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You are at:Home»Business»TSX Explodes on Week, Fades Slightly Friday
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TSX Explodes on Week, Fades Slightly Friday

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Equities in Canada’s largest centre pointed downward as the closing bell sounded on Friday. Investors awaited a high-stakes meeting between U.S. President Donald Trump and Russian leader Vladimir Putin on a potential path to ending the war in Ukraine.

The TSX Composite Index faded 10.50 points to close Friday at 27,905.49. On the week, however, the index prospered 885 points or 3.28%.

The Canadian dollar inched up 0.01 cents to 72.40 cents U.S.

Consumer discretionary stocks weighed heaviest on the market Friday, as BRP Inc. dropped $1.33, or 1.7%, to $78.16, while Magna International dished off 60 cents, or 1%, to $61.17.

In energy, Terravest swooned $3.82, or 2.7%, to $138.96, while Pason Systems lost 18 cents, or 1.6%, to $11.20.

In financials, goeasy shares slumbered $2.95, or 1.4%, to $204.34, while IA Financials let go of $1.65, or 1.1%, to $147.35.

Health-care led weekly gains after a 3.7% rise on the day, boosted by a jump of $1.17, or 11.3%, in Bausch Health Companies to $11.55, while shares in Chartwell Retirement Residences poked ahead 13 cents to $18.35.

In telecoms, BCE soaring 35 cents, or 1%, to $35.58, while Quebecor vaulted 41 cents to 1%, to $40.40.

In gold stocks, Aya Gold and Silver tacked on 43 cents, or 3.6%, to $12.34, while Kinross Gold advanced 55 cents, or 2.1%, to $26.69.

It’s been a busy day on the economic slate. Home sales across Canada rose 6.6% in July from a year earlier, according to the Canadian Real Estate Association. Home sales rose 3.8% on a month-over-month basis from June, with transactions up a cumulative 11.2% since March of this year.

Statistics Canada says manufacturing sales rose by 0.3% in June, driven by higher sales of petroleum and coal as well as food products. Meanwhile, the transportation equipment subsector posted the largest decline.

New motor vehicle sales totaled 177,313 in June, increasing 6.2% from June 2024, and wholesale sales rose 0.7% to $84.7 billion in June.

ON BAYSTREET

The TSX Venture Exchange took the “up” elevator 10.96 points, or 1.4%, Friday to 790.77, improving 3.5 points on the week, or 0.45%.

Seven of the 12 TSX subgroups were still positive helped mostly by health-care, booming 4%, telecoms climbing 0.9%, and gold, up 0.7%.

The five laggards were weighed by consumer discretionary stocks, off 0.3%, energy, down 0.2%, and financials, poorer by 0.1%.

ON WALLSTREET

The S&P 500 slipped on Friday after hitting a record high, as investors took some gains off the table after a strong week.

The Dow Jones Industrial Average grew 34.86 points to 44,946.12, thanks to a 14% jump in UnitedHealth.

The much-broader index sagged 18.75 points to close the day and the week at 6,449.79.

The NASDAQ fell 87.69 points to 21,622.98.

A decline in chip stocks and weak consumer sentiment data hurt in the market Friday. Applied Materials fell 14%. Nvidia also lost 2%.

The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month.

Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation.

The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month.

July’s retail sales data, released on Friday morning, also painted a still-healthy picture for the U.S. consumer. Retail sales rose 0.5% last month, meeting expectations from the Dow Jones consensus. Retail sales excluding automobiles gained 0.3%, also matching estimates.

Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation.

Prices for 10-year Treasury lost ground Thursday, raising yields to 4.32% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices dipped 84 cents to $63.12 U.S. a barrel.

Gold prices skidded 60 cents to $3,382.60 U.S. an ounce.



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