TSX Pulls Back from Record High and Weekly Gains

The S&P/TSX Composite Index fell about 0.6% to below the 31,300 level on Friday afternoon, surrendering record highs and finishing a choppy week down roughly 0.3% as investors absorbed stronger-than-expected Canadian labour data that dimmed hopes for further Bank of Canada cuts.

Unemployment unexpectedly slipped to a 16-month low, though much of the job growth was part-time, underscoring a smaller pocket of slack and strengthening the case for the BoC to hold policy steady.

Weakness was broad-based: Shopify and Agnico Eagle each fell 2.6%, Imperial Oil dropped 2.6%, Suncor eased 2.1% and Cameco led decliners down 3.9%, while lenders outperformed with TD Bank and BMO up about 1.0% each after upbeat results that had helped lift the market to a record in the prior session.