December 2, 2021

Markets in Toronto may not have set off the fireworks their American cousins were able to watch, but gains were respectable on both the day and the shortened week.

The TSX Composite index gained 60.53 points to end Friday and the week at 20,226.11. Still, the index fell short on the week by 4.15 points, or 0.02{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The Canadian dollar marched forward 0.07 cents to 81.13 cents U.S.

Thursday, markets in Canada were closed in honour of Canada Day.

Consumer staples led the parade, with Alimentation Couche-Tard climbing $1.27, or 2.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $46.82, while Empire Company leaped 94 cents, or 2.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $40.04.

In gold stocks, Torex Gold Resources accumulated 36 cents, or 2.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $14.64, while Centerra Gold amassed 18 cents more, or 1.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $9.59.

Real-estate also showed some promised, as Altus Group picked up $1.22, or 2.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $58.67, while Tricon Capital Group climbed 29 cents, or 2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $14.55.

On the economic beat, Statistics Canada said, following four consecutive months of reaching new highs, the total value of building permits dropped a record $1.6 billion (-14.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}) to $9.5 billion in May.

The agency adds, every component was down, with multi-family dwellings in Ontario accounting for nearly three fifths of the overall national decline.

Also, Canada’s monthly international trade in services deficit widened from $303 million in April to $384 million in May.

In May, Canada’s merchandise imports increased 2.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, while exports fell 1.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. As a result, Canada’s merchandise trade balance widened, moving from a surplus of $462 million in April to a deficit of $1.4 billion in May.

Finally, the headline seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index® (PMI®) registered 56.5 in June, down from 57.0 in May, to signal the 12th consecutive expansion in operating conditions. The latest uptick was the softest since February, but was sharp in the context of the historical average.

ON BAYSTREET

The TSX Venture Exchange gathered 7.7 points to 968.39, to finish higher by 19.88 points on the week, or 2.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

All but one of the 12 TSX subgroups moved higher, as consumer staples raced 1.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, while gold improved 0.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} and real-estate gained 0.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

Only health-care missed the party, dropping 2.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

ON WALLSTREET

Stocks rose on Friday and the S&P 500 hit another record high after the June jobs report showed an accelerating recovery for the U.S. labour market.

The Dow Jones Industrials jumped 152.82 points to close the day and the week at 34,786.35.

The S&P 500 added 32.4 points to 4,352.34. The S&P 500 has now risen for seven consecutive sessions, its longest winning streak since

August.

The NASDAQ popped 116.95 points to 14,635.33, also an all-time peak.

Solid moves by major tech stocks helped support the overall market on Friday, with shares of Apple gaining 2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and Salesforce rising by nearly 1.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

For the week, the NASDAQ rose 2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, while the S&P 500 soared 1.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and the Dow climbed 1.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

On Friday, shares of Boeing fell 1.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, weighing on the Dow, after a 737 cargo plane made an emergency landing off the coast of Honolulu. IBM’s stock fell 4.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after the company announced that president and former Red Hat CEO Jim Whitehurst was stepping down.

The U.S. markets will be closed on Monday for the July 4 holiday.

The U.S. economy added 850,000 jobs last month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones were expecting an addition of 706,000. The print topped the 559,000 jobs created in May.

The unemployment rate did come in at 5.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, higher than expected.

Prices for 10-Year Treasurys gained ground, lowering yields to 1.43{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} from Thursday’s 1.47{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices lost two cents to $75.21 U.S. a barrel.

Gold prices acquired $11.60 to $1,788.40 U.S. an ounce.

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