TSX Contents Self with Small Gains - InvestingChannel

TSX Contents Self with Small Gains

Indexes in Toronto said goodbye to a holiday-shortened week only slightly ahead of last week, with health-care trying to counteract losses in industrial stocks.

The TSX gained 20.35 points to close out Friday at 19,831.04. The index was roughed up 325 points, or 1.6%, on the week.

The Canadian dollar recovered 0.5 cents to 75.32 cents U.S.

Among industrials, Thomson Reuters shares ditched $6.37, or 3.6%, to $172.87, while Bombardier got bruised $1.49, or 2.4%, to $61.49.

Utilities also took it on the chin, with Boralex skidded $1.25, or 3.5%, to $34.90, while Algonquin Oil & Gas trudged lower 49 cents, or 4.5%, to $10.49.

In communications, Quebecor sank $1.03, or 3%, to $33.09, while BCE dipped 66 cents, or 1.1%, to $59.47.

Health-care led the subgroups in the green Friday, with Bausch Health Companies soaring 78 cents, or 7.6%, to $11.06, while Tilray capturing 11 cents, or 5.3%, to $2.18.

In energy issues, MEG Energy gained $1.04, or 4.9%, to $22.36, while IPCO picked up 46 cents, or 4.2%, to $11.42.

In materials, Hudbay Minerals climbed 41 cents, or 6.7%, to $6.51, while Interfor moved ahead $1.27, or 5.4%, to $24.98.

Economically speaking, Statistics Canada reported employment increased by 60,000 in June, driven by gains in full-time work. The unemployment rate, however, rose to 5.4%.

What’s more, the IVEY PMI measured 50.2 in June, less than May’s 53.5, and less than the 53.8 reading in June 2022.

Canadian markets were closed Monday for Canada Day, American markets Tuesday for the Fourth of July.

ON BAYSTREET

The TSX Venture Exchange subtracted 0.48 points to 614.74 on the day, 6.6 points, or 1.06% on the week.

Seven of 12 TSX subgroups lost ground by day’s end, with industrials down 1.1%, while utilities and communications down 1% each.

The five gainers were led by health-care, springing up 3.7%, while energy picked up 2.9%, and materials surged 1.5%.

ON WALLSTREET

Stocks finished lower on Friday and notched losses for the week as traders struggled to shake off fears that the Federal Reserve may start hiking rates again later this month.

The Dow Jones Industrials swooned 187.38 points to conclude Friday at 33,734.88.

The S&P 500 slid 12.64 points to 4,398.95.

The NASDAQ index fell 18.33 points to 13,660.72.

All three major averages suffered a losing week. The S&P 500 is off by about 0.6%, while the NASDAQ took a 0.3% decline. The Dow was the underperformer of the three, tracking for a 1.5% loss.

The U.S. Labor Department’s June jobs report showed payrolls increase less than expected and a cooldown in growth from May. Non-farm payrolls rose by 209,000, while the unemployment rate came in at 3.6%. Economists polled by Dow Jones had anticipated 240,000 positions added and a similar jobless level.

But parts of the report may give the Federal Reserve reason to resume hiking later this month. The closely watched wages numbers came in slightly stronger than expected. Average hourly earnings increased by 0.4% in June and 4.4% from a year ago. Meanwhile, the unemployment rate declined from 3.7% in May.

Prices for the 10-year Treasury were lower, raising yields to 4.06% from Thursday’s 4.04%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.90 to $73.70 U.S. a barrel.

Gold prices regained $16.00 to $1,931.40 U.S. an ounce.

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