Toronto stocks subdued as investors await pivotal US-Russia meet
The Toronto Stock Exchange's S&P/TSX composite index was up 0.03% at 27,924.45 points.
Among TSX sub-indexes, healthcare led weekly gains after a 3.7% rise on the day, boosted by a 37% weekly jump in Bausch Health Companies, its biggest rise since May 2023.
Materials was the biggest drag, down 0.5%, as gold prices traded with caution ahead of the Trump-Putin talks.
The stage was set for the U.S.-Russia summit in Alaska, scheduled for 11 a.m. Alaska time (1900 GMT), to discuss a ceasefire in Ukraine that Washington views as a potential path to ending Europe's deadliest war since World War Two.
Trump said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks go well.
'Short-term investors are hoping at least the meeting brings some kind of ceasefire or at least have continuous talks aswe're moving towards the end of the summer,' said Michael Constantino, CEO at Webull Canada.
TSX's moves also mimicked Wall Street's benchmark S&P 500 index, which was largely flat. However, the blue-chip The Dow Jones Industrial Average took the spotlight as it hit an all-time intraday high.
Despite the tepid moves, ongoing expectations for U.S. Federal Reserve easing have kept Canadian equities on track to finish the week higher. The TSX is up 0.5% so far this week.
Data on Friday showed Canadian factory sales grew 0.3% in June from May, led by petroleum, coal and food products, while wholesale trade rose 0.7% on gains in food, beverage and tobacco.
South of the border, retail sales rose by an expected 0.5% in July, but a spike in import prices raised concerns that U.S. tariffs could fuel inflation in the months ahead.
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