TSX up Friday, Skids on the Week


Birchcliff, Torex in Forefront

Equities in Toronto moved forward to end the last session before a long weekend Friday, mostly on the strength of energy and gold issues.

Canada's main stock index rose on Friday, supported by a rebound in commodity-linked stocks, but is on track to post its longest weekly losing streak in over a year.

The TSX remained positive 53.97 points to finish off Friday at 20,351.06, a loss on the week of 68.5 points, or 0.34%.

The Canadian dollar slid 0.04 cents to 74.04 cents U.S.

Canadian markets will be shuttered Monday for Victoria Day.

Energy stocks triumphed Friday, with Birchcliff Energy climbing 22 cents, or 2.8%, to $8.18, while Tourmaline Oil gathered $1.31, or 2.2%, to $60.70.

Gold stood proud, with Torex Gold jumping 44 cents, or 2.2%, to $20.20, while Wesdome Gold attached 21 cents, or 2.5%, to $8.64.

In tech stocks, Docebo took on $1.80, or 4.2%, to $45.17, while Constellation Software leaped $87.20, or 3.3%, to $2,732.20.

Health-care proved an eyesore, as Bausch Health Companies docked 29 cents, or 2.5%, to $11.23, while Tilray settled three cents to $3.27.

Financials were also negative, with goeasy Ltd. ditching $2.29, or 2.1%, to $107.26, while ONEX Corporation handed back 87 cents, or 1.5%, to $59.28.

Conssumer discretionary stocks also felt around for the bruises, with Canada Goose Holdings slipping $1.67, or 6.8%, to $23.01, while Aritzia dished off $1.40, or 3.7% to $36.90.

In the economic docket, Statistics Canada says retail sales decreased 1.4% to $65.3 billion in March.

The agency says sales decreased in five of the nine subsectors, led by 4.4% decreases at motor vehicle and parts dealers and 3.9% drops at gasoline stations and fuel vendors.

ON BAYSTREET

The TSX Venture Exchange regained 3.76 points to 612.79, resulting in a loss of five points on the week, or 0.8%.

All but three of the 12 TSX subgroups gained, with energy rumbling 1.2%, gold shining 0.8% brighter, and information technology up 0.6%.

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The three laggards were health-care, down 0.7%, financials, sliding 0.2%, and consumer discretionary stocks, off 0.1%.

ON WALLSTREET

Stocks fell Friday, GOP negotiators halted ongoing debt ceiling negotiations, calling into question whether a deal could be reached soon.

The Dow Jones Industrials descended 109.28 points to end Friday and the week at 33,426.63.

The S&P 500 handed back 6.09 points to 4,191.96.

The NASDAQ faltered 30.94 points to 12,657.90.

Those moves come after GOP negotiators on Friday walked out of a debt ceiling meeting, with Rep. Garret Graves saying the White House team is “unreasonable,” according to media sources. “We’re not going to sit here and talk to ourselves,” Graves said.

Friday’s losses were kept in check, however, after Federal Reserve Chairman Jerome Powell said interest rates may not have to rise as much as expected to quell inflation.

The major averages remained on track for weekly gains. The S&P 500 is up 1.7% week to date. That would be its biggest one-week advance since March. The NASDAQ, meanwhile, rose 3.1% for the week. That would also be its best weekly performance since March. The Dow is up 0.4%.

A chunk of those gains came Thursday, as traders mounted bets that a U.S. debt ceiling deal could be reached. Comments from House Speaker Kevin McCarthy Thursday seemed to suggest a potential deal could come as soon as next week.

Prices for the 10-year Treasury skidded a bit, raising yields to 3.70% from Thursday’s 3.65%. Treasury prices and yields move in opposite directions.

Oil prices edged higher four cents to $71.98 U.S. a barrel.

Gold prices recovered $17.80 to $1,977.60 U.S. an ounce.