It proved a triumphant week, if a short one, for stock indexes in Toronto, with yet another record finish for the country’s main index, boosted mainly by resource stocks.
The TSX Composite Index surged 134.74 points to conclude Friday at 29.050.63.
During this short week, the index gained 486 points, or 1.7%.
The Canadian dollar dipped 0.18 cents to 72.20 cents U.S.
In corporate news, Strathcona Resources bought additional 6.04 million common shares of rival MEG Energy for about $172.7 million. Shares in Strathcona dropped 44 cents, or 1.1%, to $38.42.
Elsewhere, Celestica jumped $30.18, or 9.9%, to $336.26 to a record high, while rival Bitcoin collected four cents, or 2.3%, to $1.78.
Among gold plays, Equinox Gold climbed $1.06, or 8.5%, to $13.47, while Iamgold took on 59 cents, or 4.5%, to $13.70.
In materials, Barrick Mining acquired $1.67, or 4.4%, to $39.33, while Teck Resources jumped $2.40, or 5.3%, to $47.67.
Energy stocks went south, though, with Baytex Energy down nine cents, or 2.9%, to $3.03, while those for Athabasca Oil were off 19 cents, or 3.1%, to $5.99.
In the industrial sector, Thomson Reuters fell back $5.23, or 2.1%, to $241.95, while AtkinsRéalis Group handed over 84 cents, or 0.9%, to $94.92.
In financials, Ia Financial capsized $4.18, or 2.7%, to $149.41, while Brookfield Asset Management toppled 96 cents, or 1.2%, to $80.66.
On the macroeconomic scene, Statistics Canada reported the economy dumped 66,000 jobs in August, while the unemployment rate rose 0.2 percentage points to 7.1%.
Elsewhere, the IVEY PMI collapsed to 50.1 in August, from 55.8 in July, but much higher than the 48.2 reading for August 2024.
ON BAYSTREET
The TSX Venture Exchange ballooned 13.03 points, or 1.5%, to 852.78, for a gain on the week of 27.68 points, or 3.34%.
Eight of the 12 TSX subgroups were higher Friday, with gold surging 2.6%, materials ahead 2.5%, and information technology up 2.2%.
The four laggards were weighed by energy, reversing 1.8%, industrials, off 0.3%, and financials, losing 0.2%.
ON WALLSTREET
Stocks closed lower on Friday after a weaker-than-expected U.S. jobs report gave way to worries about a slowing U.S. economy, even as expectations for a Federal Reserve rate cut were solidified.
The Dow Jones Industrials gave back 220.43 points to conclude Friday at 45,400.86. On the week, the index gave up 0.3%.
The S&P 500 index subsided 20.58 points to 6,481.50, edging up 0.1% on the week.
The NASDAQ lost 7.31 points on the day, to 21,700.39, but gathered 1.1% on the week.
JPMorgan and Wells Fargo paced the negative reversal on fears a slowing economy may hit loan growth. Industrials Boeing and GE Aerospace also got hit, as a troubled economy could dampen order growth.
However, Broadcom was a standout performer, with the stock popping 9.4% on the heels of the chipmaker’s latest quarterly results beating Wall Street’s expectations.
Nvidia shares dropped 2.7%, as Broadcom’s strong results may signal there’s growing competition for the AI darling. Palantir, another artificial intelligence favorite that’s been under pressure of late, slid about 2%.
The August jobs report saw the U.S. economy add 22,000 jobs on the month, the Bureau of Labor Statistics reported Friday. That’s below the 75,000 that economists polled by Dow Jones had expected. The unemployment rate also rose to 4.3%, in line with expectations.
Traders are hoping the reading will lend support to the Fed’s case to go ahead with an expected rate cut at its September policy meeting. Fed funds futures trading suggests that benchmark interest rates will likely move a quarter-percentage-point lower when the central bank makes a decision on Sept.17,
Prices for 10-year Treasury leaped Friday, lowering yields to 4.09% from Thursday’s 4.16%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $1.44 to $62.04 U.S. a barrel.
Gold prices vaulted $40.60 to $3,647.30 U.S. an ounce.
