Canada’s main stock index rose on Friday, boosted by consumer and industrials stocks, as investors looked past dismal economic data including a surprise trade deficit and a slowdown in domestic factory activity.
The TSX Composite index took on 54.09 points to roll into noon hour Friday at 20,291.99.
The Canadian dollar marched forward 0.06 cents to 80.97 cents U.S.
Thursday, markets in Canada were closed in honour of Canada Day.
The largest percentage gainers on the TSX were uranium company Nexgen Energy, which jumped 32 cents, or 6.7%, to $5.42, and Mullen Group, that rose 16 cents, or 1.2%, to $13.52, after the freight transportation provider announced the acquisition of R.S. Harris Transport.
Capstone Mining fell 17 cents, or 3.2%, to $5.21, while Aurora Cannabis was down 62 cents, or 5.5%, to $10.61.
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%) 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%, while exports fell 1.6%. 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 2.32 points to 963.01.
All but two of the 12 TSX subgroups moved higher, as consumer staples raced 1.4%, industrials were better by 0.7%, and information technology hiked 0.6%.
Health-care moved 2% lower, while energy docked 0.3%.
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 101.97 points to break for lunch at 34,735.50.
The S&P 500 added 19.61 points to Wednesday’s record, registering at 4,339.55.
The NASDAQ jumped 70.47 points to 14,592.85, to hit its own intraday all-time high.
Solid moves by major tech stocks helped support the overall market, with shares of Apple and Salesforce rising by more than 1%.
On Friday, shares of Boeing fell slightly, weighing on the Dow, after a 737 cargo plane made an emergency landing off the coast of Honolulu.
For the week, the NASDAQ Composite was up 1.1% as of Thursday’s close. The S&P 500 took on 0.9% and the Dow was up about 0.6%.
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%, higher than expected.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.44% from Thursday’s 1.47%. Treasury prices and yields move in opposite directions.
Oil prices lost 26 cents to $74.97 U.S. a barrel.
Gold prices acquired $5.40 to $1,782.20 U.S. an ounce.