Stocks in Canada’s largest market finished the last full week of October on an up note, as growth in health-care stocks overwhelmed losses among utilities and tech stocks.
The TSX Composite Index gained 35.17 points to end Friday and the week at 16,404.49. Over the last five trading days, the increase was 27.4 points, or 0.17%
The Canadian dollar eked up 0.07 cents to 76.56 cents U.S.
Alberta said on Thursday its provincial budget deficit would increase in the 2019-20 fiscal year because of a provision made for potential losses on crude-by-rail contracts that were signed by the previous government.
As mentioned, health-care carried the day, with Aphria ballooning 55 cents, or 8.2%, to $7.26, while Bausch Health Companies jumped $1.28, or 4.3% to $30.87.
In the materials sector, Teck Resources added 90 cents, or 4.3%, to $21.85, while Pan American Silver triumphed 86 cents, or 4%, to $22.15.
Utilities, however, didn’t fare so well, as Superior Plus plunged 30 cents, or 2.4%, to $12.20, while Algonquin Power and Utilities surrendered 36 cents, or 2%, to $17.95.
Another downward sector was that of technology, with Celestica, sliding 67 cents, or 7.5%, to $8.32, while Shopify plummeted $7.45, or 1.8%, to $414.89.
Industrials also got bruised, primarily Boyd Group Income Fund, dipping $9.46, or 5.1%, to $174.96, while Ballard Power Systems fell 32 cents, or 4%, to $7.63.
ON BAYSTREET
The TSX Venture Exchange gained 3.58 points to 546.42, a gain on the week of four points, or 0.7%.
Seven of the 12 Toronto subgroups ended the day in the green, with health-care better by 2%, materials up 1.3%, and energy surging 1%.
The five laggards were weighed most by utilities, down 0.6%, information technology, stuttering 0.4%, and industrials, off 0.3%.
ON WALLSTREET
Stocks rose on Friday as investors cheered strong quarterly earnings from Intel along with apparent progress on the U.S.-China trade front.
The Dow Jones Industrial Average hiked 173.56 points to 26,979.09
The broader S&P 500 gained 12.26 points to 3,022.55, nearing its record close of 3,025.86. The broad index was also close to reaching an intraday record set in July.
The tech sector closed at a record high, rising more than 1% on Friday.
The NASDAQ Composite Index recovered 57.32 to 8,243.12
The major averages were headed for weekly gains. The Dow was up 0.8% for the week. Meanwhile, the S&P 500 traveled 1.3%, and NASDAQ was up 1.8%.
Amazon shares initially fell 4.8% but later recovered to close 1.1% lower, helping the broader market’s rise.
Other companies reporting quarterly numbers this week included Visa and Verizon. Visa posted revenue and profit that topped estimates, lifting the stock by 1%. Verizon, meanwhile, dipped 0.4%.
Intel shares jumped 8.1% after the chipmaker’s results topped analyst expectations. Intel also issued better-than-expected guidance for the fourth quarter.
Those results followed a mixed batch of reports from companies such as Microsoft, Tesla, 3M and Twitter. Microsoft and Tesla rose Thursday on better-than-expected results. However, 3M and Twitter slid on the back of their reports.
More than 38% of S&P 500 companies posted quarter earnings for the third quarter thus far. Of those companies, 78% have beaten analyst expectations. This week was one of the busiest of the earnings season, with more than 120 companies reporting.
The indexes hit their highs of the day after the office of the U.S. Trade Representative said China and the U.S. were close to finalizing parts of a phase one trade deal.
On the data front, consumer sentiment dipped slightly in October to 95.5, according to the University of Michigan’s Surveys of Consumers. That’s down from a preliminary reading of 96, but above a final September print of 93.2.
Prices for the benchmark 10-year U.S. Treasury fell sharply, raising yields to 1.80% from Thursday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices regained 44 cents to $56.67 U.S. a barrel.
Gold prices pared gains to $2.90 to $1,507.60 U.S. an ounce.
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