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Toronto Stocks Flat as Q3 Ends

Baystreet - Fri Sep 29, 2023
Canada's main stock index edged higher on Friday, the last trading day of the quarter, as softer-than-expected GDP data bolstered hopes of a rate pause by the Bank of Canada, even as it heads to mark its worst quarter in more than a year.

The TSX Composite Index gained 6.27 points, down from its highs of the morning, to pause for lunch Friday at 19,597.01.

The Canadian dollar eked lower 0.02 cents at 73.89 cents U.S.

The benchmark index is on track to mark its worst quarter since June 2022 while also clocking its worst month since May.

Consumer discretionary shares gained on a jump of $1.92, or 8.6%, in Aritzia Inc shares to $24.24, after the apparel design house beat quarterly result estimates.

On the economic slate, Statistics Canada reported July GDP numbers were essentially unchanged, as services-producing industries edged up 0.1%, while goods-producing industries contracted 0.3%.


ON BAYSTREET

The TSX Venture Exchange fell 1.61 points to 555.29.

Seven of the 12 TSX subgroups were higher, with information technology stocks rising 1.3%, consumer discretionary stocks taking on 0.8%, while real-estate plays were stronger 0.6%.

The five laggards were weighed by consumer staples, down 0.9%, utilities, slumping 0.7%, and energy, off 0.5%.

ON WALLSTREET

The S&P 500 advanced on Friday as the latest inflation data helped investors make up some ground at the end of a tough month and quarter.

The Dow Jones Industrials moved into the red 62.31 points to move into afternoon at 33,604.03.

The much-broader index added 5.3 points to 4,305.

The NASDAQ index sprang up 78.55 points to 13,280.79.

The S&P 500 is set to finish the month down 4% and the quarter lower by 2.8%. The NASDAQ Composite is off 5% in September, and down 3.3% for the quarter. Both are on track to post their worst months this year. The Dow is on track for a 2.6% decline this month and a 1.7% fall for the quarter.

Nike shares added more than 6% after the apparel giant reported fiscal first-quarter earnings that beat analyst expectations.

Friday’s personal consumption expenditures price index reading, the Federal Reserve’s preferred inflation metric, helped perk up the market.

So-called core PCE, which strips out volatile food and energy prices, rose 0.1% in August and 3.9% year over year. Economists polled by Dow Jones expected that the core PCE would advance 0.2% on a monthly basis and 3.9% year over year.

Prices for the 10-year Treasury took on some strength, lowering yields to 4.56% from Thursday’s 4.58%. Treasury prices and yields move in opposite directions.

Oil prices slid 83 cents to $90.88 U.S. a barrel.

Gold prices ducked back $7.60 to $1,870.80.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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