December 1, 2021

Equities in Canada’s largest market changed very little Friday, but cemented weekly gains, due to strong performances from energy and industrial stocks

The TSX Composite fought its way to a gain of 3.76 points to finish the day and the week at 21,216.15. Over the last five sessions, the index was ahead 288 points, or 1.38%.

The Canadian dollar added 0.04 cents to 80.87 cents U.S.

Energy led the festivities, with MEG Energy soaring 38 cents, or 3.4%, to $11.61, while Arc Resources skyrocketed 23 cents, or 2%, to $11.52.

In industrials, Bombardier gathered eight cents, or 3.9%, to $2.15, while TFI International climbed $3.55, or 2.5%, to $146.48.

In the financial sector, GoEasy jumped $3.33, or 1.7%, to $197.94, while gained $1.10, or 2.2%, to $50.30.

In health-care, Canopy Growth shares dumped 85 cents, or 4.9%, to $16.52, while Organigram Holdings shed 13 cents, or 4.3%, to $2.99.

Tech shares got bruised also, as HUT 8 Mining dropped 73 cents, or 5.1%, to $13.72, while Shopify unloaded $92.75, or 5%, to $1,757.83.

In consumer discretionary stocks, Sleep Country Holdings dozed $1.22, or 3.3%, to $35.40, while Magna International lost $3.58, or 3.5%, to $99.26.

On the economic calendar, Statistics Canada reported retail sales were up 2.1% to $57.2 billion in August. The agency went on to say sales increased in nine out of 11 sub-sectors, led by higher sales at food and beverage stores, gasoline stations, and clothing and clothing accessories stores

ON BAYSTREET

The TSX Venture Exchange strengthened 3.45 points to 948.84, for a gain on the week of 11 points, or 1.19%.

Eight of the 12 TSX subgroups remained positive on the day, with gold brighter 0.8%, materials stronger by 1.8%, and energy rumbling 1.3% higher.

The four laggards were weighed most by health-care falling 2.9%, information technology, down 2.3%, while consumer discretionary dropped 1.1%.

ON WALLSTREET

The S&P 500 edged lower a day after the benchmark closed at a record.

The Dow Jones Industrials recovered from several hours in negative territory to gain 73.94 points to 35,677.02, helped by a 4% rise in shares of American Express, which reported strong quarterly earnings Thursday. The ascent on the week was 382 points, or 1.1%.

The S&P 500 lost 4.88 points on the day to 4,544.20, still strengthening 73 points, or 1.6%, on the week.

The NASDAQ Composite fell 125.5 points to 15.090.20, after poor results from two technology companies. Still, the rise on the week was 193 points, or 1.3%.

Shares of Intel retreated more than 11% following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss.

Social media stocks also dropped after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sunk more than 25%. Facebook lost 6% and Twitter pulled back 4%.

However, several tech stocks rose to all-time highs. Tesla shares extended their rally, rising 1% after hitting a new intraday high earlier in the morning. The stock closed 3% higher Thursday after posting record profit and revenue, along with strong margins. Netflix, Ebay and

Microsoft also climbed to new all-time highs.

Despite the blips in the tech sector, overall earnings season has been terrific so far, boosting the broader market back to an all-time high following a two-month lull. So far for the third quarter earnings season, 84% of the 117 companies that have reported have beat analysts’ earnings estimates. Profits are reportedly on pace in the quarter to increase 34.8%.

Prices for 10-year Treasurys regained ground, lowering yields to 1.64% from Thursday’s 1.69%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.59 to $84.09 U.S. a barrel.

Gold prices gained $13.20 to $1,795.10 U.S. an ounce.

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