TSX Ends On Firm Note

RTTNews | 885 hari yang lalu

(RTTNews) - The Canadian market ended on a firm note on Friday on easing concerns about the outlook for Fed interest rates after data showed a slowdown in U.S. employment growth.

Utilities, technology, communications and real estate stocks were among the prominent gainers. Several stocks from materials, healthcare, industrials and financials sectors too ended notably higher. Shares from energy and consumer sections ended mixed.

The benchmark S&P/TSX Composite Index, which climbed to 21,983.45, ended the day's session with a gain of 124.19 points or 0.57% at 21,947.41. The index posted a marginal loss for the week.

On the Canadian economic front, the S&P Global Canada Services PMI reading came in at 49.3 for April, up from March's 46.4, marking the highest level since June, but still indicating a contraction.

Shopify Inc (SHOP.TO), Colliers International (CIGI.TO), Constellation Software (CSU.TO) and Restaurant Brands International (QSR.TO) gained 2 to 3.5%.

Royal Bank of Canada (RY.TO), Franco-Nevada Corporation (FNV.TO), CGI Inc (GIB.A.TO), TFI International (TFII.TO), Canadian National Railway (CNR.TO), Fairfax Financial Holdings (FFH.TO) and Thomson Reuters (TRI.TO) advanced 1 to 2%.

TC Energy Corp (TRP.TO) gained more than 3%. The company reported first-quarter net income of $1.2 billion or $1.16 per common share compared to $1.3 billion or $1.29 per common share in first quarter 2023.

TransAlta Corporation (TA.TO) surged 4.7%. The company reported net earnings of $222 million for the first quarter of 2024, compared to $294 million for the same period in 2023.

Open Text Corporation (OTEX.TO) tanked 14.8%, extending losses after a more than 18% dip on the previous session.

Stella-Jones Inc (SJ.TO) plunged more than 9%. Toronto-Dominion Bank (TD.TO) dropped nearly 6%.

Magna International (MG.TO), Parklans Corporation (PKI.TO), Russel Metals (RUS.TO), Altus Group (AIF.TO), Morguard Corporation (MRC.TO), Tecsys Inc (TCS.TO) and GFL Environmental (GFL.TO) ended lower by 2 to 3.5%.

Data from the Labor Department showed non-farm payroll employment climbed by 175,000 jobs in April after surging by an upwardly revised 315,000 jobs in March. Economists had expected employment to jump by 243,000 jobs compared to the spike of 303,000 jobs originally reported for the previous month.

The report also showed the unemployment rate crept up to 3.9% in April from 3.8% in March. The unemployment rate was expected to remain unchanged.

The annual rate of wage growth slowed to 4% in April from 4.1% in March, while economists had expected the pace of wage growth to dip to 4%.

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