Canada's main stock index found its legs and moved higher midday Friday as uncertainty around a resolution to the Middle East conflict kept investors on edge, though gains in energy and mining shares capped losses in the resource-heavy market.
The TSX recovered 175.93 points to move into Friday afternoon at 32,063.45. On the week thus far, the index has tacked on 746 points, or 2.38%. Even so, March could be its worst month since June 2022 if broader losses hold.
The Canadian dollar slid 0.09 cents to 72.09 cents U.S.
ON BAYSTREET
The TSX Venture Exchange gained 14.57 points, or 1.6%, to 925.12. On the week, the index had held onto gains of 13.6 points, or 1.49%
Eight of the 12 TSX subgroups lost ground midday, weighed most by information technology, off 0.9%, while consumer discretionary stocks lost 0.7%, and financials dived 0.4%.
The four gainers were led by gold, zooming 3.8%, materials, better by 3.3%, and energy, rumbling 2.5%.
ON WALLSTREET
The Dow Jones Industrial Average tumbled on Friday and fell into correction territory, while Brent traded above $110 after incidents in the Strait of Hormuz exacerbated investors’ energy supply concerns and President Donald Trump’s latest comments failed to encourage traders to scoop up shares.
The 30-stock index faltered 469.25 points, or 1%, to 45,490.86.
The S&P 500 index subtracted 59.43 points to 6,417.73.
The NASDAQ lost 284.37 points, or 1.3%, to 21,123.72.
Friday’s slip comes a day after the NASDAQ on Thursday fell into a correction, down more than 10% from a record set in October. The Dow also moved into correction territory Friday after moving into it in morning trading, also currently down 10% from its recent high. The S&P 500 is more than 8% below its record.
Uncertainty remains for investors, after Iran’s foreign minister reportedly told state media this week that Tehran has no intention of holding talks with the U.S., even if its leaders are reviewing an American proposal to end the war.
On top of that, The Wall Street Journal reported, citing people familiar with the matter, that the Pentagon was considering sending another 10,000 troops to the Middle East.
The Strait of Hormuz is closed, Iran’s Islamic Revolutionary Guard Corps has said to the country’s state media, adding that movement through the key waterway will face a harsh response.
Two Chinese ships were turned away from crossing the Strait early Friday, and a Thai-flagged cargo ship that had been hit in the waterway has run aground, Iran state media said.
Prices for the 10-year Treasury gained slightly, lowering yields back to Thursday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices hiked $3.63 to $98.11 U.S. a barrel.
Gold prices revived $147.00 to $4,523.300 U.S. an ounce.
Related Stories
