Stocks in Toronto came off their highs of the day, but managed to retain gains Friday, as the some of the steam cooled south of the border from the Trump Administration’s failure to pass historic health-care legislation.
The S&P/TSX Composite Index stayed 9.06 points north of breakeven to end Friday and the week at 15,442.67
The Canadian dollar shed 0.15 cents at 74.76 cents U.S.
The gains came as investors awaited a vote on a U.S. health-care bill, seen as a test of President Donald Trump's ability to pass his legislative agenda, including tax cuts and infrastructure spending that could boost economic growth, through Congress.
Among consumer discretionary concerns, Canadian Tire Class A shares ended the day forward 78 cents to $152.68. Ritchie Bros. Auctioneers gained 22 cents to $43.14.
Utilities also sparkled, with Fortis Inc. climbing 30 cents to $43.83.
In the consumer staples world, Metro Inc. took on 12 cents to $41.40, while rival grocer Loblaw Companies acquired 34 cents to $72.59.
Materials were sluggish by the closing bell, as First Quantum Minerals settled 24 cents, or 1.7%, to $13.63, while Agrium Inc. lost 79 cents to $126.84.
Among health-care concerns, Canopy Growth Corporation ceded 28 cents, or 2.8%, to $9.88, while Valeant Pharmaceuticals dropped 17 cents, or 1.2%, to $14.36.
Financials were also below the breakeven mark, with CIBC stumbling $1.91, or 1.6%, to $116.05, while Power Financials skidded 86 cents, or 2.4%, to $35.37.
On matters economic, Statistics Canada reported that February’s consumer price index rose 2.0% on a year-over-year basis in February, following a 2.1% gain in January.
Excluding gasoline, the CPI was up 1.3% year over year in February, following a 1.5% increase in January.
ON BAYSTREET
The TSX Venture Exchange regained 2.24 points to 803.60
Eight of the 12 TSX subgroups were positive on the day, as consumer discretionaries galloped 0.7%, utilities soared 0.6%, and consumer staples moved ahead 0.4%.
Of the four laggards, materials dropped 0.2%, while health-care and financial issues each slid 0.1%.
ON WALLSTREET
U.S. equities closed mixed Friday after a choppy trading session with media outlets reporting the House of Representatives pulled a key health-care bill.
The Dow Jones Industrials sank 59.86 points to close a turbulent week at 20,596.72, with Goldman Sachs leading decliners and Nike the top advancer.
The S&P 500 fell 1.98 points to 2,343.98, with materials lagging. The health-care sector turned positive following the news.
The NASDAQ added 11.05 points to 5,828.74
The major indexes posted weekly losses.
The vote, which was originally scheduled for Thursday before a delay, was pulled from the floor shortly ahead of the close. House Speaker Paul Ryan was scheduled to hold a news conference late this afternoon.
Trump had said the repeal and replacement of Obamacare must happen before action can be taken on his other plans, including a major tax reduction.
In economic news, durable goods orders rose 1.7% in February, above the expected increase of 1.2%. The IHS Markit manufacturing Purchasing Managers Index, meanwhile, hit a five-month low of 53.4.
Prices for the benchmark 10-year Treasury note were higher, lowering yields to 2.41% from Thursday’s 2.42%. Treasury prices and yields move in opposite directions.
Oil prices regained 37 cents to $48.07 U.S. a barrel
Gold prices shed $1.10 at $1,246.10 U.S. an ounce.
