Stocks in Canada’s largest centre gained handsomely Friday to salvage a rather rough week, as energy and other resource stocks moved significantly higher.
The TSX Composite gained 156.99 points to finish Friday at 19,506.65. On the week, the index advanced 63 points, or 0.33%.
The Canadian dollar recovered 0.25 cents at 73.58 cents U.S.
Energy stocks were the clear winners, with Athabasca Oil picking up 20 cents, or 9.3%, to $2.35, while Baytex Energy soared 44 cents, or 7.7%, to $6.16.
In materials stocks, Capstone Mining hurtled higher 17 cents, or 3.5%, while Algoma Steel collected 31 cents, or 3.7%, to $8.68.
Utilities also fared well, with Algonquin Power and Utilities jumping 18 cents, or 2%, to $9.16, while Altagas sprinted 29 cents, or 1.3%, to $23.48.
Health-care sagged, though, with Bausch Health Companies dropping 36 cents, or 4.1%, to $8.51, while Cronos Group sank 12 cents, or 3.4%, to $3.45.
Tech stocks also took blows, with Shopify trailing $1.47, or 3.1%, to $45.79, while Nuvel Corp. handed back 73 cents, or 2.2%, to $32.97.
Canadian markets will remain closed on Monday and Tuesday next week, owing to Christmas and Boxing Day observances.
On the economic calendar, Statistics Canada said this country’s GDP edged up 0.1% in October as growth in services-producing industries was partially offset by declines in goods-producing industries.
ON BAYSTREET
The TSX Venture Exchange recovered 4.96 points to 572.22, but loss four points on the week, or 0.7%..
All but two of the 12 subgroups were in the green by the close, with energy rolling higher 4%, while materials and utilities flourished 0.8% each.
The two laggards were information technology, down 1%, and health-care, off 0.9%.
ON WALLSTREET
Stocks rose on Friday as traders tried to recover some of the ground lost in the previous session.
The Dow Jones Industrials popped 176.44 points to end the week at 33,203.93.
The S&P 500 acquired 22.43 points at 3,844.82.
The NASDAQ Composite Index finally moved into the green, 21.74 points, to 10,497.86.
The major indexes oscillated Friday morning after the core personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, came in slightly hotter than economists expected on a year-over-year basis, indicating that inflation is sticking despite the Fed’s efforts to fight it.
The S&P 500 ended Friday down about 0.2% for the week, posting its third straight weekly decline. The NASDAQ, meanwhile, lost 2% for the week.
Recession fears have resurged recently dashing some investors’ hope for a year-end rally and leading to big losses in December. Investors worry that overtightening from central banks worldwide could force the economy into a downturn.
For December, the S&P 500 has lost 5.8%, while the Dow fell more than 4% and NASDAQ lost more than 8.5%, the biggest monthly declines for the major averages since September. Stocks were also on pace for their worst annual performance since 2008.
Prices for the 10-year Treasury wilted, raising yields to 3.75% from Thursday’s 3.68%. Treasury prices and yields move in opposite directions.
Oil prices climbed $2.14 to $79.63 U.S. a barrel.
Gold prices heightened $9.90 to $1,805.20 U.S. an ounce.
