Equities in Toronto finished off the week with profit-taking, but with plenty of gains to be had Friday, mostly in consumer and industrial issues.
The TSX fell 15.57 points to conclude Friday at 20,262.07. On the week, the index gained 431 points, or 2.2%.
The Canadian dollar backed off 0.64 cents to 75.61 cents U.S.
Earlier this week, the Bank of Canada had lifted lending rates, as expected, to 5% and indicated further hikes as the central bank looks to bring down sticky inflation.
Meanwhile, dock workers at ports along Canada’s Pacific coast and their employers accepted a tentative wage deal on Thursday, ending a 13-day strike that disrupted trade at the country’s busiest port and risked worsening inflation.
Energy put a break on the market’s momentum, with Vermilion Energy descending 88 cents, or 5%, to $16.88, while Spartan Delta Corp. dipped 17 cents, or 3.7%, to $4.48.
In communications, TELUS Corp. sagged $1.23, or 4.8%, to $24.32, while Cogeco Communications fell 78 cents, or 1.1%, to $68.43.
In the health-care sector, Tilray lost 17 cents, or 7.2%, to $2.20, while Bellus Health Companies gave up two cents to $19.48.
Consumer staples tried to raise everyone’s spirits, with Jamieson Wellness hiking 89 cents, or 3.2%, to $28.77, while Primo Water jumped 48 cents, or 2.8%, to $17.46.
Industrials were up on the scale as well, with Stantec up $2.34, or 2.7%, to $87.53, while GFL Environmental collected $1.08, or 2.2%, to $49.72.
In gold stocks, Lundin Gold gained 21 cents, or 1.2%, to $17.77, while Sandstorm Gold picked up nine cents, or 1.2%, to $7.37.
Economically speaking, Statistics Canada said manufacturing sales rose 1.2% in May, mainly on higher sales of chemical products, motor vehicles, and machinery.
The Canadian Real Estate Association reported Friday that national home sales edged up 1.5% month-over-month in June. Actual (not seasonally-adjusted) monthly activity came in 4.7% above June 2022.
ON BAYSTREET
The TSX Venture Exchange dropped 3.61 points to 628.44, for a win on the week of 13.7 points, or 2.2%.
Eight of the 12 TSX subgroups were stronger on the day, with consumer staples growing 1.4%, while industrials advanced 0.8%, and gold brightened 0.6%.
The four laggards were weighed most by energy, off 2.1%, communications, off 1.8%, and health-care stepping back 0.6%
ON WALLSTREET
The Dow Jones Industrial Average climbed Friday as strong earnings results from some of the biggest banks and companies kicked off earnings season.
The 30-stock index gained 113.89 points to end Friday and the week at 34,509.03, a hike on the week of 774 points, or 2.3%.
The S&P 500 fell behind 4.59 points to 4,505.45, but advancing over the last five sessions by 106 points, or 2.4%.
The NASDAQ index subtracted 24.87 points to 14,113.70, screaming higher on the week 453 points, or 3.3%.
Wall Street is coming off its fourth consecutive day of gains, with the NASDAQ and S&P 500 reaching their highest levels since April 2022.
UnitedHealth shares jumped 8% after the insurance giant reported better-than-expected earnings and revenue. The company also raised the lower end of its full-year earnings guidance.
JPMorgan Chase rose 0.3% after its second-quarter earnings topped expectations. The bank was boosted by higher interest rates and rising interest income. Wells Fargo also gained 0.5% on the back of better-than-expected results.
Prices for the 10-year Treasury lost strength, raising yields to 3.82% from Thursday’s 3.76%. Treasury prices and yields move in opposite directions.
Oil prices flopped $1.56 to $75.33 U.S. a barrel.
Gold prices dulled $4.30 to $1,959.50 U.S. an ounce.