Gold, Energy Push TSX into Positive Country

Sandstorm, Teck Among Big Names

Equities in Canada’s biggest centre enjoyed marginal – hardly spectacular – gains by Friday’s closing bell, powered largely by resource issues.

The S&P/TSX Composite Index remained above water 62.79 points to end Friday and the week at 21,952.95. The index backtracked, however, 53 points, or 0.24%.

The Canadian dollar docked 0.09 cents to 79.90 cents U.S.

Gold led the parade Friday, with Sandstorm hitting the finish line first with gains of 53 cents, or 5.3%, to $10.61, while OceanaGold took on 14 cents, to 5.1%, to $2.91.

In materials, Teck Resources jumped $2.18, or 4.3%, to $52.66, while Ero Copper hiked $1.17, or 6.4%, to $19.48.

Energy stocks also did well, with Peyto Exploration ahead 86 cents, or 6.8%, to $13.54, while Birchcliff Energy advanced 34 cents, or 4.1%, to $8.70.

Industrials weighed on the markets, as TFI International down $7.91, or 5.9%, to $125.24, while Canadian National Railways dumped $7.71, or 4.6%, to $160.08.

In health-care stocks, WELL Health Technologies surrendered 19 cents, or 3.7%, to $5.02, while Tilray slid 33 cents, or 3.4%, to $9.36.

In consumer staples, Premium Brands Holdings faded $2.56, or 2.3%, to $!06.81, while Empire Company dipped 79 cents, or 1.8%, to $43.55.

Despite the recent market volatility caused by the Ukraine war and rising inflation, the TSX has outperformed many global peers thanks to surging commodity prices.


On the economic slate, Markit Canada reported its Manufacturing Purchasing Managers Index
registered at 58.9 in March, up solidly from 56.6 in February, to become the highest reading in the survey's 11-and-a-half-year history.

ON BAYSTREET

The TSX Venture Exchange gained 4.99 points on the day to 897.42, for a gain on the week of 11 points, or 1.25%.

Seven of the 12 TSX subgroups were in plus territory by the time the final bell sounded, as gold triumphed 3.4%, materials jumped 2%, and energy rumbled higher 1.3%.

Of the five subgroups which failed to make breakeven, industrials lounged 3%, while health-care and consumer staples each foundered 1%.

ON WALLSTREET

Stocks in the U.S. were pointed in the right direction, if only mildly so, by Friday’s close, as investors assessed a new quarter of trading and a troublesome bond market recession indicator.

The Dow Jones Industrials sprang back into the green by Friday’s closing bell, picking up 139.92 points to 34,818.27

The S&P 500 was positive 15.45 points to 4,545.86.

The NASDAQ Composite re-strengthened 40.98 points to 14,261.50.

Wall Street is fresh off its first negative quarter in two years, but there were positive signs for investors on Friday.

Materials stocks moved higher, with Freeport-McMoRan about 2%. Health care and energy stocks also outperformed. Edwards Life Sciences
and Illumina rose more than 4% to lead the S&P 500. Walmart rose more than 1%.

U.S.-listed Chinese stocks jumped on Friday after a report that China was considering sharing company audits with foreign regulators.
Bank stocks struggled on Friday after the inversion, with Citigroup losing 2%.

Chip stocks fell again on Friday, with Intel dropping about 4% and Advanced Micro Devices losing 2.3%, amid growing concern about personal computer demand.

Investors were also digesting the official jobs report for March, which showed the U.S. economy adding 431,000 jobs. The result was below the composite estimate of 490,000 but above some of the lower end estimates.

There were some more negative economic readings on Friday, with February construction spending data and March manufacturing data from Institute for Supply Management coming in below expectations.

Treasury prices flopped Friday, with yields leaping to 2.37%, from Thursday’s 2.33%. Treasury prices and yields move in opposite directions.

Oil prices dropped 84 cents to $99.44 U.S. a barrel.

Gold prices stepped back $26.60 to $1,927.40 U.S. an ounce.

Stocks Mildly Positive Friday, Trying to Come Back from Dreadful Q1