TSX Off Friday, Hikes on Week

Equities in Toronto tried to maintain the upward momentum of their American cousins during a turbulent election week, only to lose some of that mojo on Friday.

The TSX dropped 86.53 points to close Friday at 24,759.40. On the week, however, the big board accumulated 504 points, or 2.1%.

The Canadian dollar lost 0.02 cents to 71.87 cents U.S.

The biggest gainer on the index, Mattr, jumped $2.30, or 17.6%, to $15.39 after the material technology company agreed to buy power cable producer AmerCable from France-based Nexans for $280 million.

Lundin Mining reported third-quarter earnings below analysts' estimates. Lundin shares collapsed 56 cents, or 3.9%, to $13.70.

Elsewhere, Ivanhoe Mines dived $1.36, or 6.8%, to $18.59, while First Quantum Minerals dumped $1.40, or 6.8%, to $19.09.

In energy, Baytex Energy subsided 16 cents, or 3.7%, to $4.15, while CES Energy Solutions lost 32 cents, or 3.4%, to $9.02.

In the industrial sector, Stantec dropped $5.19, or 4.4%, to $112.16, while WSP fell $11.00, or 4.4%, to $241.45.

Communications tried to lift things up, with TELUS Corp. adding 79 cents, or 3.8%, to $21.81, while BCE took on 55 cents, or 1.4%, to $39.49.

In the consumer discretionary sector, Aritzia acquired $1.09, or 2.5%, to $45.60, while PET Valu Holdings tacked on 47 cents, or 1.9%, to $25.84.

In tech issues, Dye & Durham gained $1.01, or 5.8%, to $18.29, while Converge Technology Solutions attached 12 cents, or 3.8%, to $3.29.

On the economic slate, Statistics Canada reported the job picture was fairly static, growing only 15,000 jobs, and leaving the unemployment rate at 6.5%
Investors will watch the figures to get possible clues on the Bank of Canada's interest rate decision next month.
The top bank slashed its key policy rates by 50 basis points last month, and traders see a 64% chance for a similar reduction in December.

ON BAYSTREET

The TSX Venture Exchange dipped 4.86 points to 608.06. The week saw a gain, though, of 4.6 points, or 0.76%.

Eight of the 12 subgroups were lower Friday, with materials sinking 2.2%, energy 1.3% less energetic, and industrials off 1.1%.

The four gainers were led by communications, up 0.7%, consumer discretionary stocks, ahead 0.6%, and information technology, better by 0.4%.

ON WALLSTREET
The stock market climbed to new records on Friday, as the Dow and S&P 500 headed for their best week in a year after Donald Trump’s election win.
The Dow Jones Industrials zoomed 259.65 points to 43,988.99.
The S&P 500 index gained 22.44 points to 5,995.54.
The NASDAQ climbed out of minus territory, taking on 17.32 points to close the week at 19,286.78.
All three of the major averages are on pace for strong weekly gains, thanks in large part to Wednesday’s huge rally following Trump’s victory. The S&P 500 is up about 4.7% for the week, as the Dow was higher by 4.7%. Both indexes are on track for their best week since November 2023.
Law enforcement tech stock Axon Enterprises jumped 12% after the company raised its full-year revenue guidance. Trump Media jumped 9% after the president-elect said he had no plans to sell his shares in the social media company.
Prices for the 10-year Treasury nicked ahead, lowering yields to 4.30% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $1.82 to $70.44 U.S. a barrel.
Prices for gold waned $11.80 an ounce to $2,694.20 U.S.