TSX Heads into Weekend on High

Air Canada, Cannabis Stocks Big Winner


Stocks in Canada’s largest centre finished a wild week pointed higher, as health-care and industrial companies found new muscle.
The S&P/TSX Composite finished the week on a high note, gaining 137.26 points to 16,149.79, but still sustaining a loss of nearly 200 points on the week.
The Canadian dollar regained 0.19 at 75.29 cents U.S.
Health-care issues had the most successful session, as the beleaguered CannTrust Holdings gained 16 cents, or 6.8%, to $2.80, while Aurora Cannabis jumped 30 cents, or 3.9%, to $7.93.

Next highest proved to be industrials, as Chorus Aviation took flight 38 cents, or 5.3%, to $7.53, while Air Canada also flew high, wide and handsome, gaining $1.69, or 4%, to $43.55.

Among tech concerns, Celestica was the apparent champion, taking on 33 cents, or 3.8%, to $8.99, while Kinaxis jumped $2.28, or 3%, to $78.21.

Gold did not fare so well, however, as Alamos Gold shed 30 cents, or 3.1%, to $9.25, while B2Gold dipped 19 cents, or 3.9%, to $4.74.

Among other resource stocks, First Majestic Silver fell 53 cents, or 3.9%, to $13.14, while MAG Silver dropped 76 cents, or 4.7%, to $15.43.

On the economic front, Statistics Canada reported that foreigners reduced their holdings of Canadian securities by $4 billion in June, the third divestment in four months.

At the same time, Canadian investment in offshore securities increased to $6.6 billion, what the agency calls the largest investment since October 2018.

ON BAYSTREET

The TSX Venture Exchange recovered 1.65 points to finish Friday at 570.43, however, the index was roughed up 22 points on the week.

All but two of 12 Toronto subgroups gained ground on the day, with health-care haler by 2.2%, industrials better by 1.6%, and information technology gathering 1.3%.

The two laggards were gold, down 1.1%, and materials, off 0.8%.

ON WALLSTREET

Stocks rallied on Friday as a rebound in bond yields eased fears of a recession that sent stocks tumbling earlier in the week.

The Dow Jones Industrials screamed higher 306.62 points, or 1.2%, to finish Friday at 25,886.01. The 30-stock index lost 1.5% on the week, however

The S&P 500 gained 41.08 points, or 1.4%, to 2,888.68

The NASDAQ vaulted 129.38 points, or 1.7%, to 7,895.99. Apple and Nvidia led the gains.

Bond yields, which rattled the markets this week, climbed back from their historic lows on Friday. The U.S. 30-year Treasury yield dropped to a record low on Thursday, while the yield on the benchmark 10-year notes dipped to a three-year low, as investors sought out safe-haven
assets.

Bank stocks rallied along with the rise in bond yields on Friday as Bank of America added 3%, and Citigroup gained 3.5%.

Chip maker Nvidia’s stock jumped 7% on Friday after it reported better-than-expected fiscal-second quarter earnings. Apple shares gained as investors bought back stocks beaten down by trade war fears.

General Electric, which had its worst day in 11 years Thursday on a Madoff whistleblower’s fraud claims, rebounded on Friday after CEO Larry Culp called the accusation "market manipulation" and bought nearly $2 million worth of the company’s stock. Shares of GE surged 9.7%.

Prices for the benchmark 10-year U.S. Treasury dropped, lifting yields to 1.56% from Thursday’s 1.5%. Treasury prices and yields move in opposite directions

Oil prices moved upward 42 cents to $54.89 U.S. a barrel.

Gold prices slumped $7.60 to $1,523.60 U.S. an ounce.