TSX Ends Marginally Up

(RTTNews) - The Canadian market ended modestly higher on Friday as strong gains in healthcare, energy and materials shares helped offset losses in industrials, utilties and communications stocks.

The benchmark S&P/TSX Composite Index, which climbed to 19,911.25 by early afternoon, pared most of its gains and ended just 20.35 points or 0.1% up at 19,831.04. The index gained about 1.6% in the week.

Data from Statistics Canada showed the Canadian economy created 59,900 jobs in June, the highest in five months. The unemployment rate increased to 5.4% in June from 5.2% in the previous month.

Another data from Statistics Canada showed average hourly earnings for permanent employees in Canada increased by 3.9% to $34.2 in June, down from the 5.1% growth in the previous month.

A report from the Richard Ivey School of Business said the Ivey Purchasing Managers Index in Canada eased to 50.2 in June of 2023 from 53.5 in the previous month.

Higher crude oil and bullion prices triggered strong buying in energy and materials sectors.

Among energy stocks, Precision Drilling Corp (PD.TO), Vermilion Energy (VET.TO), Baytex Energy (BTE.TO) and MEG Energy (MEG.TO) climbed 5 to 6.3%. Enerplus Corp (ERF.TO), Tourmaline Oil Corp (TOU.TO), Parex Resources (PXT.TO), Crescent Point Energy (CPG.TO) and Birchcliff Energy (BIR.TO) were among the other major gainers in the sector.

Among materials shares, Hudbay Minerals (HBM.TO) rallied nearly 7%. Equinox Gold Corp (EQX.TO), Interfor Corp (IFP.TO), Torex Gold Resources (TXG.TO), Canfor Corp (CFP.TO), Teck Resources (TECK.B.TO) and Oceanagold Corp (OGC.TO) gained 4 to 5.4%.

In the healthcare sector, Bausch Health Companies (BHC.TO) surged 7.7% and Tilray Inc (TLRY.TO) gained 4.35%.