TSX Prospers on Day, Week
The TSX Composite rose 32.92 points to conclude Friday at 21,255.61. On the week, the index gained 250 points, or 1.9%.
The Canadian dollar moved backwards 0.09 cents at 74.15cents U.S.
Communications led the parade, with Cogeco Communications soaring $1.14, or 1.9%, to $62.66, while Quebecor advanced 46 cents, or 1.5%, to $31.77.
In materials, Ero Copper flew $1.58, or 7.8%, to $21.95, while Capstone Mining took on 35 cents, or 5.2%, to $7.04.
Gold stocks flourished, as OceanaGold jumped seven cents, or 2.6%, to $2.78, while Torex Gold collected 29 cents, or 2.1%, to $13.97.
Techs weighed things down, though, with Coveo Solutions off 54 cents, or 4.7%, to $10.93, while Softchoice sank 58 cents, or 3.2%, to $17.62.
In real-estate, Choice Properties REIT gave back 18 cents, or 1.3%, to $13.53, while FirstService weakened $2.65, or 1.2%, to $222.99.
Utilities were also in the minus category, with Innergex Renewables lower 30 cents, or 3.9%, to $7.37, while Boralex losing 78 cents, or 2.5%, to $30.05.
Canadian markets will be closed on Monday on account of Family Day.
On the economic front, Statistics Canada says Canadian investors acquired an unprecedented $29.4 billion of foreign securities in December, led by a record investment in foreign shares. Meanwhile, foreign investment in Canadian securities totaled $10.4 billion, mainly in debt instruments.
As well, wholesale sales grew 0.3% to $82.9 billion in December.
ON BAYSTREET
The TSX Venture Exchange gained 4.27 points Friday to 556.76, for a gain on the week of nine points, or 1.65%.
Eight of the 12 subgroups moved forward, with communications growing 1%, materials up 0.9%, and gold better by 0.5%.
The four laggards were weighed most by information technology, backpedaling 1.4%, while real-estate and utilities each backpedaled, each off 0.3%.
ON WALLSTREET
Stocks slid Friday, after yet another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year.
The Dow Jones Industrials faltered 145.13 points to conclude Friday at 38,627.99.
The S&P 50 backed off 24.16 points to 5,005.57.
The NASDAQ index surrendered 130.52 points to 15,775.65.
This week’s whiplash action put Wall Street in danger of snapping a five-week winning streak. The S&P 500 is now down 0.2% for the week, while the Dow is hovering around the flatline. The NASDAQ was poised to slide 0.6%.
A.I. darling Nvidia remained higher Friday as it got another uber-bullish call from a Wall Street analyst, with Loop Capital saying it was set to eventually top $1,200. Applied Materials popped 8% on stronger-than-expected earnings.
Shares of food delivery service DoorDash dropped 9% on a wider-than-expected loss, while digital advertising company Trade Desk popped about 19% after topping analysts’ fourth-quarter revenue estimates and offering an upbeat outlook for the first quarter.
The producer price index for January, a measure of wholesale inflation, increased 0.3%. Economists polled by Dow Jones had anticipated a gain of 0.1%. Excluding food and energy, core PPI rose increased 0.5%, higher than the expectations for a 0.1% advance.
Prices for the 10-year Treasury dropped, raising yields to 4.29% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices added $1.18 to $79.21 U.S. a barrel.
Gold prices recovered $9.40 to $2,024.30.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
