Equities in Canada’s largest centre brought this week to an end with slight gains Friday, mostly in the energy and health-care sectors.
The TSX obtained enough traction to overcome morning losses and pick up 17.53 points to finish Friday and the week at 18,854. The main index was rewarded with a weekly gain of just more than two and a half points, or 0.1%.
The Canadian dollar slid 0.09 cents at 79.96 cents U.S.
Energy led the parade of gaining stocks, with Parex Resources sprinting $1.04, or 5%, to $22.07, while Enerplus took on 28 cents, or 4.2%, to $6.88.
Health-care followed, with Trillium Pharmaceuticals up 92 cents, or 7%, to $14.00, while Cronos Group advancing 44 cents, or 3.6%, to $12.68.
In consumer discretionaries, Linamar moved up $3.60, or 4.7%, to $80.07, while BRP jumped $3.28, or 3.3%, to $102.14.
Communications went the opposite way, however, with Rogers down 74 cents, or 1.2%, to $60.52, while would-be takeover target Shaw ditched 65 cents, or 1.9%, to $33.85.
Industrials got roughed up a bit, with Transcontinental sliding 54 cents, or 2.4%, to $21.82, while Canadian Pacific lost $5.25, or 1.1%, to $475.55.
In consumer staples, Alimentation Couche-Tard sank 73 cents, or 1.8%, to $39.54, while Saputo skidded 38 cents, or 1%, to $37.73.
On the economic slate, Statistics Canada said retail sales fell for the second consecutive month, down 1.1% to $52.5 billion in January, primarily because of lower sales at clothing and clothing accessories stores, furniture and home furnishings stores, and sporting goods, hobby, book and music stores.
Elsewhere, the International Monetary Fund said Canada’s economy is likely to rebound this year as long as COVID-19 is brought under control, but the government should introduce a “fiscal anchor” to ensure credibility in debt management.
ON BAYSTREET
The TSX Venture Exchange gained 15.15 points, or 1.6%, to 995.15, for a gain on the week of nearly 13 points, or 1.31%.
Seven of the 12 TSX subgroups finished the day in the green, with energy ahead 2.4%, health-care sprouting 1.7%, and consumer discretionary stocks, up 1.5%.
The five laggards were weighed most by communications, down 0.8%, industrials, down 0.3%, while consumer staples off 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average fell on Friday after the Federal Reserve’s decision to not extend a pandemic-era capital break for banks stoked a rise in bond yields and a selloff in financial stocks.
The 30-stock blue-chip index tumbled 234.33 points to close Friday and the week at 32,627.97, a loss on the week of 150 points, or 0.46%,
The S&P 500 demurred 2.36 points to close at 3,913.10, for a weekly loss of 30 points, or 0.77%.
The NASDAQ Composite regrouped 99.07 points, however, to 13,215.24, to minimize the weekly loss at 104 points, or 0.79%. Facebook gained 4%, while Amazon and Netflix rose about 1.5% each.
JPMorgan and Goldman Sachs both slid more than 1%, while Wells Fargo fell 2.9%. Bank of America also slipped 1%. These names got a lift earlier this week from rising rates and have all rallied double digits this year.
Shares of FedEx jumped 6% Friday after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.
Nike’s stock slipped by nearly 4% after third-quarter revenues proved weaker than anticipated.
Visa shares dropped 6.2% after a report said the Justice Department has opened an investigation into its debit card business and possible anticompetitive practices.
The central bank on Friday declined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.
The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.
Prices for 10-Year Treasurys slipped, raising yields to 1.73% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.46 to $61.46 U.S. a barrel.
Gold prices gained $9.40 to $1,741.90.