TSX Ends Moderately Higher Ahead Of Long Weekend

RTTNews | 728天前

(RTTNews) - The Canadian market ended on a firm note on Friday, led by gains in utilities, materials, energy and financials shares.

Data showing less than expected employment growth in Canada and the U.S. in the month of July raised expectations the central banks will soon end their policy tightening.

Higher oil and gold prices supported materials and energy stocks.

The benchmark S&P/TSX Composite Index, which climbed to 20,356.60, ended with a gain of 115.30 points or 0.57% at 20,236.04. The index shed 1.39% in the week. The Canadian market will be closed on Monday for Civic Day holiday.

Data from Statistics Canada said the Canadian economy shed 6,400 jobs in July, after seeing an addition of 59,900 jobs in June. Economists had expected the economy to add 21,100 jobs in July.

The data from Statistics Canada also showed that the unemployment rate in Canada edged higher for the third straight month in July, rising to 5.5%, after a 5.4% increase in the previous month.

Meanwhile, average hourly earnings for permanent employees in Canada increased by 5% yoy to $34.6 in July 2023, accelerating from the 3.9% growth in the previous month.

According to a report from the Ivey Business School, the Ivey Purchasing Mangers Index in Canada fell to 48.6 in July from 50.2 in the prior month.

Maple Leaf Foods Inc (MFI.TO) climbed more than 6.5%. Badger Infrastructure Solutions (BDGI.TO) rallied 4.7% and Fairfax Financial Holdings (FFH.TO) surged 4.3%.

Wheaton Prcious Metals (WPM.TO), Methanex Corporation (MX.TO), Intact Financial Corporation (IFC.TO), goeasy (GSY.TO), EQB Inc (EQB.TO) and Stantec Inc (STN.TO) gained 2.5 to 4%.

Telus Corp (T.TO) ended marginally down after reporting a net income of $196 million for the second quarter of this financial year, compared to net income of $498 million in the year-ago quarter.

Telus International (TIXT.TO) climbed about 4.2%. The company reported a net loss of $7 million for the second quarter, compared with net income of $56 million in the same quarter last year.

TransAlta Corporation (TA.TO) gained more than 2% on strong results. The company reported net earnings of $62 million for the second quarter of this year, compared with net loss of $80 million in the second quarter of the previous financial year.

Magna International (MG.TO) ended lower by 3.25% despite reporting a profit in the second quarter. The company reported net earnings of $339 million or $1.18 per share for the second quarter, compared to a loss of $156 million or $0.54 loss per share in the year-aqo quarter. Adjusted earnings were $1.50 per share, compared to $0.83 per share a year ago.

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EURUSD	1.15469	GBPUSD	1.32495	AUDUSD	0.64556
USDJPY	147.703	USDCAD	1.37939	USDCHF	0.80629

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TSX Ends Moderately Higher Ahead Of Long Weekend