Stocks in Toronto finished the week much the same way they started, moving doggedly ahead Friday
The TSX Composite Index was up 21.89 points, to close out Friday at 23,054.61. On the week, the index 743 points, or 3.33%.
The Canadian dollar gained 0.27 cents to 73.08 cents U.S.
Hydro One has priced an offering of $1.2 billion of medium-term notes. Hydro One shares had recovered from morning losses, fighting their way back to a gain of three cents to $44.31.
The financial sector was lifted by gains in Sprott Inc shares of $1.20, or 2.1%, to $57.63, after the investment management firm posted better-than-expected second-quarter profit.
New Gold shares rose 21 cents, or 4.9%, to $3.51, after National Bank of Canada raised price target on the gold miner’s stock. Its leading cohort in the gold patch was OceanaGold, gaining 14 cents, or 4.1%, to 3.56.
In materials, Ivanhoe Mines took on 95 cents, or 5.8%, to $17.21, while K92 Mining advanced 75 cents, or 6%, to $7.82.
Elsewhere in financial stocks, CIBC hiked $1.20, or 1.7%, to $71.93.
Energy stocks took a pounding, though, Advantage Oil sliding 24 cents, or 2.4%, to $9.68, while Cenovus Energy dropped 51 cents, or 1.9%, to $26.80.
In the industrial sector, Brookfield Business Partners sank $1.05, or 3.8%, to $26.65, while Toromont Industries fell $2.28, or 1.8%, to $122.28.
In communications, Cogeco Communications faltered $1.24, or 2%, to $63.57, while Quebecor turned lower 23 cents to $33.31.
On the economic beat, Statistics Canada told us manufacturing sales declined 2.1% in June, mainly on lower sales of transportation equipment, chemicals, and primary metals, while housing starts zoomed to 279,000 in July from 241,000 in June.
Also, Canadian investors increased their exposure to foreign securities by $16.4 billion in June, mainly in U.S. shares. Meanwhile, foreign acquisitions of Canadian securities slowed to $5.2 billion in June, down from significant investments in the previous two months.
ON BAYSTREET
The TSX Venture Exchange triumphed 8.09 points, or 1.5%, to 566.41, for a gain of nearly 29 points, or 5.4% over the last five sessions.
Seven of the 12 TSX subgroups regained lost ground, buoyed most by gold, ahead 2.4%, materials, ahead 1.4%, and financials, richer by 0.4%.
The five laggards were weighed most by energy, down 1%, industrials, giving up 0.6% and communications, settling 0.4%.
ON WALLSTREET
U.S. stocks rose on Friday as investors closed out the best week of 2024, part of a market comeback from a violent rout to begin August.
The Dow Jones Industrial index regained 96.7 points to close out Friday at 40,659.76.
The S&P 500 index gained 11.03 points to 5,554.25.
The NASDAQ moved lower 37.22 points to 17,631.72.
For the week, the S&P 500 added nearly 4%, its best week since November 2023. The Nasdaq gained 5% while the 30-stock Dow has advanced 3% on the week.
Following the comeback this week, the S&P 500 is now just 2% away from its mid-July record high. Data this week helped assuage a jittery market. Retail sales data released Thursday came in much stronger than economists expected, while weekly jobless claims fell. Both offered evidence that recession fears, which helped spark a global selloff earlier this month, were overblown. Inflation readings released earlier this week also bolstered hopes that a soft landing scenario was still possible.
Shares of Nvidia are among the biggest winners in technology stocks on the week with a gain of more than 18%. Apple picked up roughly 3% on the week, and Microsoft advanced 3%.
Prices for the 10-year Treasury gained a bit, lowering yields to 3.88% from Thursday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.47 at $76.73 U.S. a barrel.
Gold prices rallied $54.40 to $2,546.80.
