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TSX Has Winning Week Despite Friday Stumble
The TSX Composite Index fell 77.01 points to close Friday at 23,956.82. On the week, however, the index advanced 186 points, or 0.8%.
The Canadian dollar deleted 0.08 cents to 74.12 cents U.S.
Blackberry beat analysts' second-quarter revenue expectations and recorded breakeven adjusted operating income and earnings per share. BlackBerry shares lost three cents to $3.42.
Gold took a licking Friday, weighing most on the index, with Eldorado Gold heaviest, down $1.11, or 4.4%, to $23.80, while Equinox Gold let go of 35 cents, or 4%, to $8.33.
Materials didn’t fare much better, with Fortuna Silver Mines docking 53 cents, or 5.1%, to $6.52, while K92 Mining subtracted 37 cents, or 4.5%, to $7.87.
Techs dived, with Enghouse Systems sank 66 cents, or 1.9%, to $33.46, while Constellation Software ditched $86.73, or 2%, to $4,347.79.
Energy tried to leaven things out, with Advantage Energy up 43 cents, or 4.9%, to $9.27, while Tourmaline Oil hiked $2.42, or 4.1%, to $61.46.
Communications were in the green, with Cogeco soaring $1.26, or 1.8%, to $71.35, while BCE corralled 64 cents, or 1.4%, to $47.54.
In health-care, Bausch Health Companies captured 20 cents, or 1.8%, to $11.13, while Tilray gained two cents to $2.35.
In the economic docket, July’s GDP rose 0.2% as increases in both services-producing industries and goods-producing industries drove the growth.
ON BAYSTREET
The TSX Venture Exchange slid 6.22 points, or 1.1%, to 588.11. Over the last five sessions, the index added three points, or 0.5%.
Seven of the 12 TSX subgroups were higher, with energy up 2%, communications ahead 1%, and health-care haler by 0.6%.
The five laggards were weighed gold, dulling in price 2.5%. materials, sliding 2%, information technology, dropping 1.2%,
ON WALLSTREET
The Dow Jones Industrial Average climbed to a fresh record on Friday as traders digested new data that pointed to further progress in lowering inflation. Wall Street also posted three straight positive weeks.
The blue-chip index came down from its highs of the day, but still registered positive 137.89 points to 42,313, and still reached an all-time record.
The S&P 500 index faded 7.2 points to 5,738.17
The NASDAQ Composite retreated 70.7 points to 18,119.59. The technology-heavy index’s gains were kept in check by a more than 2% decline in Nvidia
The major averages extended their gains to a third week, with the S&P 500 and the Dow rising about 0.6% for the period. The NASDAQ advanced nearly 1% during the week.
Traders also received encouraging inflation data that could give the central bank more reason to confidently cut interest rates further.
August’s personal consumption expenditures price index — the Federal Reserve’s favored measure of inflation — increased 0.1%, matching expectations from economists polled by Dow Jones. PCE increased 2.2% at an annualized pace, below the 2.3% forecast.
Prices for the 10-year Treasury gained ground, lowering yields to 3.75% from Thursday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices regained 92 cents at $68.59 U.S. a barrel.
Gold prices flopped $20.60 to $2,674.30 U.S. an ounce
