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You are at:Home»Business»TSX Barrels to All-Time High
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TSX Barrels to All-Time High

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(REVISED TO REFLECT WEEKLY GAINS BY TSX VENTURE)

Toronto stocks went resolutely up Friday to end a successful week, led by tech and energy stocks, as news also came in from the trade front involving neighbours Canada and the U.S.

The TSX Composite Index barged ahead 277.7 points, or 1%, to conclude Friday and the week at 28,333.13, for a gain on the week of 427.64 points, or 1.53%

The Canadian dollar climbed 0.39 cents to 72.33 cents U.S.

Techs led the way Friday, as Celestica collected $9.75, or 3.9%, to $262.04, while Lightspeed Commerce jumped 70 cents, or 4.3%, to $16.99.

Cenovus Energy jumped $1.53, or 7.2%, to $22.70. after the oil and gas producer agreed to buy MEG Energy in a cash-and-stock deal valued at $7.9 billion including debt. MEG shares grabbed 37 cents, or 1.3%, to $27.93.

In materials, Teck Resources hiked $2.34, or 5.3%, to $46.49, while Methanex shares took on $2.54, or 5.4%, to $49.59.

Consumer staples wavered, though, as George Weston dipped $3.61, or 3.9%, to $88.53, while Empire Company withered $1.66, or 3%, to $54.08.

In telecoms, BCE dropped 50 cents, or 1.4%, to $35.22, while Quebecor sank 22 cents to $40.62.

Health-care also backtracked Bausch Health Companies gave back seven cents to $10.36, and Chartwell Retirement Residences sank six cents to $18.24.

Canada removed many of its retaliatory tariffs on the U.S. on Friday, marking a significant step forward in the two countries’ relationship.

Canada in March imposed counter-tariffs of 25% on a long list of U.S. products that fall in line with the North American trade deal after the U.S. had announced 25% duties on steel and aluminum.

Notably, Canada’s 25% tariffs on U.S. autos, steel and aluminum will remain in place for now, Canadian Prime Minister Mark Carney said in a press conference Friday.

The change will go into effect on Sept. 1, Carney added, saying he believes Canada has the best trade deal out of all of the countries working with the U.S.

In other macroeconomic news, Statistics Canada said retail sales increased 1.5% to $70.2 billion in June. Sales were up in all nine subsectors and were led by increases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchange popped 17.28 points, or 2.2%, to 803.61, for a gain on the week of 12.84 points, or 1.62%.

Eight of the 12 TSX subgroups were gainers Friday with information technology popping 2.8%, while shares in energy jumped 1.2%, and material stocks flew 1.4%.

The four laggards were weighed most by consumer staples, down 1.8%, telecoms, down 0.6%, and health-care, off 0.3%.

ON WALLSTREET

The Dow Jones Industrial Average rallied to an all-time high Friday after Federal Reserve Chair Jerome Powell signaled the central bank could begin easing monetary policy next month.

The 30-stock index popped 846.24 points, or 1.9%, to close Friday at 45,631.74.

The S&P 500 revived 96.73 points, or 1.5%, to 6,466.90.

The NASDAQ surged 396.22 points, or 1.9%, to 21,496.54.

Both the 30-stock Dow and S&P 500 were now headed for a weekly advance, while the NASDAQ cut its weekly losses significantly.

Shares of megacap technology stocks soared on Powell’s comments. Nvidia added 1.3%, while Meta, Alphabet and Amazon each climbed more than 2%. Tesla shares jumped about 5%.

In a tepid speech at the central bank’s annual conclave in Jackson Hole, Wyoming, Powell said that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

Powell added that “the balance of risks appear to be shifting” between the Fed’s dual mandate of full employment and stable prices. He cited “sweeping changes” in tax, trade and immigration policies.

Expectations for a 0.25 percentage-point rate cut in September skyrocketed to roughly 91% following the speed from about 75% earlier in the week,

Recently, the prospect of lower interest rates helped bolster parts of the market that have missed out on this year’s rally, with investors dumping megacap tech for small caps and value plays. However, a more hawkish outlook from Powell could throw cold water on the market.

Prices for 10-year Treasury moved upward Friday, reducing yields to 4.26% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices moved higher 18 cents to $67.85U.S. a barrel.

Gold prices rocketed $34.80 at $3,416.60 U.S. an ounce.

Dow Moves Skyward as Powell Speech Sparks Rally



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