Staples Up, Energy Down
Stocks in Toronto doggedly fought their way higher to end Friday and the week, as consumer staples and utilities acquired strength late in the day, and carried them through to the finish.
The S&P/TSX Composite Index gained 9.91 points to close Friday and the week at 16,202.69
The Canadian dollar recovered 0.27 cents to 77.34 centsU.S.
Consumer staples gained ground, however, as Metro Inc. gathered 66 cents, or 1.6%, to $42.70. Loblaw Companies gained 78 cents, or 1.2%, to $65.27
Utilities moved up, too, as Fortis Inc. gained 41 cents, or 1.2%, to $40.74, while Hydro One gained seven cents to $19.56.
Industrials enjoyed slight gains, as CP Rail grew $1.05 to $248.87.
Energy had the most trouble staying afloat, as Canadian Natural Resources, down 35 cents to $43.65, while Imperial Oil lost 21 cents to $42.49
Gold suffered, too, as Alio Gold shed 10 cents, or 4.8%, to $1.98.
Telecoms faltered, as Rogers Communications ditched 54 cents to $61.45
One of the largest percentage gainers on the TSX was Dollarama, which jumped $5.16, or 3.5%, to $151.19, after BMO upgraded the stock.
U.S. President Donald Trump lashed out at Canada and the European Union and said he plans to leave a meeting with leaders of the G7 nations early as fears of a trade war ratcheted higher.
In the economic docket, Statistics Canada reported employment was off 7,500 jobs in May, and the unemployment rate was 5.8% for the fourth consecutive month.
Meanwhile, Canada Mortgage and Housing Corporation reported that the trend in housing starts was 216,362 units in May, down from 225,481 units in April.
Other data showed Canada’s first quarter capacity utilization rose to a 12-year high
The TSX Venture hesitated 0.35 points to 775.22
The 12 TSX subgroups were split evenly between gainers and losers, consumer staples leading the former half, up 0.7%, while utilities moved higher 0.3%, and industrials inched up 0.2%.
The half-dozen laggards were weighed most by energy, 0.8% less energetic, gold, duller by 0.3%, and telecoms, clicking 0.2% lower.
Stocks rose on Friday, adding to solid weekly gains, but their rise was kept in check amid increasing tensions between the U.S. and key trade partners as the G-7 summit kicked off.
The Dow Jones Industrials gained a solid 75.12 points to end Friday at 25,316.53, as UnitedHealth and Home Depot contributed the most to the gains.
The S&P 500 picked up 8.66 points to 2,779.03, as consumer staples rose more than 1%.
The NASDAQ added 10.44 points to 7,645.51
For the week, the major averages all rose at least 1.2%
In corporate news, Apple dropped 1% after Nikkei reported the company is warning suppliers about a sharp decline in parts orders.
Despite Friday’s decline, it was a solid week for Apple and the rest of the technology sector. The overall technology sector gained 0.7% this week, led by shares of chip maker Advanced Micro Devices and Micron, which rose more than 5.5%. Meanwhile, Apple is also up 0.7% this week.
On Friday, President Donald Trump arrived at the meeting, along with other world leaders — including those who currently govern nations that Trump has inflicted tariffs upon. One aspect that’s put investors on edge is a fresh tweet by Trump, who accused France and Canada of levying “massive tariffs” and establishing “non-monetary barriers.”
This came after French President Emmanuel Macron told reporters that while the U.S. incumbent may not mind being isolated, the other leaders could sign a six-country agreement if need be.
Prices for the benchmark for the 10-year U.S.Treasury hesitated, raising yields to 2.94% from Thursday’s 2.92%. Treasury prices and yields move in opposite directions.
Oil prices slid 32 cents at $65.63U.S. a barrel.
Gold prices lost 40 cents at $1,302.60U.S. an ounce.
This article provided by NewsEdge.