Stocks in Canada’s largest centre limped to the finish of the week on Friday, as downward movement by petroleum prices weighed most heavily on the market.
The TSX lost 88.91 points to wind up Friday and the week at 16,517.85, still hanging on to a weekly gain of more than three points.
The Canadian dollar ditched 0.09 cents to 75.83 cents U.S.
Energy led stocks down Friday, with Crescent Point Energy trailing 17 cents, or 6.7%, to $2.36, while Whitecap Resources slumped 18 cents, or 6.7%, to $2.50.
Health-care stocks went south, with Bausch Health Companies swooning 62 cents, or 2.8%, to $21.62, while Cronos Group lost 16 cents, or 2.2%, to $6.99.
Materials also weighed, with Hudbay Minerals fading 24 cents, or 4.2%, to $5.42, while MAG Silver parted ways with 62 cents, or 2.9%, to $20.49.
Utilities were the biggest winner, with Northland Power marching 65 cents, or 1.8%, to $37.02, while Boralex triumphed 55 cents, or 1.7%, to $33.30.
In communications, Corus Entertainment picked up a dime, or 3.1%, to $3.34, while Quebecor obtained 39 cents, or 1.2%, to $33.39.
The industrial sector also finished positive, with Ballard Power Systems muscling $1.52, or 7.7%, to $21.39, while Mullen Group advanced 23 cents, or 2.3%, to $10.23.
Transport Canada plans to conduct flight test activities for the validation of Boeing Co's grounded 737 MAX next week. Boeing shares concluded Friday in New York down $2.08, or 1.2%, to $167.50 U.S.
On the economic slate, the federal government on Thursday outlined a plan to move the unemployed off an emergency COVID-19 income-support program and onto an expanded employment insurance plan that requires people to look for a job to qualify.
Statistics Canada said retail sales rose 23.7% in June to $53.0 billion. The agency goes on to say sales were 1.3% higher than in February, prior to the COVID-19 pandemic, as more regions moved ahead with plans to reopen their economies.
What’s more, the agency’s new housing price index advanced 0.4% in July, with central Canada leading the way. In Ontario, nine out of 10 new housing markets surveyed posted increases, while in Quebec, four out of five of census metropolitan areas recorded price gains.
ON BAYSTREET
The TSX Venture Exchange fell back 9.17 points, or 1.2%, Friday to 730.34, to dock 7.3 points, or nearly 1%, on the week.
All but three of the 12 TSX subgroups lost ground Friday, with energy reversing 3.1%, health-care down 2.2%, and materials sliding 2%.
The three gainers were utilities, up 0.9%, while communications improved 0.5%, and industrials gained 0.3%.
ON WALLSTREET
Stocks rose on Friday, lifted by strong U.S. economic data, to end a week that saw the broader market reach a record level.
The Dow Jones Industrials leaped 190.6 points to close Friday and the week at 27,930.33.
The S&P 500 strengthened 11.65 points at 3,397.16, yet another all-time record.
The NASDAQ Composite tallied 46.85 points to 11,311.80.
Apple shares rose 4.8% to an all-time high, building on this week’s strong gain. Deere climbed 5.3% and Foot Locker shares were up 1.7%, on better-than-expected quarterly results.
Earlier this week, the S&P 500 broke above its late-February high and notched a fresh all-time high. The NASDAQ also hit a record on Thursday. The S&P 500 has gained 0.4% for the week and the NASDAQ is up over 2% in that time.
The lion’s share of those gains has been driven by strong gains in Big Tech stocks. Apple is up 7% this week and became the first publicly traded company in the U.S. to reach a market valuation of $2 trillion. Amazon and Alphabet have rallied over 4% this week and Microsoft is up 2.4% in that time.
House Speaker Nancy Pelosi told the media both sides need to reach a deal on a more comprehensive stimulus package as millions struggle with being furloughed and unemployed amid the coronavirus pandemic.
Pelosi’s comments come as Democrats and Republicans have been at a stalemate over additional unemployment benefits that expired last month.
Democrats have indicated they want to reinstated the additional assistance at the original $600-per-week rate; Republicans have offered to extend the benefits at a lower rate.
On the economic front, data from IHS Markit showed U.S. manufacturing activity hit its highest level in 19 months in August, while services were at their highest level in 17 months.
Elsewhere, existing home sales for July saw a record month-over-month spike of 24.7%. The average selling price for homes also hit an all-time high, jumping to $304,100.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.63% from Thursday’s 0.65%. Treasury prices and yields move in opposite directions.
Oil prices faded 55 cents to $42.27 U.S. a barrel.
Gold prices came off their lows, but still trailed Thursday’s close by 80 cents to $1,945.70 U.S. an ounce.
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