Equities in Canada’s largest centre finished the week on the upside, led by gold and real-estate stocks.
The TSX Composite Index climbed 129.79 points to close Friday at 34,980. On the week, the index increased more than 122 points, or 0.35%.
The Canadian dollar was 0.09 cents better to 70.51 cents U.S.
Discovery Silver gathered 66 cents, or 8.5% to $8.38, while I-80 Gold climbed six cents, or 3.1%, to $2.02, and Equinox Gold rose 43 cents, or 3.2%, to $13.80.
Real-estate issues also scored, with Colliers International climbing $5.41, or 4.7%, to $131.15, while First Service hiked $6.85, or 3.6%, to $200.00
Health-care did not fare so well, as Bausch Health Companies waned 72 cents, or 9.6%, to $6.77, while Chartwell Retirement Residences let go of 23 cents, or 1%, to $22.35.
In financials, goeasy Ltd. gave up $1.06, or 2.6%, to $40.08, while National Bank bowed $1.78 to $222.03.
In telecoms, BCE lost 45 cents, or 1.4%, to $32.53, while Quebecor shook off 47 cents to $66.28.
Canada and Japan are working on a range of mining projects, including potential joint stockpiling. Federal Trade Minister Maninder Sidhu told Reuters, as Japan moves to diversify supplies of critical minerals and reduce dependence on China.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 0.46 points to 895.84. The index was down on the week, however, 59 points, or 6.2%.
The 12 TSX subgroups were split evenly Friday, with real-estate and gold each surging 1.4%, and materials ahead 0.9%.
The half-dozen laggards were weighed most by health-care, down 0.9%, telecoms, declining 0.7%, and financials, off 0.6%.
ON WALLSTREET
The S&P 500 was relatively unchanged on Friday and headed for a weekly loss as investors rotated out of key technology stocks and into more defensive areas of the market.
The Dow fell back 44.51 points to 51,876.11.
The much-broader index sank 3.48 points to 7,354.01.
The NASDAQ dipped 60.99 points to 25,297.62.
The S&P 500 is tracking for a more than 1% loss for the week, while the NASDAQ is heading for a 4% drop. The Dow is pacing for a winning week, having risen 0.6% in the period.
Shares of Micron Technology declined 4%, while Advanced Micro Devices lost 2%. Shares of Intel shed more than 3%.
Shares of Eli Lilly were up 7%, while Johnson & Johnson gained more than 3%. AbbVie shares advanced more than 1%.
Chip stocks were weaker after a New York Times report that OpenAI is considering delaying its IPO to next year because of SpaceX’s poor performance following its debut and overall volatility in AI-related shares.
The report raised concerns about “sustainability of their infrastructure spending given the delay in funding from the capital markets,” wrote JPMorgan traders in a note.
Chip stocks were weaker after a New York Times report that OpenAI is considering delaying its IPO to next year because of SpaceX’s poor performance following its debut and overall volatility in AI-related shares.
Consumer sentiment rose but was still at low levels as June drew to a close while longer-term inflation expectations plunged, the University of Michigan reported Thursday.
The university’s Surveys of Consumers saw the headline sentiment index at 49.5, just above the 49.0 consensus estimate from Dow Jones but 10.5% above the May reading.
Prices for the 10-year Treasury forged ahead, lowering yields to 4.37% from Thursday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices faded $2.45 to $69.47 U.S. a barrel.
Gold prices leaped $40.40 to $4,088 U.S. an ounce.
