By Ketki Saxena
Investing.com -- The TSX rose on Friday, buoyed by a rebound in commodity-linked stocks, with oil prices climbing due to indications that an agreement on raising the U.S. debt ceiling might be reached as early as Sunday - although the talks now appear to have reached a stalemate. The materials sector also rose, supported by higher bullion prices.
The TSX is still set to record its longest weekly losing streak in more than a year, poised to register its fourth consecutive weekly decline. The energy sector saw growth of 0.9% as
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Absolute Software Corporation's (TSX:ABST) shares rose after Edenbrook Capital, which owns 10.4% of the firm, stated that Crosspoint Capital Partners' proposal to take the software company private undervalues it.
Cineplex Inc . (TSX:CGX) Inc faces regulatory trouble, as the Canadian Competition Bureau filed a lawsuit claiming that Cineplex violated the law by imposing an additional fee on tickets purchased online, thereby increasing their price.
A tentative agreement was reached between WestJet and a pilots union to avoid a strike set to begin as early as Friday, however, Onex Corp (TSX:ONEX) – which owns WestJet – saw shares continue to decline.
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In economic news, StatsCan reported that retail sales in March fell as anticipated due to decreased sales at motor vehicles and parts dealerships along with gasoline stations.