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Mint
11 hours ago
- Business
- Mint
TSX ends largely flat for the week as market shows resilience
TSX ends down 0.03% at 26,497.57 Advance estimate shows retail sales down 1.1% in May Technology sector declines 0.5% Two sectors end higher, including financials June 20 - Canada's main stock index was barely changed on Friday, holding near its recent record high, as investors assessed developments in the Middle East conflict and domestic data that showed signs of an economic slowdown. The S&P/TSX composite index ended down 8.43 points, or 0.03%, at 26,497.57, extending its sideways pattern since notching a record closing high on June 12. For the week, the index was also down 0.03%. "The fundamental theme is one of market resilience," said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. "We have a lot of moving parts. You've got geopolitical risk, you've got trade talks, you've got central bank action - a host of elements which make it difficult to predict where we'll be in the second half of the year and yet investor sentiment is still leaning towards risk-on, still concerned about the fear of missing out rather than encountering a sudden downside." Canada's retail sales were up in April on a monthly basis but were below estimates, while advanced data showed a drop of 1.1% in May. "The advance estimate sets a somber tone for the second quarter," Maria Solovieva, an economist at TD Economics, said in a note. "In addition, our internal credit and debit card spending data shows a meaningful softening in spending through May, suggesting that consumers tightened their purse strings." The technology sector fell 0.5%, with technology consulting company CGI Inc down 2.1%. Consumer staples was also a drag, losing 0.5%. Ltd is weighing options to expand production of germanium, a strategic metal key to chipmaking, and is currently talking with governments, including Canada and the United States, on available funding, the company told Reuters. Shares of Teck were down 1.2%. Just two of the 10 major sectors ended higher but they included financials, the most heavily weighted sector. It added 0.1%. This article was generated from an automated news agency feed without modifications to text.
Mint
09-05-2025
- Business
- Mint
TSX extends weekly winning streak as commodity prices climb
TSX ends up 0.4% at 25,357.74 For the week, the index advances 1.3% Materials sector rises 2.8% as gold rallies Air Canada jumps 14.6% after earnings report (Updates at market close) May 9 (Reuters) - Canada's main stock index added to its weekly gain on Friday, led by energy and metal mining shares, as hopes that trade tensions could ease offset evidence that tariff-related uncertainty is already weighing on domestic activity. The Toronto Stock Exchange's S&P/TSX composite index ended up 103.68 points, or 0.4%, at 25,357.74, its highest closing level since February 28. For the week, the index advanced 1.3, its fifth straight weekly gain. "The TSX is proving to be quite resilient," said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. "Investors are still factoring in the best case scenario, hoping that the trade war blows over and if things get much worse then the Bank of Canada comes to the rescue with rate cuts, but I think that might be misguided optimism." The Canadian unemployment rate rose to 6.9% in April, the highest level since November, as U.S. tariffs started to hurt Canada's export-dependent economy. Investors see a 67% chance that the BoC would resume its interest rate cutting campaign next month, up from 46% before the jobs report. "It's going to take a while for that (trade) uncertainty to dissipate," Picardo said. The materials sector, which includes metal mining shares, rose 2.8% as gold and copper prices climbed. Oil also rose, settling 3.2% higher at $59.91 a barrel. Energy added 2%, while real estate was up 0.5% as long-term borrowing costs fell. The Canadian 10-year yield eased 4.5 basis points to 3.159%. Shares of Air Canada jumped 14.6% after the airline reported a smaller than expected quarterly loss and said it would purchase and cancel up to C$500 million ($358.96 million) in shares by the end of next month. Telus Corp was another standout. The communications technology firm's shares rose 7.1% after quarterly results beat estimates. The technology sector was down 1.5%. ($1 = 1.3929 Canadian dollars) (Reporting by Fergal Smith in Toronto and Sanchayaita Roy in Bengaluru; Editing by Vijay Kishore)
