Stocks Enjoy Positive End to Bruising Week

Markets in Toronto forged higher Friday, bringing an end to a negative week, as consumer and health-care stocks showed the way during the session.

The TSX recovered 98.29 points to close Friday at 24,255.16. On the week, however, the index fell 208 points, or 0.85%

The Canadian dollar edged forward 0.05 cents to 71.81 cents U.S.

In corporate news, Magna International reported third-quarter profit below analysts' estimates. Magna shares soared $3.56, or 6.5%, to $58.53.

Air Canada rose $2.66, or 14.1%, to $21.53 after raising its annual core profit forecast and announced share buybacks, benefitting from strong demand for international travel.

Among consumer stocks, Spin Master jumped $1.54, or 5.2%, to $31.01.

In health-care, Bausch Health Companies copped 80 cents, or 6.3%, to $13.61, while Tilray took on three cents to $2.31.

In tech shares, Kinaxis towered $10.84, or 7%, to $165.48, while Docebo gained $4.25, or 6.7%, to $67.68.

Utilities let the side down, though, as Emera lost $1.78, or 3.4%, to $50.82, while Northland Power gave up 48 cents, or 2.3%, to $20.68.

In energy, Imperial Oil dropped $5.20, or 5.1%, to $98.62, while PrairieSky Royalty lost 70 cents, or 2.5%, to $27.16.

In real-estate, Interrent REIT dished off 29 cents, or 2.6%, to $11.10, while Allied Properties REIT surrendered 43 cents, or 2.3%, to $17.94.

On the economic calendar, Markit PMI reported Manufacturing PMI in Canada increased to 51.10 points in October from 50.40 points in September. Manufacturing PMI in Canada averaged 52.33 points from 2011 until 2024, reaching an all-time high of 58.90 points in March 2022 and a record low of 33 points in April 2020.

ON BAYSTREET

The TSX Venture Exchange added 2.52 points to 606.09, still behind last week’s close by 16 points, or 2.5%.

Seven of the 12 TSX subgroups were in the green, with consumer discretionary stocks hurtling 2% higher, health-care, haler by 1.5%, and information technology, up 1.4%.

Five subgroups were negative, utilities losing 1.1, while energy and real-estate, off 0.8%.

ON WALLSTREET

Stocks rallied Friday to kick off November as Amazon led big technology stocks into the green and traders looked past a disappointing jobs report.

The Dow Jones Industrials climbed 288.73 points to 42,052.19

The S&P 500 index gained 23.35 points to 5,728.80

The NASDAQ jumped 144.37 points, or 1.2%, to 18,239.92.

The major averages are wrapping up a choppy week. The S&P 500 lost 1.4% in the period, while the NASDAQ slid 1.5%. Postearnings slumps in Microsoft and Meta Platforms weighed on the indexes. The 30-stock Dow inched down 0.2% week to date.

Amazon rallied 6.2% as strength in the cloud and advertising businesses propelled the e-commerce giant above Wall Street’s earnings expectations. Intel popped 7.8% after exceeding analysts’ forecasts for revenue and offering strong guidance. The two stocks helped lift investor sentiment following some notable earnings disappointments this week.

Amazon rallied more than 7% as strength in the cloud and advertising businesses propelled the ecommerce giant above Wall Street’s earnings expectations. Intel popped nearly 8% after exceeding analysts’ forecasts for revenue and offering strong guidance. The two stocks improved sentiment following some notable earnings disappointments this week.

Meanwhile, the jobs report released on Friday showed the U.S. economy added just 12,000 jobs in October, far below the Dow Jones estimate of 100,000. This marked the weakest level of jobs creation since December 2020. The unemployment rate, held at 4.1%, in line with estimates. However, traders were not reacting too much to the jobs figures, believing the dismal data was impacted by hurricanes and a Boeing strike.

In addition to the U.S. Presidential election on Nov. 5., which has led to elevated volatility, investors are also looking toward the Fed’s two-day policy meeting on Nov. 6 and Nov. 7.

Prices for the 10-year Treasury swooned, springing yields to 4.38% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.

Oil prices acquired 22 cents to $69.48 U.S. a barrel.

Prices for gold paled $5.70 an ounce to $2.743.60 U.S.