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Stocks Finish Week with Gains, Though Week Ends up Weaker

Baystreet - Fri Aug 4, 3:24PM CDT
Stocks in Canada’s largest market came out of the pit Friday to gain strength to end the week, as resources and utilities teamed up to provide the pull upward.

The TSX rose 115.30 points, to wind up the week’s last session at 20,236.04. On the week, the index dumped 283.3 points, or 1.39%.

The Canadian dollar weakened 0.19 cents to 74.71 cents U.S.

Canadian markets will be closed Monday for Civic Holiday.

In the gold sector, Kinross Gold vaulted 33 cents, or 5.2%, to $6.55, while Sandstorm Gold captured 19 cents, or 2.7%, to $7.16.

In other resource areas, Fortuna Silver Mines took on a dime, or 2.3%, to $4.48, while SilverCrest Metals gained 20 cents, or 3.4%, to $6.12.

Utilities scored big, with TransAlta picking up 28 cents, or 2.1%, to $13.60.

Health-care issues, on the other hand, proved an anchor on the markets, as Tilray sank 14 cents, or 4.3%, to $3.09, while Bausch Health Companies let go of 49 cents, or 3.9%, to $12.11.

In tech issues, Bitfarms shed seven cents, or 3.2%, to $2.11, while HUT 8 Mining lost 18 cents, or 4.1%, to $4.17.

In consumer discretionary stocks, Magna International faded $2.77, or 3.3%, to $81.59, while Aritzia dipped 55 cents, or 2.2%, to $25.03.

On the economic slate, Statistics Canada reports the economy lost 6,000 jobs in July, boosting the unemployment rate 0.1 percentage points to 5.5%.

The IVEY PMI for July measured 48.6, compared to 50.2 in June and 57 in July 2022.

ON BAYSTREET

The TSX Venture Exchange tacked on 4.08 points to 615.72, but on the week, the index stumbled 9.4 points, or 1.5%.

All but three of the 12 TSX subgroups were in the green on the day, with gold brighter 1.4%, utilities, ahead 1.3%, and materials, stronger by 1.2%.

The three laggards were health-care, sinking 2%, information technology stocks, off 0.8%, and consumer discretionary, off 0.04%.

ON WALLSTREET

Stocks fell Friday as traders appeared to book profits following the latest batch of corporate earnings releases and new U.S. jobs data.

The Dow Jones Industrials crumbled 150.23 points to end Friday at 35,065.22.

The S&P 500 index handed back 23.86 points to 4,478.03.

The NASDAQ index retreated 50.48 points to 13,909.24.

All the major indexes ended the week lower. The NASDAQ slid 2.8% and S&P 500 was down about 2.3%. The Dow moved 1% lower on a week-to-date basis.

Friday marked the final day of what’s been the busiest week of second-quarter earnings season. Amazon jumped 8.3% to its highest level in nearly a year after trouncing expectations on profit and offering positive guidance. Apple lost 4.8% after reporting lower revenue than the year-ago quarter.

In a sign of the boom in travel and services demand, Booking Holdings gained 7.9% on stronger-than-expected results. Amgen popped 5.5% on solid earnings and a boosted guidance.

Earnings reports this season for the quarter ended in June have continued to surprise some Wall Street analysts as the expected slowdown in profits proves less than feared. About 84% of S&P 500 companies have given results, with 80% surpassing Wall Street expectations,

Investors also got another hint into the state of the labour market, with Friday’s payrolls report. The data showed 187,000 jobs added in July, less than the 200,000 expected by economists polled by Dow Jones. The unemployment rate also ticked lower to 3.5% from 3.6%.

Despite the cooler headline numbers, average hourly wages pointed toward more inflation and came in ahead of expectations, rising 0.4% for the month, and 4.4% on an annualized basis. That came in slightly ahead of the 0.3% and 4.2% expected, respectively.

Prices for the 10-year Treasury gained sharply, lowering yields to 4.04% from Thursday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.08 to $82.63 U.S. a barrel.

Gold prices improved $7.80 to $1,976.60 U.S. an ounce.


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