Stock indexes in Canada’s largest market rose slightly on Friday as investors welcomed favourable U.S. inflation and domestic GDP datasets, while major losses in energy sector diluted overall gains.
The TSX Composite Index eked ahead 11.21 points to begin Friday at 23,238.70.
The Canadian dollar inched up 0.03 cents at 74.17 cents U.S.
Markets on both sides of the border will be closed Monday for Labour Day.
In corporate news, Pluribus Technologies reported a bigger second-quarter net loss, primarily due to an impairment charge taken against the goodwill of Social5, a social media marketing company it acquired in 2022. Still, the stock didn’t move from last night’s perch of 12 cents.
The banking sector benefitted from recent earnings reports from the major domestic lenders.
Among individual stocks, Laurentian Bank of Canada fell 86 cents, or 3.2%, to $26.10 after the lender reported smaller third-quarter profit.
On the economic slate, Statistics Canada says gross domestic product increased 0.5% in the second quarter after rising 0.4% in the first quarter. On a per capita basis, GDP fell 0.1% in the second quarter, the fifth consecutive quarterly decline.
ON BAYSTREET
The TSX Venture Exchange inched higher 2.24 points to 570.16.
Seven of the 12 TSX subgroups were positive, with communications and financials each up 0.5%, while real-estate poked ahead 0.4%.
The four laggards were weighed most by energy, tumbling 1.8%, consumer staples, swooning 0.6%, and gold, dulling in price 0.3%.
Health-care stocks were unchanged mid-morning Friday.
ON WALLSTREET
Stocks climbed Friday as investors looked to end a volatile month of trading on a high note, while assessing crucial inflation data closely watched by the Federal Reserve.
The 30-stock index gained 78.22 points to open the month’s last session at 41,413.27.
The S&P 500 recovered 33.36 points to 5,625.32.
The tech-heavy NASDAQ gathered 143.97 points to 17,660.40.
As August’s trading winds down, the S&P 500 is on pace for a nearly 1.9% gain during the month, while the Dow is on track to add 1.5%. The NASDAQ Composite has lagged, rising just 0.3%. The S&P 500 was on pace for its fourth straight winning month.
The personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, rose 0.2% on a monthly basis and 2.5% from a year ago, coming in line with estimates from economists polled by Dow Jones. Excluding food and energy, it also rose 0.2%.
Prices for the 10-year Treasury gained slightly, lowering yields to 3.87% from Thursday’s 3.88%. Treasury prices and yields move in opposite directions.
Oil prices skidded $2.07 to $73.84 U.S. a barrel.
Gold prices settled $15.00 to $2,545.30