TSX Snaps 4-day Losing Streak, Ends On Firm Note
(RTTNews) - The Canadian market ended on a firm note on Friday despite giving up a substantial portion of its gains.
Despite giving up a substantial portion of its gains, the Canadian market ended on a firm note on Friday, thanks to sustained buying in energy and materials shares.
The benchmark S&P/TSX Composite Index, which climbed to 19,478.27, ended the session with a gain of 128.13 points or 0.67% at 19,270.85.
The Materials Capped Index surged 2.55%. Eldorado Gold (ELD.TO), New Gold (NGD.TO), B2Gold Corp (BTO.TO), Wesdome Gold Mines (WDO.TO), Kinross Gold (K.TO), Novagold (NG.TO) and Seabridge Gold (SEA.TO) gained 5 to 6.2%.
Barrick Gold Corp. (ABX.TO) gained about 2.3%. The company said that it agreed to sell a portfolio of royalties to Maverix Metals Inc. for total consideration of up to US$60 million.
The Energy Capped Index climbed 2.1%. Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Freehold Royalties (FRU.TO) and Imperial Oil (IMO.TO) gained 2.5 to 3.4%.
Sun Life Financial Inc (SLF.TO) announced that it plans to acquire a 51% interest in Advisors Asset Management, Inc. or AAM for US$214 million subject to customary adjustments with a put/call option to acquire the remaining 49% starting in 2028. The stock gained nearly 0.5%.
On the economic front, labor productivity for Canadian businesses rose 0.2% in the second quarter, after falling 0.5% in the previous quarter, data from Statistics Canada showed. This was the first increase in productivity since the second quarter of 2020.
Australian Market Extends Early Strong Losses In Mid-market
Asian Markets Sink Amid Inflationary Risks
Indian Shares Set For Weak Opening As Oil Extends Surge On Mideast Tensions
Losing Streak May Continue For Thai Stock Market
Japanese Market Sharply Lower
Indonesia Stock Market Tipped To Open In The Red
No Help Yet For Hong Kong Stock Market
