Baystreet.ca - (CORRECTION: TSX VENTURE REFERENCE INCLUDES WEEKLY GAIN)
Stocks in Canada’s largest centre concluded a very successful week with slight gains Friday, as investors basked in optimism over the Trump administration’s plans for the U.S. economy.
The TSX index collected 34.41 points to end Friday at 25,468.49, making for a weekly gain of 410 points, or 1.64%. The index is up 2.8% for the month.
The Canadian dollar edged up 0.02 cents at 69.70 cents U.S.
U.S. allies Canada and the European Union, threatening them again with new tariffs, while expressing dissatisfaction about their trade surpluses with the United States.
Earlier this week, Trump said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1.
TD Bank (TSX:TD) said on Thursday that Chief Global Anti-Money Laundering Officer Herbert Mazariegos is stepping down immediately, as the bank takes remediation actions after it was fined by U.S. regulators for compliance failures. TD shares dipped eight cents to $82.15.
Gold sparkled brightest by the end of the day, among sectors, Torex Gold (TSX:TXG) chugged $1.33, or 4.6%, higher to $30.32, while shares in Iamgold grabbed 35 cents, or 4.2%, to $8.68. Among materials, Dundee Precious Metals (TSX:DPM) spiked 40 cents, or 2.8%, to $14.47, while Pan American Silver (TSX:PAAS) captured 80 cents, or 2.6%, to $9.75.
Consumer stocks also scored well, with Magna International (TSX:MG) stronger $1.26, or 2.2%, to $59.00, while Aritzia (TSX:ATZ) jumped $1.35, or 1.9%, to $71.17.
Energy paled, though, as IPCO fell 50 cents, or 2.6%, to $18.61, while Advantage Oil sank 28 cents, or 2.8%, to $9.75.
In industrial issues, Richelieu Hardware (TSX:RCH) doffed $1.36, or 3.2%, to $41.57, while Badger Infrastructure (TSX:BDGI) let go of 77 cents, or 1.8%, to $41.25.
Consumer staples also got roughed up, with Alimentation Couche-Tard down 96 cents, or 1.3%, to $75.79, while Empire Company (TSX:EMPa) fell 39 cents to $43.10.
On the economic agenda, Statistics Canada’s new housing price index declined 0.1% on a month-over-month basis in December. Prices were down in seven of the 27 census metropolitan areas (CMAs) surveyed, while prices were unchanged in 13 CMAs and up in the remaining seven.
ON BAYSTREET
The TSX Venture Exchange tacked on 4.31 points to 621.25 Friday, for a weekly tally of 6.3 points, or more than 1%.
Eight of the 12 TSX subgroups were higher on the session, with gold improving 1%, consumer discretionary stocks up 0.9%, and materials better by 0.7%.
The four laggards were weighed most by energy stocks, off 1%, industrials, sliding 0.7%, and consumer staples, falling 0.5%.
ON WALLSTREET
The S&P 500 closed lower after hitting new records on Friday, as investors took some profit to end a solid week centered on President Donald Trump’s return to the White House.
The Dow Jones Industrials faltered 140.82 points to conclude Friday at 44,424.25.
The much-broader index sagged 17.47 points to 6,101.24.
The NASDAQ Composite sank 99.38 points to 19,954.30. Friday’s losses snapped a four-day winning streak for the three major indexes.
The S&P 500 and NASDAQ each rose around 1.7% this week, while the Dow climbed 2.2%, In addition to hitting fresh intraday records this week, the S&P 500 also notched a new all-time closing high on Thursday.
Beyond politics, market participants kept an eye on corporate news and earnings reports. Novo Nordisk (CSE:NOVOb) rallied more than 8% following positive early-stage results for a weight-loss drug. Texas Instruments (NASDAQ:TXN), on the other hand, slid more than 7% on weak earnings guidance.
Excitement toward Trump’s pro-business policies pushed risk assets higher this week with investors focused on his inauguration. Traders were also relieved that there have only been threats on the tariff front from Trump — instead of formal action — during his first few days in the White House.
All three major averages are on track to post their second positive week, signaling the bull market is back in full force after December’s pullback. All three indexes have added more than 2% week to date, a second straight week with gains of that size.
Friday’s action comes after Trump said on Thursday that he would “demand that interest rates drop immediately” when addressing world leaders in Davos, Switzerland. The president also said he would ask Saudi Arabia and other OPEC nations to lower the price of oil.
Prices for the 10-year Treasury gained ground, lowering yields to 4.62% from Thursday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices shied away six cents to $74.56 U.S. a barrel.
Prices for gold hiked $12.80 an ounce to $2,778 U.S.