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TSX Pokes into Positive Territory Friday



Equities in Toronto edged into positive territory Friday, on the strength of tech and real-estate concerns.

The TSX Composite eked up 23.74 points to wrap up the week’s final session at 21,125.28. On the week, the index popped 218 points, or 1.05%.

The Canadian dollar gained 0.13 cents at 74.32 cents U.S.

Tech stocks were led by HUT 8 Mining, leaping $1.13, or 11,3%, to $11.17, while Bitfarms grabbed 30 cents, or 11.8%, to $3.10.

In real-estate, Interrent REIT units captured 24 cents, or 1.8%, to $13.50, while First Capital REIT advanced 27 cents, or 1.8%, to $15.46.

Communications were also positive, with Cogeco Communications surging $1.63, or 2.6%, to $63.90, while Quebecor gained 25 cents to $33.10.

Utilities did not have it so good, however, with Boralex sinking $1.16, or 3.5%, to $32.08, while Innergex Renewable slid 19 cents, or 2.1%, to $8.84.

Gold stocks lost some of their shine, with Iamgold off 12 cents, or 3.5%, to $3.27, while Novagold stepping back 16 cents, or 4%, to $3.85.

In consumer staples, Premium Brands Holdings slid $1.45, or 1.5%, to $92.54, while George Weston lost $2.08, or 1.2%, to $97.25.

ON BAYSTREET

The TSX Venture Exchange ended with a gain of 0.69 points Friday at 550.86. Over the week, the index lost 1.47 points, or 0.27%.

Seven of the 12 subgroups were positive, with information technology better by 0.7%, real-estate ahead 0.5%, and communications growing 0.4%.

On the negative side, utilities, gold and consumer staples each shed 0.5%.

ON WALLSTREET

The S&P 500 closed slightly lower Friday, but clinched weekly gains as the latest economic data added to a positive picture of the economy.

The Dow Jones Industrials enjoyed gains of 60.3 points to 38,109.43.

The S&P 500 index slid 3.19 points to 4,890.97.

The NASDAQ faded 55.13 points to 15,455.36, urt by a post-earnings slide in Intel.

Despite Friday’s muted moves, the major averages recorded a winning week. The S&P 500 advanced 1%, while the technology-heavy NASDAQ Composite climbed 0.9%. The blue-chip Dow has gained 0.7%.

Intel tumbled nearly 12% on Friday after offering a disappointing fiscal first-quarter outlook. Semiconductor stock KLA slid more nearly 6% in the session after the company posted light guidance for its fiscal third quarter.

On the other hand, American Express rallied more than 7% after sharing a better-than-expected forecast for full-year earnings. That helped the 30-stock Dow mitigate losses from Intel’s drop.

Elsewhere, Tesla, a retail investor darling, registered worst week since October. Shares took a leg down after the electric vehicle maker
posted disappointing earnings and warned of trouble in 2024.

Stocks got a boost this week from encouraging economic data. More positive numbers came Friday.

December’s core personal consumption expenditures price index came in line with economists’ forecasts month over month, but was slightly lower than anticipated on an annualized basis, data released Friday shows. It’s a preferred gauge of inflation for the Federal Reserve, which sets monetary policy.

Friday’s PCE print came a day after gross domestic product data revealed higher-than-expected economic growth in the fourth quarter. That bolstered investors’ hopes that the economy has avoided a deep recession.

Prices for the 10-year Treasury reversed, raising yields to 4.14% from Thursday’s 4.13%. Treasury prices and yields move in opposite directions.

Oil prices hesitated 83 cents to $78.19 U.S. a barrel.

Gold prices improved 60 cents to $2,018.40.



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