Markets End Week with a Vengeance

Iamgold, First Quantum in Focus

Equities in Canada ended the week with emphatic gains Friday, led resource and health-care concerns.

The TSX Composite leaped 281.66 points, or 1.5%. to conclude Friday and the week at 18,860.95, for a surge of 273 points, or 1.47% over the last five sessions.

The Canadian dollar perked 0.74 cents to 73.32 cents U.S.

Golds led the parade Friday, with Iamgold surging 10 cents, or 5.8%, to $1.84, while Torex Gold Resources grabbed 47 cents, or 5%, to $9.80.

In materials, First Quantum Minerals advanced $2.70, or 11.3%, to $26.66, while Lithium Minerals hiked $3.23, or 10.2%, to $35.87.

In health-care, Cronos Group added seven cents, or 1.8%, to $4.01, while Bausch Health Companies moved up 39 cents, or 4.3%, to $9.20.

On the economic beat, Statistics Canada reports its new home prices in Canada declined 0.1% in September -- the first decrease since November 2019.

Retail trade increased 0.7% to $61.8 billion in August. Sales increased in six of 11 subsectors, led by sales in food and beverage stores and motor vehicle and parts dealers.


The TSX Venture Exchange jumped 6.18 points, or 1.1%, to 593.09. The gain on the week was 8.9 points, or 1.53%.

All 12 TSX subgroups gained ground on the day, as gold sprinted 3.3%, materials climbed 3.2%, and health-care was stronger 1.9%.


Stocks climbed in choppy trading on Friday as investors assessed more corporate earnings reports and the outlook for Federal Reserve rate hikes.

The Dow Jones Industrials streaked skyward 748.97 points, or 2.5%, to 31,082.56.

The S&P 500 roared ahead 86.97 points, or 2.4%, to end the week at 3,752.75.

The NASDAQ popped 244.87 points, or 2.3%, to 10,859.72.

Friday’s gains extended the market’s gains for the week. The S&P 500 and Dow gained more than 4%, while the NASDAQ rose 5.2%.

Bank stocks were a bright spot Friday, with Goldman Sachs gaining 4.6% and JPMorgan Chase adding 5.3%.

Earnings reports limited gains for the market. Dow components American Express fell 1.5% and Verizon ditched 4.5%, after their quarterly reports. In tech, social media company Snap fell 31% after reporting a quarterly revenue of $1.13 billion, below expectations.

Treasury prices eked up, lowering yields to 4.22% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.

Oil prices advanced 52 cents to $85.03U.S. a barrel.

Gold prices hiked $23.10 to $1,659.90 U.S. an ounce.