It was a week of recovery concerning stocks on both sides of the border, with those in Toronto benefitting from investors’ comfort with higher interest rates.
The S&P/TSX Composite Index gained back 47.25 points, to close Friday at 21,818.47, giving the index a gain on the week of 356 points, or 1.66%.
The Canadian dollar ballooned 0.24 cents to 79.40 cents U.S.
In the health-care sector, Canopy Growth hiked 39 cents, or 4.6%, to $8.94, Well Health Technologies leaped 25 cents, or 5.4%, to $4.87.
Among tech issues, Nuvei Corp. surged $5.06, or 6%, to $89.66, while Lightspeed POS bounced $1.57, or 4.5%, to $36.51.
In the industrial sector, Badger Infrastructure Solutions popped $2.86, or 10.6%, to $29.80, while Lion Electric obtained 80 cents, or 7.8%, to $11.01.
Gold somewhat let the side down, with Centerra Gold lounging 49 cents, or 3.9%, to $12.11, while Osisko Gold Royalties plummeted $1.44, or 8.1%, to $16.45.
In communications, Cogeco Communications sagged $2.24, or 2.2%, to $100.85, while Quebecor slid 33 cents, or 1.1%, to $28.72.
In consumer staples, Loblaw docked $2.65, or 2.3%, to $111.37, while NorthWest Company fell 45 cents, or 1.2%, to $37.57.
On the economic slate, retail trade increased 3.2% to $58.9 billion in January.
Statistics Canada says the increase was led by 5.3% higher sales at motor vehicle and parts dealers.
As well, the agency says, Canadian investors reduced their holdings of foreign securities by $14.4 billion in January, following a large $21.3 billion investment in December.
Meanwhile, foreign investors acquired $13.5 billion of Canadian securities, mainly in the form of bonds.
Finally, the agency’s new housing price index grew 1.1% in February. Prices rose in 18 of the 27 census metropolitan areas surveyed and were unchanged in nine.
ON BAYSTREET
The TSX Venture Exchange inched forward 2.45 points to 853.94, gaining 7.6 points, or 0.9% on the week.
Seven of the 12 TSX subgroups were positive by the closing bell, with health-care haler 2.3%, information technology clicking 1.8%, and industrials climbing 1.3%.
The five laggards were weighed most by gold, sagging 1%, communications, going south 0.6%, and consumer staples down 0.4%.
ON WALLSTREET
The S&P 500 continued climbing Friday after a three-day rally for the equity benchmark that put it on pace for its biggest weekly gain in more than a year.
The Dow Jones Industrials ran its win streak to five Friday, gaining 274.17 points at 34,754.93, and ending the week 5.4% higher
The much-broader index added 51.45 points, or 1.2%, to 4,463.12, ahead 5.5% over the last five sessions.
The NASDAQ Composite jumped 279.06 points, or 2.1%, to 13,893.84, popping 8.1% on the week.
All of the major averages finished their best week since November 2020.
On Friday tech stocks led the market higher. Salesforce advanced 3.9% and Apple gained 2%, as the two biggest gainers on the market. Twitter gained 3.9% and Paycom and Fortinet each advanced 3%.
Shares of Moderna rose 4.4% as the company seeks FDA approval for a second COVID-19 booster shot for adults 18 years or older.
Friday’s moves come as traders continued to digest the latest developments in the Ukraine-Russia war.
U.S. President Joe Biden spoke with Chinese President Xi Jinping on Friday to discuss Russia’s invasion of Ukraine and Xi told Biden that the United States and China each had an obligation to promote peace.
Russia has made requests for military or economic aid from China and the call was seen as a critical test of whether Biden can convince China to stay on the sidelines of the conflict.
Several missiles hit an aircraft repair center on the outskirts Lviv in western Ukraine. Meanwhile, U.S. President Joe Biden is slated to speak with Chinese President Xi Jinping to discuss the conflict. A Ukrainian official also said one person was killed in an airstrike that hit Kyiv.
Treasury prices gained ground, dropping yields to 2.15% from Thursday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.42 to $104.40 U.S. a barrel.
Gold prices fell $22.80 to $1,920.50 U.S. an ounce.
