TSX Rockets to Close Short Week



Canadian stocks joined their American cousins into the sky Friday, with particular oomph from resource and tech issues.

The TSX Composite muscled higher 95.07 points to finish a short week at 21,413.15. On a four-day week, the index gained 157 points, or 0.74%. Markets in Canada were closed for Monday for Family Day.

The Canadian dollar subsided 0.12 cents to 74.05 cents U.S.

Gold stocks ruled the roost Friday, with Wesdome Gold Mines climbing 35 cents, or 3.9%, to $9.30, while Lundin Gold piled on 69 cents, or 4.5%, to $15.90.

In other resource stocks, SSR Mining grabbed 35 cents, or 6%, to $6.23, while Orla Mining progressed 18 cents, or 3.8%, to $4.98.

Techs celebrated as well, with Docebo, flying $10.56, or 17.1%, to $72.18, while Lightspeed Commerce added 77 cents, or 4.4%, to $18.35.

Health-care concerns were not so well, however, with Bausch Health Companies doffing 19 cents, or 1.5%, to $12.36, while Tilray docked three cents, or 1.2%, to $2.38.

In utilities, Superior Brands shed 34 cents, or 3.5%, to $9.26, while Northland Power dipped 74 cents, or 3.1%, to $23.06.

Communications were also wounded, with Cogeco Communications lost 81 cents, or 1.3%, to $60.27, while Quebecor slipped 41 cents, or 1.3%, to $30.34.

ON BAYSTREET

The TSX Venture Exchange lost 5.11 points to 548.14, sending the index down 8.6 points on the week, or 1.55%.

Eight of the 12 subgroups were higher by the close, with gold gaining 1.9%, materials soaring 1.4%, information technology better by 1.2%.

The four laggards were weighed down by health-care, off 0.8%, utilities, negative 0.3%, and communications, down 0.2%.

ON WALLSTREET

The S&P 500 stabilized Friday after hitting another record as investors looked to end the week on a high note.

The Dow Jones Industrials gained 62.42 points to end the week at a brand-new high of 39,131.53.

The much-broader index eked up 1.77 points to 5,088.80.

The NASDAQ index lost 44.8 points to 15,996.82.

On the corporate earnings front, Block surged more than 18% after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 31% after the used car retailer said it expects retail units to grow in 2024.

Wall Street is coming off a monster session as Nvidia shares roared higher on strong quarterly results, leading the chipmaker to surpass a $2 trillion valuation. The S&P 500 had best day since January 2023, while the Nasdaq Composite popped 3% for its best session since February 2023. The 30-stock Dow gained 1.2%.

All three major averages are on track for winning weeks. The S&P 500 is pacing for a 1.8% advance, while the tech-heavy NASDAQ has gained roughly 1.6% so far this week. The Dow is up 1.4% for the period.

All three major averages are on track for winning weeks. The S&P 500 is pacing for a 1.6% advance, while the tech-heavy Nasdaq has gained 1.3% so far this week. The Dow is up 1.5% for the period.

Prices for the 10-year Treasury vaulted, lowering yields to 4.25% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices slid $2.01 to $76.60 U.S. a barrel.

Gold prices popped $15.60 to $2,037.30.



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