Stocks in Toronto were uniformly positive Friday, to end the week, month and the year’s second quarter. All sectors were firing on all cylinders.
The TSX leaped 242.12 points, or 1.2%, to end Friday at 20,155.29, for a gain on the week of 737 points, or 3.8%.
The Canadian dollar inched up 0.03 cents to 75.49 cents U.S.
The TSX was on track to post its best weekly performance in nearly eight months. The market will be shuttered on Monday for Canada Day.
Techs proved the king of the gainers, as Tecsys galloped $2.77, or 10.9%, to $28.24, while BlackBerry starred 29 cents, or 4.1%, to $7.39.
Gold and materials were next atop the ladder, with Equinox Gold brightening 20 cents, or 3.4%, to $6.09, while Seabridge Gold captured 51 cents, or 3.3%, to $15.95.
Lithium Americas leaped $1.04, or 4%, to $26.82, while Stelco Holdings raced ahead $1.57, or 3.8%, to $43.24.
Statistics Canada reports April GDP was essentially unchanged as goods-producing industries edged up 0.1%, while services-producing industries stayed put.
ON BAYSTREET
The TSX Venture Exchange gathered 8.31 points, or 1.4%, to 621.33, advancing more than 22 points, or 3.78% on the week.
All 12 TSX subgroups gained ground, with information technology soaring 2%, gold and materials each better by 1.6%.
ON WALLSTREET
Stocks rose Friday and technology names continued their staggering start to the year as Wall Street looked to cap off a breathtaking first half on a positive note.
The Dow Jones Industrials shot higher 284.29 points to conclude the week and month at 34,406.71.
The S&P 500 gained 53.89 points, or 1.2%, to 4,450.35.
The NASDAQ index popped 196.59 points, or 1.5%, to 13,787.92.
Mega-cap technology stocks responsible for a sizeable chunk of 2023’s market gains rose Friday. Dominant artificial intelligence chipmaker Nvidia jumped nearly 4%, bringing its yearly gains to 190%. Meta Platforms, Microsoft and Netflix added about 2%. Apple added 2% to trade above a $3-trillion market cap.
Elsewhere, Nike shares bucked the broad market uptrend. The apparel giant fell more than 2% after reporting a weaker-than-expected quarterly profit.
Friday marked a pivotal day for investors, bringing the conclusion of the month, second quarter and first half. The last six months saw 2022’s beaten-down growth names make a broad comeback as the promise of artificial intelligence and hope of an end to the Fed’s rate campaign lifted major tech players to astonishing heights.
Despite these strong gains, some on Wall Street expect volatility in the second half and likely profit taking from investors that benefitted from the rally.
The S&P 500 has gained more than 6% in June and is on pace for its best monthly performance since October. The NASDAQ has advanced 6.7%. Both indexes are heading for a fourth consecutive positive month. The Dow has climbed 4.7%, and it’s on track for its best month since November.
The S&P 500 has risen 8.4% in the second quarter, on track for a third straight quarter of gains and its biggest quarterly advance since the fourth quarter of 2021. The NASDAQ touts a gain of 13% for back-to-back positive quarters. The Dow has jumped 3.5%, but it’s on pace for a third winning quarter.
Year-to-date and for the first half, the S&P 500 has popped 16.1%, and its headed for its best first half since 2019. The NASDAQ has surged 31.9%, tracking for its best first half since 1983. The 30-stock Dow boasts a more modest gain of 3.9%.
The three major averages are also on pace for winning weeks, and a gain of more than 2%.
Prices for the 10-year Treasury gained a bit of ground, lowering yields to 3.82% from Thursday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices added 71 cents to $70.57 U.S. a barrel.
Gold prices recovered $9.90 to $1,927.80 U.S. an ounce.