Equities in Canada's largest market achieved a fifth straight positive session on Friday, headed into a long Labour Day weekend, and aided by gains in the materials sector and data on strong growth in the Canadian economy during the second quarter.
The S&P/TSX Composite gained 57.58 points to end the day, week and month at 16,399.32. The gain during those last five winning sessions was an incredible 404 points, or 2.5%.
The Canadian dollar faded 0.11 cents to 75.10 cents U.S.
Materials led all gaining groups, with HudBay Minerals leaping 20 cents, or 4.7%, to $4.46, while Interfor copped 53 cents, or 4.1%, to $13.33.
Utilities were also strong as Superior Plus was up 18 cents, or 1.6%, to $11.61, while Emera improved 83 cents, or 1.2%, to $57.58
Shares of CAE jumped $1.45, or 4.3% to $34.85, after Scotiabank upgraded the civil aviation training company's shares to "sector outperform" from "sector perform". Elsewhere in industrials, Transcontinental grabbed 29 cents, or 2.1%, to end the week at $14.05.
Energy stocks scaled back Friday, as Birchcliff Energy got trounced nine cents, or 4.8%, to $1.80, while Peyto Exploration dipped 15 cents, or 4.5%, to $3.21.
In health-care, CannTrust Holdings fell 4.5 cents, or 2.1%, to $2.32, along with declines in shares in Aphria bruised 17 cents, or 2%, to $8.35.
In techs, Shopify got pummeled $10.08, or 1.9%, to $511.97, while BlackBerry slid 12 cents, or 1.3%, to $9.14.
On the economic front, Statistics Canada says June’s gross domestic product grew 0.9% in the second quarter, after edging up 0.1% in each of the previous two quarters. This growth was led by a 3.2% rise in export volumes.
Prices for products manufactured in Canada were down 0.3% in July. Widespread commodity price declines, led by pork, were partially offset by higher prices for motor gasoline and precious metals.
The agency also said prices for raw materials purchased by manufacturers operating in Canada were up 1.2%, mainly as a result of higher crude energy products prices.
ON BAYSTREET
The TSX Venture Exchange surged 8.21 points, or 1.4%, to 589.36, a gain on the week of 7.4 points, or 1.27%
All but three of the 12 Toronto subgroups remained positive on the day, as materials picked up 0.9%, utilities and industrials each climbing 0.6%.
The three laggards were energy, reversing 1.1%, health-care, sliding 0.8%, and information technology, lower by 0.6%.
ON WALLSTREET
Stocks were little changed on Friday as investors took a breather following a wild month of trading.
The Dow Jones Industrial Average experienced a dipsy-doodle kind of day, but ending on the plus side by 41.03 to finish at 26,403.28, for a gain on the week of more than 3%. The 30-stock Dow rallied more than 150 points earlier Friday amid optimism around U.S.-China trade relations.
The S&P 500 dipped 1.88 points to 2,926.46, for a gain on the week of 2.8%.
The NASDAQ Composite slumped 10.51 points to 7,962.88 Friday, but still claimed progress for the week of 2.7%.
The major indexes posted their worst monthly performance since May. The Dow fell 1.7% in August while the S&P 500 lost 1.8%. The NASDAQ pulled back 2.6%. U.S.-China trade relations intensified this month, rattling investors.
Among the firms declaring earnings today, Jinko Solar gained $1.68, or 8.3%, to $21.87, while Frontline demurred 18 cents, or 2.1%, to $8.51.
China’s Foreign Ministry said on Friday that U.S. and Chinese negotiators are maintaining "effective communication” as the two countries try to strike a trade deal.
The report follows comments from the Chinese Ministry of Commerce on Thursday that hinted China will not escalate for now the trade war with the U.S. President Donald Trump also said that some trade discussions had taken place on Thursday, with more scheduled over the coming weeks.
Recent U.S. economic data has been strong. U.S. consumer spending rose 0.6% in July, the Commerce Department said Friday, topping an economist estimate of 0.5%. Meanwhile, consumer confidence remains near its highest level in nearly 20 years.
Prices for the benchmark 10-year U.S. Treasury regained lost ground, lowering yields back to Thursday’s 1.50%. Treasury prices and yields move in opposite directions
Oil prices faded $1.63 to $55.08 U.S. a barrel.
Gold prices fell $4.50 to $1,532.40 U.S. an ounce.
