Markets in Canada’s largest centre traveled higher on Friday in light trading, as investors assessed better-than-expected GDP figures, putting the benchmark on track for its seventh consecutive month of gains.
The TSX popped 186.07 points by the end of the day and the week at 31,382.78. On the week, the index has triumphed 1,232.13 points, or 4.1%.
The Canadian dollar gained 0.29 cents to 71.59 cents U.S.
Next week, fourth-quarter earnings from Canada's Big Six banks could set the tone for the TSX, considering financial stocks hold about a 31% weighting on the index.
CIBC upgraded Canadian National Railway's stock rating to "outperformer" from "neutral." CN shares began Friday jumped $2.01, or 1.5%, to $133.83.
Mining stocks led the pack, headed by First Majestic Silver, accelerating $2.14, or 11.3%, to $21.09, while Endeavour Silver captured $1.42, or 11.7%, to $13.61.
In energy issues, Kelt Exploration vaulted 36 cents, or 4.8%, to $7.80, while Birchcliff Energy took on 33 cents, or 4.4%, to $7.87.
In financials, Trisura Group gained 50 cents, or 1.2%, to $40.73, while goeasy Ltd. moved ahead $3.74, or 2.8%, to $139.83.
Consumer discretionary stocks weighed things down, though, as Aritzia dumped $1.55, or 1.4%, to $110.65, while Dollarama plunged $2.45, or 1.2%, to $200.02.
Among health-care plays, Sienna Senior Living docked 23 cents, or 1.1%, to $20.72, while Chartwell Retirement Residence units shed nine cents to $20.21.
On the economic scene, Statistics Canada reported that gross domestic product rose 0.2% in September, up for the second time in three months, more than offsetting August's decline.
All but two of the 12 TSX subgroups were in the green on the day, with materials popping 2%, energy, up 1.2%, and financials, climbing 0.5%.
The two laggards were consumer discretionary stocks, down 0.5%, and health-care, fading 0.1%.
ON BAYSTREET
The TSX Venture Exchanged vaulted 15.26 points, or 1.7%, to 937.34, for a gain on the week of 82.5 points, or 10.1%.
ON WALLSTREET
The NASDAQ rose on Friday, scoring its fifth straight day of gains even as it recorded a losing month.
The Dow Jones Industrials finished Friday up 289.30 points to 47,716.42.
The S&P 500 Index grabbed 36.48 points to 6,849.09.
The NASDAQ climbed 151 points to 23,365.69.
The disruption could cause even more volatility, as Wall Street comes back from the Thanksgiving holiday for a shortened trading session on Friday.
Wall Street came back from the Thanksgiving holiday for a shortened trading session Friday.
Trading volumes the day after Thanksgiving are historically well below average, meaning moves — to the upside and the downside — could be more extreme.
Friday also marked the last trading day of November. A pullback in tech stocks have weighed on the major averages this month, as doubt swirled around the future profitability of AI companies.
Yet some investors are hopeful that this month’s slide will mean a year-end rally is in store for the major averages, as they step into buy stocks that have been unduly punished at more attractive valuations.
The NASDAQ fell almost 2% on the month, ending a seven-month win streak. The S&P 500 and Dow were slightly higher, thanks to this week’s gains, posting their seventh consecutive winning month.
The Dow finished the weekly period up more than 3%. The S&P 500 increased almost 4% in the period, while the NASDAQ jumped more than 4%.
The 10-year Treasury slumped, raising yields to 4.02% from 4.01% on Wednesday. Treasury prices and yields move in opposite directions.
Oil prices retreated 17 cents to $58.48
Gold prices hiked $54.10 to $4,256.40.
