Canada's main stock index rose on Friday, led by health-care and mining shares, heading into a long weekend, after a softer-than-expected U.S. inflation data strengthened hopes for a Fed rate cut.
The TSX recovered from Thursday’s plunge, went airborne 603.43 points, or 1.9% to close Friday at 33,073.71. On the week, the index gained 602 points, or 1.85%.
The Canadian dollar faded 0.04 cents at 73.42 cents U.S.
Agnico Eagle reported quarterly profit above estimates on higher gold prices. Air Canada forecast 2026 core profit marginally above estimates. Agnico shares leaped $15.45, or 5.5%, to $293.19, while those in the “Maple Leaf airline” took flight 73 cents, or 3.7%, to $20.25.
Magna International soared $14.89, or 18.9%, to $93.52, after a strong annual profit forecast.
Colliers slumped $5.49, or 3.2%, to $155.13, after missing quarterly revenue estimates.
Alamos Gold proved the king in that field, hiking $4.14, or 7.2%, to $61,61, followed by Iamgold, muscling up $2.09, or 7.6%, to $29.52.
G Mining jumped $4.89, or 11%, to $49.32.
Telecoms let the side down, though, with TELUS off 61 cents, or 3.2%, to $18.35, while BCE slipped 10 cents to $35.01.
Markets will be shuttered Monday, in Canada, for Family Day, in the U.S., for Presidents’ Day.
ON BAYSTREET
The TSX Venture Exchange tacked on 8.78 points, to 991.99, but remained down for the week by 24 points, or 2.4%.
All but two of the 12 TSX subgroups were in the green Friday, headed by gold’s 5.5% gain, materials’ 4.3% improvement and health-care gained 2.4%.
Telecoms missed the party, retreating 0.4% while consumer staples stepped back 0.1%.
ON WALLSTREET
The S&P 500 closed barely above the flatline on Friday, posting its second consecutive weekly loss, as a key consumer inflation report that came in slightly lighter than expected failed to spark a substantial rally.
The Dow Jones Industrial Average rebounded 48.95 points – its highs of the day -- to 49,500.93.
The broader index eked higher 3.41 points to 6,836.17.
The NASDAQ gave up gains and dropped 50.48 points to 22,716.87.
AI disruption fears rattled the market this week, spreading beyond the recent selloff seen in software and into the real estate, trucking, and financial services.
Financial stocks Charles Schwab capsized 10% and Morgan Stanley slid 5% this week, while software stock Workday is down 10% in the period. Shares of commercial real estate firm CBRE have lost 15% week to date.
Those fears widened to the media industry as well, hitting media stocks such as Walt Disney and Netflix. Disney shares have declined 3% on the week, while Netflix shares have dropped 6%.
The Bureau of Labor Statistics reported that the consumer price index — which measures the costs for goods and services in the U.S. economy — rose 0.2% in January, reflecting a gain of 2.4% on an annualized basis. The inflation gauge was expected to show a 0.3% increase on a month-over-month basis and a 2.5% advance from a year earlier, according to economists polled by Dow Jones.
When excluding volatile food and energy prices, core CPI came in line with expectations at 0.3% on the month and 2.5% year over year.
Prices for the 10-year Treasury gained, lowering yields to 4.05% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices were unchanged from Thursday at $62.84 U.S. a barrel.
Gold prices tumbled $107.40 to $5,054.80 U.S. an ounce.
