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TSX Tails off from Morning Highs, Set for Rich Weekly Gain

Tilray, Loblaw in Focus

Canada's main stock index touched a more than six-week high on Friday after upbeat economic data from China spurred gains in prices of most commodities, lifting the materials sector.

The TSX came off its highs of the morning, but stayed above water 7.1 points to pause for lunch at 20,574.94. As of Thursday’s close, the index was up 2% on the week.

The Canadian dollar settled 0.07 cents at 73.98 cents U.S.

Prime Minister Justin Trudeau on Thursday said he had summoned the country's top grocers to help solve the surging food prices and vowed to cut federal taxes on new rental buildings as consumers battle high prices.

Shares in Metro eased 41 cents to $72.34, while those for Loblaw Companies shed $1.12, or 1%, to $116.56, and shares in Empire Company galloped 66 cents, or 1.8%, to $36.93.

Tilray Brands added 10 cents, or 2.5%, to $4.14 after Entourage Health Corp amended its supply agreement with Hexo Corp and will now source bulk cannabis from Tilray following its acquisition of Hexo.

On the economic schedule, Statistics Canada said foreign investment in Canadian securities totaled $11.6 billion in July, a fourth consecutive month of strong investment. Meanwhile, Canadian investors acquired $2.6 billion of foreign securities, down from a $14.4-billion investment in June.

New motor vehicle sales totaled 147,401 in July, compared to 168,590 in the prior-year month.

The Canadian Real Estate Association said national home sales declined 4.1% month-over-month in August. Actual (not seasonally-adjusted) monthly activity came in 5.3% above August 2022.


The TSX Venture Exchange inched forward 2.85 points to 590.93.

Seven of the 12 TSX subgroups remained positive, led by gold, brighter 2.1%, materials, up 1.6%, and health-care, surging 1.3%.

The five laggards were weighed most by information technology and real-estate, each sliding 1%, and industrials, off 0.2%.


Stocks fell Friday as investors wrap up a volatile week ahead of the Federal Reserve’s policy meeting.

The 30-stock index skidded 187.27 points to reach noon EDT Friday at 34,719.84.

The S&P 500 index sank 37.65 points to 4,467.45.

The NASDAQ index plunged 181.54 points, or 1.3%, to 13,744.51.

The Dow and the S&P 500 are headed for a winning week, both up slightly. The NASDAQ is on pace to close out the week with losses.

Information technology was the worst-performing sector in the S&P 500, last down more than 1.5%. Adobe shares fell more than 4% even after the software firm posted better-than-expected quarterly results. Shares of Arm Holdings were slightly higher one day after its successful public debut.

Auto stocks Ford Motor, General Motors and Stellantis N.V. were all higher Friday. Thousands of members of the United Auto Workers went on strike after failing to reach a deal with the automakers Thursday night.

Elsewhere, Lennar shares slid more than 3%. The home construction firm posted third-quarter results that beat on the top and bottom lines.

On the economic front, the University of Michigan’s consumer sentiment survey showed one-year inflation expectations dropped to 3.1% in September, tied for the lowest since January 2021. Also, the five-year outlook fell to 2.7%, matching its lowest since December 2020.

Stocks are headed for a winning week, with the Dow on pace for a near-1% gain and its second positive week in three. The S&P has progressed 1.1%, and the NASDAQ has jumped about 1.2%, putting them on track for their third positive weeks in four.

Prices for the 10-year Treasury declined, raising yields to 4.33% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices strengthened 38 cents to $90.54 U.S. a barrel.

Gold prices shone brighter $15.80 to $1,948.60 U.S. an ounce.