TSX Snaps 4-day Losing Streak, Ends On Firm Note

RTTNews | 1065 days ago
Stocktwits
TSX Snaps 4-day Losing Streak, Ends On Firm Note

(RTTNews) - The Canadian market ended on a firm note on Friday despite giving up a substantial portion of its gains.

Despite giving up a substantial portion of its gains, the Canadian market ended on a firm note on Friday, thanks to sustained buying in energy and materials shares.

The benchmark S&P/TSX Composite Index, which climbed to 19,478.27, ended the session with a gain of 128.13 points or 0.67% at 19,270.85.

The Materials Capped Index surged 2.55%. Eldorado Gold (ELD.TO), New Gold (NGD.TO), B2Gold Corp (BTO.TO), Wesdome Gold Mines (WDO.TO), Kinross Gold (K.TO), Novagold (NG.TO) and Seabridge Gold (SEA.TO) gained 5 to 6.2%.

Barrick Gold Corp. (ABX.TO) gained about 2.3%. The company said that it agreed to sell a portfolio of royalties to Maverix Metals Inc. for total consideration of up to US$60 million.

The Energy Capped Index climbed 2.1%. Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Freehold Royalties (FRU.TO) and Imperial Oil (IMO.TO) gained 2.5 to 3.4%.

Sun Life Financial Inc (SLF.TO) announced that it plans to acquire a 51% interest in Advisors Asset Management, Inc. or AAM for US$214 million subject to customary adjustments with a put/call option to acquire the remaining 49% starting in 2028. The stock gained nearly 0.5%.

On the economic front, labor productivity for Canadian businesses rose 0.2% in the second quarter, after falling 0.5% in the previous quarter, data from Statistics Canada showed. This was the first increase in productivity since the second quarter of 2020.

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U.S. Construction Spending Unexpectedly Sees Further Downside In June

U.S. Construction Spending Unexpectedly Sees Further Downside In June

The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.
RTTNews | 2 days ago
U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.
RTTNews | 2 days ago
U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.
RTTNews | 2 days ago
Eurozone Inflation Steady At 2% ECB Target

Eurozone Inflation Steady At 2% ECB Target

Euro area consumer price inflation was unchanged at the European Central Bank's 2 percent target in July, easing the pressure for more easing. The harmonized index of consumer prices increased 2.0 percent year-on-year in July, the same rate of increase as seen in June. Inflation was forecast to ease marginally to 1.9 percent.
RTTNews | 2 days ago
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