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Stocks Flat Friday

Hydro One, TC in Focus

Stocks in Canada’s largest centre gained only slightly on Friday, but were still on course to snap a four-week winning streak as a slump in oil prices dented demand for heavyweight energy stocks.

The TSX/S&P Composite recovered 20.27 points to begin the week’s final session at 20,235.63.

The Canadian dollar doffed 0.14 cents to 77.80 cents U.S.

Air Canada sees a "strategic advantage" for its cargo business in Canadian hubs like Toronto as shippers seek to bypass logjams at some U.S. gateways.

The Maple Leaf airline saw its shares take on 22 cents to $23.82.

PI Financial raised the target price on Airboss of America to $56.50 from $55.00. Airboss surged $1.93, or 5.3%, to $38.30.

Credit Suisse raised the target price on Hydro One to $33.00 from $32.00. Hydro One shares picked up 32 cents, or 1%, to $32.00.

JP Morgan cuts the rating on TC Energy to neutral from overweight. TC shares docked seven cents to $58.58.

On the economic ledger, Statistics Canada reported new home prices in Canada (composite of 27 census metropolitan areas) grew at their slowest pace since December 2020.

Elsewhere, retail sales were up 4.2% to $56.2 billion in June. The agency said sales were up in eight out of 11 sub-sectors, led by higher sales at clothing and clothing accessories stores.


The TSX Venture Exchange regained 3.36 points to 865.68.

All but three of the 12 TSX subgroups were positive to begin Friday, with utilities up 0.9%, information technology better by 0.7%, and health-care, improving 0.6%,

The three laggards were energy, sliding 0.8%, while consumer discretionary and material stocks each faded 0.1%.


Major U.S. stock averages rebounded Friday while markets remained on track for a losing week driven by fears of the Federal Reserve pulling back its stimulus.

The Dow Jones Industrials progressed 147.8 points to 35,041.72.

The S&P 500 climbed 27.56 points to 4,405.80.

The NASDAQ Composite leaped 148.14 points, or 1%, to 14,689.93.

Technology stocks traded in the green Friday, providing the market with support. Big Tech names like Microsoft and Netflix stocks moved higher. Chip stocks like Nvidia rose.

Tesla shares gained after Elon Musk’s electric car maker had an AI day, where it unveiled a new custom chip and plans to build a humanoid robot.

Still, all three major stock indexes are on track to close the week lower. The S&P 500 is down 0.7% for the week, while the Dow is off 1.3% and the NASDAQ is 0.9% lower.

Prices for 10-Year Treasurys failed to move, keeping yields at Thursday’s 1.24%.

Oil prices slipped 43 cents to $63.07 U.S. a barrel.

Gold prices shrank $1.80 to $1,781.30 U.S. an ounce.