Markets in Toronto put a ribbon on a week of extremely big gains Friday, as cannabis and tech stocks showed the way.

The TSX Composite rolled into the weekend, gaining 121.15 points, to finish Friday at 20,111.51, for a gain on the week of 661 points, or 3.4%.

The Canadian dollar leaped 0.41 cents to 75.43 cents U.S.

Cannabis concerns led the victory parade, with Canopy Growth taking on 49 cents, or 9.6%, to $5.58, while Tilray progressing 35 cents, or 6.7%, to $5.54.

In tech issues, Converge Technology Solutions advanced 55 cents, or 13.4%, to $4.65, while Lightspeed Commerce added $1.83, or 8.5%, to $23.48.

Energy stocks triumphed, too, as MEG Energy obtained 56 cents, or 2.8%, to $20.63, while Paramount Resources jumped $1.18, or 3.9%, to $31.32.

In utilities, Algonquin Power staggered $2.96, or 19.4%, to $12.33, while Northland Power forfeited $1.46, or 3.6%, to $39.56.

Industrials were bruised, too, as Waste Connections lost $6.04, or 3.3%, to $180.10, while Stantec lost $1.81, or 2.7%, to $65.80.

In consumer staples, Empire Company sagged 53 cents, or 1.5%, to $34.12, while George Weston lost $2.84, or 1.8%, to $152.06.


The TSX Venture Exchange moved up 5.12 points to 599.81, adding 6.24 points, or 1.05% over the last five sessions.

Eight of the 12 TSX subgroups were positive, led by health-care, up 3.9%, information technology, ahead 2.8%, and energy, up 2.3%.

The four laggards were weighed most by utilities, down 2%, industrials, fading 1.3%, and consumer staples, off 0.7%.


The S&P 500 closed out its best week since June as a report showing slowing inflation on Thursday raised hopes that the Federal Reserve would soon slow its tightening campaign.

The Dow Jones Industrials recovered 32.49 points to 33,747.86.

The S&P 500 gained 36.56 points to 3,992.93

The NASDAQ vaulted 209.18 points, or 1.9%, to 11,323.33.

The broader market index added 0.9%, bringing its gain for the week to 5.9%, its best week since the one ended June 24 of this year. The NASDAQ Composite added 1.9% as investors snapped up tech shares on hopes interest rates would ease. The Dow gained 0.1%.

All of the indexes are on pace for a winning week. The Dow is up about 4% on a weekly basis, while the NASDAQ is up nearly 8%. This week is a resumption of a comeback rally for the bear market which began in mid-October, but paused in recent weeks. The S&P 500 is now up nearly 14% from its bear market low, but still down 16% for the year.

Tech stocks on Friday shook off a decline in cryptocurrencies, which came under pressure Friday after FTX announced it’s filing for bankruptcy, and CEO Sam Bankman-Fried resigned. Bitcoin fell 6%, and ether declined more than 7%. Tech stocks and related crypto stocks rebounded after opening lower Friday.

Casino stocks jumped after China said it would lift some COVID restrictions, shortening quarantine time for international travelers by two days. Shares of Wynn Resorts and Las Vegas Sands were more than 8% and 6% higher, respectively.

Prices for the 10-year Treasury gained a bit of ground, lowering yields to 3.81% from Thursday’s 3.82%. Treasury prices and yields move in opposite directions.

Oil prices climbed $2.45 to $88.92 U.S. a barrel.

Gold prices jumped $17.30 to $1,771.00 U.S. an ounce.

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