Markets in Canada’s largest market moved up to end the week, as strength in real-estate powered the surge.
The TSX zoomed 176.44 points to end Friday at 35,369.10. On the week, the index spiked 105 points, or 0.3%.
The Canadian dollar hesitated 0.08 cents to 70.91 cents U.S.
Financial shares were among the biggest gainers, with Onex Corp up $3.45, or 3.3%, to $106.89 and Power Corporation of Canada up $1.56, or 1.7% to $92.89.
Real estate stocks gained, reversing the previous session's declines, Colliers International jumping $5.33, or 4%, to $137.53, FirstService galloping $9.30, or 5%, to $193.80, and Altus Group up $2.20, or 5.2%, to $44.73 led gains in the sector.
In health-care, Chartwell Retirement Residences captured 55 cents, or 2.5%, to $22.83, while Extendicare picked up 64 cents, or 1.7%, to $37.87.
Oil prices slipped, but were still on track for weekly gains over concerns about disrupted energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war on Iran.
Accordingly, energy stocks wilted by the day’s end, as Athabasca Oil snuffed out 37 cents, or 3.3%, to $10.91, while Enerflex dropped $1.58, or 4.7%, to $32.02.
Earlier in the week, Trump had imposed a 50% tariff on a range of Canadian imports. However, the U.S. is aiming for interim trade deals with Canada and Mexico by the end of 2026.
Elsewhere in the macroeconomic world, Statistics Canada’s Industrial Product Price Index declined 1.4% month over month in June and gained 12.4% year over year. The Raw Materials Price Index decreased 6.9% month over month in June and increased 20.7% year over year during the same month.
Its new housing price index sank 0.1% in June, compared to a 0.3% loss in May.
ON BAYSTREET
The TSX Venture Exchange dawdled 5.47 points Friday to 868.62. Still, the index was ahead of last Friday by nearly 14 points, or 1.6%.
All but two of the 12 TSX subgroups were positive, with real-estate better by 1.8% each, health-care, 1.1% haler, and consumer discretionary stocks, improving 0.9%
Only energy faltered – 0.7% -- and information technology slid 0.1%.
ON WALLSTREET
The S&P 500 moved into negative territory on Friday, weighed down by chip stocks, as investors assessed the latest developments regarding the Middle East conflict.
The Dow Jones Industrials popped 238.46 points to 51,946.51.
The much-broader inched higher 3.66 points to 7,411.96
The NASDAQ Composite flopped 161.87 points to 24,975.82
The Dow as well finished the week in the red, 0.6%, while the S&P fell 0.7%. The suffered a weekly loss of more than 2%.
U.S. President Donald Trump said he will soon make a decision on whether to launch a “massive attack” on Iran after the conflict in the Middle East extended to a new battleground in the Red Sea.
Speaking to Axios on Thursday, the president said the proposed strikes would be bigger than anything seen in the war so far, and that Iran has not “received enough pain yet.”
Stocks had moved higher earlier in the session, while oil prices pulled back, after Reuters, citing three Pakistani sources, reported that Pakistan is considering a path toward establishing new peace negotiations between the U.S. and Iran, with the push being initiated by China. However, obstacles to discussions with the U.S. are still high
Prices for the 10-year Treasury gained ground, lowering yields to 4.68% from Thursday’s 4.7%. Treasury prices and yields move in opposite directions.
Oil prices dipped $2.83 to $89.36 U.S. a barrel.
Gold prices gained $28.30 to $4,078.50 U.S. an ounce.
