Equities in Canada’s largest market pointed upward Friday, both on the day and the week, as technology and telecoms raced toward the top, as the picture became clearer as to an imminent end to the Iran conflict.
The TSX Composite Index progressed 61.87 points to close Friday at 34,471.36. On the week, the index climbed 638 points, or 1.9%.
The Canadian dollar dipped 0.19 cents to 72.40 cents U.S.
Technology shares led gains on the index, rising 1.1%. BlackBerry surged $1.71, or 18.6%, to $10.89, while CGI Inc sailed $1.74, or 1.9%, to $92.61, and Lightspeed was up 31 cents, or 2.7% to $11.84.
Meanwhile, Perpetua Resources fell $1.94, or 5.3%, to $34.88, after the antimony and gold miner said the Export-Import Bank of the United States has approved a $2.9-billion loan to support the development of its Stibnite Gold Project in Idaho.
Quebecor towered $1.95, or 3.1%, to $66.48, while Cogeco Communications gathered 98 cents, or 1.5%, to $65.45.
Gold stocks were hammered, Avino Gold & Silver down 14 cents, or 1.5%, to $8.27, while Lundin Gold was off $1.68, or 1.9%, to $85.38.
U.S. Secretary of State Marco Rubio on Thursday said there have been "some good signs" in negotiations to end the U.S.-Israel war against
Iran, though differences remained over Tehran's uranium stockpile and control of the key Strait of Hormuz.
On the economic plate, Statistics Canada says its Industrial Product Price Index for April rose 2.0% month over month in April and increased 11.4% year over year, while its Raw Materials Price Index gained 2.6% month over month and rose 31.6% year over year last month.
What’s more, retail trade increased 0.9% to $72.7 billion in March. Sales increased in four of nine subsectors, led by gasoline stations and fuel vendors.
ON BAYSTREET
The TSX Venture Exchange moved lower 4.5 points to 973.47. On the week, the index lost 15.3 points, or 1.6%,
Eight of the 12 TSX subgroups were positive by the close, led by information technology, ahead 1.8%, while telecoms ticked 1.2% higher, and utilities stocks picked up 0.8%.
The four laggards were weighed by gold, sliding 0.7%, while materials and consumer staples each lost 0.4%.
ON WALLSTREET
Stocks rose broadly Friday as Treasury yields eased, leaving Wall Street set to cap off a winning week despite heightened volatility.
The Dow Jones Industrials barreled ahead 294.04 points to 50,579.70.
The S&P 500 climbed 27.75 points to 7,473.47.
The NASDAQ jumped 50.87 points to 26,343.97.
The S&P 500 is up almost 1% week to date, on track for its eighth straight weekly gain. That would be its longest since a nine-week winning streak that ended in late 2023.
The Dow has climbed 2.3% this week and is headed for its third positive week in four. The NASDAQ has added 0.5%, on pace for its seventh weekly advance in the past eight weeks.
Shares of Merck were up $6.54, or 5.6%, to $122.41, on news that its lung cancer treatment with China-based Kelun-Biotech cut tumor progression risk by 65%.
Sacituzumab tirumotecan, the drug, also yielded a survival benefit.
The phase 3 study was conducted in China. The drug was used on patients in combination with Merck’s Keytruda, the company’s immunotherapy used to treat a wide variety of cancers.
Separately, Qualcomm shares ripped $24.75, or 11.6%, to $238.16 on Friday.
It remains unclear whether the U.S. and Iran are inching toward a deal to end their war. On Friday, a Qatari team flew into Tehran in coordination with the U.S. to help secure an agreement to end the conflict, Reuters reported.
Prices for the 10-year Treasury edged up a bit, lowering yields to 4.56% from Thursday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices skidded eight cents to $96.27 U.S. a barrel.
Gold prices dropped $32.40 to $4,510.10 U.S. an ounce.
