logo
  

TSX Hits Fresh Record High, Ends On Strong Note

Despite weak jobs data, the Canadian stock market ended on a strong note on Friday, led by gains in healthcare and energy shares.

A positive trend in global markets aided sentiment. Despite the surge in coronavirus cases in parts of Asia, optimism about global economic recovery as the vaccination drives gains momentum.

The benchmark S&P/TSX Composite Index ended up by 181.76 points or 0.94% at 19,472.74, after hitting a new high at 19,491.51. The index gained about 1.9% in the week.

Organigram Holdings (OGI.TO) soared 12.4%. Aurora Cannabis (ACB.TO) gained 5.2%, Canopy Growth Corp (WEED.TO) gained 3.5% and Trillium Therapeutics (TRIL.TO) advanced 3%.

Energy stocks Enerplus Corp (ERF.TO), Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Arc Resources (ARX.TO) and Vermilion Energy (VET.TO) gained 2.2 to 5.5%.

Among materials shares, Oceanagold Corp (OGC.TO) zoomed 17.7%. Turquoise Hill Resources (TRQ.TO) climbed more than 11% and Lithium Americas Corp (LAC.TO) gained 7.8%. First Quantum Minerals (FM.TO), Hudbay Minerals (HBM.TO), Equinox Gold Corp (EQX.TO), Teck Resources (TECK.B.TO), Kirkland Lake Gold (KL.TO), Torex Gold Resources (TXG.TO) and Nutrien (NTR.TO) also rose sharply.

Consumer discretionary stocks Canada Goose Holdings (GOOS.TO), Linamar Corp (LNR.TO), Gildan Activewear (GIL.TO), Brp Inc (DOO.TO) and Magna International (MG.TO) gained 2.3 to 6.2%.

Among industrial shares, Air Canada (AC.TO) gained 3.2% despite reporting a drop in earnings. Brookfield Business Partners (BBU.UN.TO), Canadian Pacific Railway (CP.TO), Snc-Lavalin (SNC.TO) and Westport Fuel Systems (WPRT.TO) gained 2 to 3.1%.

Data released by Statistics Canada showed employment in Canada decreased by 207,100 in April after seen an increase of over 303,000 in the previous month. Full-time employment dropped by 129,400 in the month, while part-time employment decreased to -77,800.

The data also showed unemployment rate in Canada rose to 8.1% in April, up from 7.5% in March.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT