflation while addressing growth concerns.

Meanwhile, lower gold and copper prices dragged down major miners, with Barrick Gold losing 2.3%, Wheaton Precious 1.6%, and Agnico Eagle 1.3%.

Additionally, amid lower oil prices, Canadian Natural fell 1.4%, Suncor 1.2%, and Cenovus 0.7%.