January 13,2017 04:23 pm
TSX Closes Week on High Note
Markets in Canada''s largest centre grew solidly Friday, led by gains in consumer staples and materials stocks.
The S&P/TSX Composite gained 79.12 points after a 70-point-plus loss Thursday, to conclude Friday and the week at 15,497.28
The Canadian dollar eked up 0.14 cents at 76.18 cents U.S.
Still, the market was due for a close about 0.1% lower on the week.
Among consumer staples, Metro Inc. climbed 62 cents, or 1.5%, to $40.77, while Empire Company – parent company to the Sobeys chain – darted $1.22 higher, or 7.9%, to $16.75.
The materials group was led higher by First Quantum Minerals, hiking 77 cents, or 4.7%, to $17.21, while Lundin Mining leaped 42 cents, or 5.3%, to $8.28.
In the financial sector, Sun Life jumped $1.12, or 2.2%, to $52.60, while Royal Bank of Canada tacked on 75 cents to $94.50.
Not faring so well were health-care issues like Valeant Pharmaceuticals, down 42 cents, or 2%, to $20.12
Telecoms also missed out on positive readings, as Rogers Communications faded 29 cents to $51.19.
The TSX Venture Exchange moved 4.9 points higher to 794.54
All but three of the 12 TSX subgroups were higher to close the week, with consumer staples climbing 1.4%, materials gaining 0.8%, and financials 0.5% to the good.
The three laggards were health-care, down 0.8%, telecoms, off 0.3%, and real-estate, skidding 0.04%.
Stocks closed mostly higher on Friday, boosted by strong quarterly earnings from U.S. banks, while investors also digested several pieces of economic data.
The Dow Jones Industrials ended a seesaw day in the red 5.27 points to 19,885.73, with Wal-Mart leading decliners and Caterpillar the top riser.
The S&P 500 stayed buoyant 4.2 points to 2,274.64, with financials and health-care leading five sectors lower and utilities the biggest laggard.
The NASDAQ composite index improved 26.63 points to 5,583.47, its sixth record close of 2017
Equity markets in the United States will be shuttered Monday for Martin Luther King Day.
JPMorgan Chase, Bank of America and PNC Financial all reported better-than-expected profits, but only JPMorgan exceeded revenue estimates.
Another company that reported quarterly results on Friday was BlackRock, the largest asset manager in the world. The firm posted better-than-expected profits, helped by lower expenses and a rush into low-cost exchange-traded funds.
U.S. wholesale prices rose 0.3% in December, led higher by more expensive gas, food and cars. The U.S. Labor Department said the producer price index, which measures price changes before they reach consumers, increased 1.6% last year.
Meanwhile, December retail sales rose 0.6%, reflecting a boost in confidence after the U.S. election.
Other economic data released Friday included December consumer sentiment, which came in slightly below estimates and business inventories, which rose 0.7% in November.
Prices for the benchmark 10-year Treasury note dropped sharply, hiking yields to 2.4% from Thursday''s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices dipped 46 cents to $52.55 U.S. a barrel
Gold prices dropped $2.20 to $1,197.60 U.S. an ounce.