June 4, 2023

DS Duke

Global Business In World

More Positive for TSX on Day, Week

4 min read
Stocks in Canada’s largest centre leaped to a new record high Friday, aided by gains...

Stocks in Canada’s largest centre leaped to a new record high Friday, aided by gains in health-care and technology stocks, en route to their second straight weekly rise.

The S&P/TSX Composite advanced 186.55 points to close Friday at 21,768.53, for a rise on the week of 312 points, or 1.46{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.

The Canadian dollar regained 0.28 cents at 79.72 cents U.S.

SNC-Lavalin Group’s chief executive officer has postponed an almost entirely English-language speech scheduled for next week in Montreal as French-language skills of Quebec’s non-francophone business executives come under scrutiny.

SNC shares bounced 89 cents, or 2.6{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $35.41.

Cannabis stocks mostly drove the market’s upward progress, with Aurora Cannabis shooting $1.18, or 12.4{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $10.71, while Canopy Growth hiked $1.85, or 10.9{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $18.84.

In information technology, Shopify galloped $2.03.45, or 10.8{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $2,081.10, while Dye & Durham jumped $2.75, or 6/9{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $42.74.

Consumer discretionary stocks fared well, too, as Canada Goose flapped its wings $1.60, or 2.6{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $63.54, while Magna International popped $2.25, or 2.1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $108.51.

Energy stocks failed, however, as Arc Resources finished in the red 25 cents, or 2{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} to $12.38, while MEG Energy backpedaled 22 cents, or 2{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $10.95.

In utilities, ATCO Ltd. faded 48 cents, or 1.2{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $41.10, while Transalta Corp. dropped 14 cents, or 1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $13.58.

In consumer staples, Saputo handed over 27 cents, or 0.9{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to $30.77, while Empire Company fell 19 cents, or 0.5{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} , to $38.79.


The TSX Venture Exchange vaulted 17.83 points, or 1.8{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, on the day to 1,023.70, for a jump on the week of 38.5 points, or 3.9{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.

Eight of the 12 TSX subgroups improved Friday, with health-care haler 4.5{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, information technology clicking 3.8{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} higher, and consumer discretionary stocks up 0.9{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.

The four laggards were weighed most by energy, skidding 0.5{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} utilities, down 0.3 {1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, and consumer staples, off 0.1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.


Stocks rallied Friday, but still posted their first losing week in six amid heightened inflation fears.

The Dow Jones Industrials catapulted 179.08 points to close Friday at 36,100.31,

The S&P 500 captured 33.58 points to 4,682.85.

The NASDAQ Composite jumped 156.68 points to 15,860.96.

The major averages closed the week lower after the hottest inflation report in 30 years. The Dow fell 0.6{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, the S&P 500 dipped 0.3{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} and the NASDAQ Composite inched down about 0.7{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} on the week.

Dow component Johnson & Johnson saw its shares rise 1.2{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} following a Wall Street Journal report that the company is splitting in two. Johnson & Johnson is reportedly breaking off its consumer health division into a separate publicly traded company.

Mega-cap technology names provided support to the broader market. Facebook-parent Meta rallied 4{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}. Apple, Microsoft and Amazon each added more than 1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.

Fresh data out Friday morning underscored persistent inflation fears and provided insight into the labour market.

Consumer sentiment in early November dropped to its lowest level in a decade, the University of Michigan reported Friday. Many survey respondents cited inflation concerns, according to the report.

Meanwhile, workers left their jobs in record numbers in September with 4.43 million people quitting, the U.S. Labor Department reported Friday. The exodus occurred as the U.S. had 10.44 million employment openings that month, according to the report. Fresh data out Friday morning underscored persistent inflation fears.

Prices for 10-year Treasurys lost ground Friday, raising yields to 1.57{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, from 1.56{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} on Wednesday. The bond market was closed Thursday for Veterans Day. Treasury prices and yields move in opposite directions.

Oil prices fell 71 cents to $80.88 U.S. a barrel.

Gold prices picked up $3.60 to $1,867.50 U.S. an ounce.

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