The drought ended this week for equities in Canada’s largest centre, with indexes powering ahead for the most part, with tech and real-estate prominently in the winners’ circle.
The S&P/TSX hiked 216.4 points, or 1.1%, to close Friday and a shortened week at 20,748.58. The index advanced more than 550 points, or 2.7% on the week.
Markets were closed Monday in Canada for Victoria Day.
The Canadian dollar gained 0.33 cents to 78.61 cents U.S.
Tech stocks led the charge, with BlackBerry pointing higher 57 cents, or 7.4%, to $8.32, while HUT 8 Mining captured 21 cents, or 7.1%, to $3.17.
Real-estate stocks shone as well, with FirstService towering $5.61, or 3.7%, to $159.37, while Altus Group climbed $1.39, or 3.1%, to $45.87.
In industrials, Lifeworks jumped $1.17, or 7.1%, to $17.67, while Ballard Power Systems grabbed 55 cents, or 6%, to $9.94.
Cannabis stocks got clobbered, though, Aurora Cannabis was bruised $1.30, or 37.5%, to $2.17, while rival Canopy Growth fell 87 cents, or 12.2%, to $6.25.
Utilities fared badly, too, as ATCO dropped $1.46, or 3.1%, to $45.67, while NPI Group lost 66 cents, or 1.6%, to $38.85.
Gold stocks lost some of their mojo as well, with Centerra Gold down 24 cents, or 2.3%, to $10.19, while Iamgold doffed six cents, or 2.1%, to $2.87.
The TSX Venture Exchange picked up 9.53 points, or 1.3%, to 724.19, for a jump of 22 points, or 3.1%, over the last four sessions.
All but three of the 12 TSX subgroups gained ground by the closing bell, as information technology pumped 2.5% higher, real-estate heightened 1.8%, and industrials were better by 1.6%.
The three laggards were health-care, teetering 4.5%, utilities, sliding 0.5%, and gold, dimming 0.2%.
Investors were reprieved this week from what has been a painful selloff as the Dow Jones Industrial Average and S&P rallied to close their best weeks since November 2020.
The 30-stock index surged 576.36 points, or 1.8%, to 33,213.55.
The S&P 500 jumped 100.43 points, or 2.5%, to 4,158.27
The NASDAQ Composite popped 390.48 points, or 3.3%, to 12,131.13.
All three of the major averages closed the week higher. The Dow finished up 6.2% for the week and snapped its longest losing streak, eight weeks, since 1923.
The S&P 500 is 5.6% higher and the NASDAQ is up 6.2% on the week. Both were riding seven-week losing streaks. A chunk of the week’s gains came Thursday and Friday, when all three of the averages rallied as strong retail earnings and a slowing inflation report lifted sentiment.
Investors on Friday also continued to parse through retail earnings. Ulta Beauty shares were up 12.5% after the company reported better-than-expected quarterly results, while Gap added 4.3% despite slashing its profit guidance.
Tech stocks were among the top gainers Wednesday. Software company Autodesk rose 10% after reporting strong earnings for its most recent quarter. Dell Technologies jumped 12% on earnings and chipmaker Marvell advanced 6%. Crowdstrike picked up 6% and Datadog improved 8%.
A report showing inflation slowing a bit helped give stocks a boost on Friday. The core personal consumption expenditures price index rose 4.9% in April, down from the 5.2% pace seen the previous month. This particular report is watched closely by the Federal Reserve when setting policy.
Treasury prices edged upward, lowering yields to 2.74% from Thursday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 99 cents to $115.08 U.S. a barrel.
Gold prices gained $3.10 to $1,850.70 U.S. an ounce.