TSX Extends Gains To 5th Straight Day, Ends 1.2% Up

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(RTTNews) - The Canadian market ended on a buoyant note on Friday, extending gains to the sixth consecutive session, as stocks rallied on all-round buying.

Positive cues from European and the U.S. markets, and easing worries about further tightening by the Bank of Canada following recent soft inflation data helped underpin sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 242.12 points or 1.22% at 20,155.29

Buying was so broad based that all the sectoral indices moved higher. Materials, technology, real estate, consumer discretionary, industrials, utilties and financials shares found strong support.

On the economic front, Canada's GDP was revised downwards to 0% from the initial 0.2%, Statistics Canada said. Canada's economy is expected to have grown by 0.4% in May 2023.

In the materials sector, Lithium Americas Corp (LAC.TO), First Majestic Silver (FR.TO), Osisko Mining (OSK.TO), Stelco Holdings (STLC.TO) and Hudbay Minerals (HBM.TO) gained 3.5 to 4%.

Technology stocks Tecsys Inc (TCS.TO) and Softchoice Corp (SFTC.TO) climbed about 9.4% and 7.4%, respectively. Bitfarms (BITF.TO), Hut 8 Mining (HUT.TO), BlackBerry (BB.TO), Kinaxis Inc (KXS.TO) and Docebo Inc (DCBO.TO) advanced 3 to 4%.

Real estate stocks Interrent Real Estate (IIP.UN.TO), Storagevault Canada (SVI.TO), First Capital (FCR.UN.TO) and CDN Apartments (CAR.UN.TO) ended higher by 2.4 to 2.8%.

Consumer discretionary stocks Canada Goose Holdings (GOOS.TO) and Sleep Country Canada Holdings (ZZZ.TO) climbed 5.7% and 3.8%, respectively.

Among industrials shares, Cae Inc (CAE.TO) gained 3.2%. Toromont Industries (TIH.TO), Russel Metals (RUS.TO), Telus International (TIXT.TO) and Badger Infrastructure (BDGI.TO) ended higher by 2 to 2.2%.

Among financials shares, Nuvei Corp (NVEI.TO) gained about 2.75%. Onex Corp (ONEX.TO), Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO) and Goeasy (GSY.TO) were among the other major gainers in the sector.

U.S. Dollar Higher On Trade Hopes

The U.S. dollar appreciated against its major counterparts in the New York session on Friday, as investors focused on developments on the trade front.

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Swiss Market Ends On Firm Note On Upbeat Industrial Production Data

After a positive start and a subsequent rise to higher levels Friday morning, the Switzerland market remained firm despite paring some gains, and ended the day's session on a bright note. Data showing a sharp jump in Swiss industrial production in the first-quarter aided sentiment.

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European Stocks Close Week On Positive Note

European stocks closed higher on Friday thanks to easing trade tensions following the announcement of the U.S.-China deal earlier in the week, and reports that the EU bloc's talks with the U.S. for a reduction in tariffs are making positive progress.

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Canadian Market Recovers After Weak Start; TSX Up Marginally

Canadian stocks are turning in a mixed performance a little past noon on Friday after recovering from an early setback. Investors appear to be making cautious moves after eight straight days of gains that saw the market climb to a new record high on Thursday.

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U.S. Consumer Sentiment Unexpectedly Continues To Deteriorate In May

Consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index dipped to 50.8 in May after slumping to 52.2 in April. Economists had expected the index to inch up to 53.4.

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U.S. Import, Export Prices Unexpectedly Inch Higher In April

The Labor Department released a report on Friday unexpectedly showing modest increases by both U.S. import and export prices in the month of April. The report said import prices crept up by 0.1 percent in April after falling by a downwardly revised 0.4 percent in March.

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U.S. Housing Starts Rebound Less Than Expected In April, Building Permits Pull Back Sharply

While the Commerce Department released a report on Friday showing a rebound by new residential construction in the U.S. in the month of April, the report also showed a substantial pullback by building permits during the month.

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Eurozone Trade Surplus Surges On Exports To US

The euro area trade surplus grew strongly in March as exports to the U.S increased sharply ahead of the expected increase in trade tariffs. The trade balance showed a surplus of EUR 36.8 billion compared to a EUR 22.8 billion surplus in the same period last year, Eurostat reported Friday.

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EURUSD	1.11549	GBPUSD	1.32809	AUDUSD	0.64069
USDJPY	145.873	USDCAD	1.39826	USDCHF	0.83882

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TSX Extends Gains To 5th Straight Day, Ends 1.2% Up