Equities in Canada’s largest centre fell oh-so-short of Thursday’s finish on Friday, as concerns in energy and health-care overrode strength in the resource sector.
The TSX/S&P Composite was lower 2.53 points by the close Friday at 20,518.07. On the week, however, the index gained 42.65 points, or 0.2%,
The Canadian dollar regained 0.02 cents to 79.89 cents U.S.
Metals and golds led the way upward, as Iamgold hiked 14 cents, or 4.8%, to $3.08, while Yamana Gold tacked on 22 cents, or 4.2%, to $5.47.
Pretium Resources prospered $1.78, or 16.8%, to $12.36, while MAG Silver brightened 95 cents, or 4.1%, to $23.99.
Among utilities, Brookfield Infrastructure Partners climbed 85 cents, or 1.2%. to $70.77, while Northland Power added 42 cents, or 1.1%, to
Energy stocks staggered, as Vermilion Energy docked 27 cents, or 3%, to $8.88, while Crescent Point Energy doffed 13 cents, or 2.9%, to $4.37.
Health-care ailed, as Aurinia Pharmaceuticals fell 61 cents, or 3.5%, to $16.76, while Aurora Cannabis shed 29 cents, or 3.3%, to $8.54.
In consumer discretionary stocks, Canada Goose Holdings skidded $1.52, or 3.2%, to $45.64, while BRP Inc., lost $2.26, or 2%, to $109.58.
The TSX Venture Exchange stayed afloat 4.3 points to 923.06. On the week, the index was 2.57 points shy of the previous Friday’s showing, or 0.28%.
Seven of the 12 TSX subgroups gained Friday, with gold surging 1.8%, materials stronger by 1.4%, and utilities up 0.4%.
The five laggards were weighed most heavily by energy and health-care, each sliding 1.4%, and consumer discretionary stocks, off 0.6%.
More records were in store Friday, if narrowly achieved by the Dow Jones Industrials and the S&P 500, as the earnings season rumbled on.
The 30-stock index added 15.53 points to end Friday at 35,515.38, another all-time record. The gain on the week was nearly 307 points, or 0.87%.
The S&P 500 gained 7.17 points to improve on Thursday’s all-time higher at 4,468. The index rumbled ahead more than 31 points on the week, or 0.7%.
The NASDAQ inched upward 6.64 points to 14,822.90, resulting in a loss on the week of nearly 13 points, or 0.1%.
Shares of Disney jumped nearly 2% after it reported blowout fiscal third-quarter earnings, helping pushing the Dow to a new record. The media giant crushed Wall Street expectations on Disney+ subscriber growth and overall revenue and earnings.
Among the S&P sectors, consumer staples and utilities outperformed as Tyson Foods added 2.7% and FirstEnergy rose 1%. Energy and industrials again underperformed with Hess down 1.2% and United Rentals retreating 2%. Ebay shares added 5.3%.
Stocks are rising to records on the back of a stellar earnings season.
Year-over-year earnings growth is expected to be 92.9%, according to Refinitiv. So far about 90% of the S&P 500 companies have handed in their quarterly report, and about 88% of them beat earnings estimates from Wall Street analysts, according to Refinitiv.
Airbnb shares fell 1.1% after the travel company issued a warning about volatility due to the COVID Delta variant.
Investors digested mixed economic data.
The University of Michigan’s sentiment read for August printed at just 70.2, the weakest since December 2011. BMO Capital Markets strategist Ian Lyngen said that the low reading reflects not only higher prices, but also the uptick in the delta variant case count.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.29% from Thursday’s 1.36%. Treasury prices and yields move in opposite directions.
Oil prices were pointed downward $1.11 to $67.98 U.S. a barrel.
Gold prices prospered $28.40 to $1,780.20 U.S. an ounce.