TSX Snaps 6-day Losing Streak, Ends 0.76% Up

RTTNews | 8h 44min ago

(RTTNews) - The Canadian market closed on a bright note on Friday, snapping a 6-day losing streak, after data from U.S. Commerce Department showing a slower than expected pace of acceleration by the PCE price index raised hopes for more interest rate cuts by the Federal Reserve next year.

Healthcare, real estate, technology, consumer discretionary, materials and utilities share were among the prominent gainers.

The benchmark S&P/TSX Composite Index fell to 24,250.02 in early trades, but recovered soon and then kept moving higher to eventually settle at 24,599.48 with a gain of 185.54 points or 0.76% at 24,599.48. The index shed about 2.9% in the week.

Data from Statistics Canada showed retail sales in Canada increased 1.5% in October over the same month in the previous year.

Retail sales are expected to have remained unchanged from the previous month in November, according to flash estimate, following a 0.6% increase in October.

Healthcare stock Tilray Inc (TLRY.TO) climbed more than 6%. Real estate stocks Crombie Real Estate (CRR.UN.TO), Primaris REIT (PMZ.UN.TO) and CT Real Estate Investment Trust (CRT.UN.TO) gained 4.7%, 4.6% and 3.2%, respectively.

Technology stock BlackBerry (BB.TO) soared more than 23%. BlackBerry reported Q3 earnings per share (EPS) of $0.02, surpassing analyst expectations of a $0.01 loss. Revenue for the period reached $162 million, also above the consensus estimate of $146.68 million.

The company's Internet of Things (IoT) segment generated $62 million in revenue, marking a 13% year-over-year increase and beating the $58.5 million forecast.

Lightspeed Commerce (LSPD.TO) gained about 4%. Sangoma Technologies (STC.TO), Celestica Inc (CLS.TO), Tecsys (TCS.TO) and Shopify Inc (SHOP.TO) gained 1.7 to 2.25%.

Consumer discretionary stock Aritzia Inc (ATZ.TO) climbed more than 5%. Mty Food Group (MTY.TO), Linamar Corp (LNR.TO), Magna International (MG.TO), Restaurant Brands International (QSR.TO), Brp Inc (DOO.TO) and Spin Master Corp (TOY.TO) gained 1.5 to 2.5%.

First Quantum Minerals (FM.TO), up 8%, was the biggest gainer in the Materials Index. K92 Mining (KNT.TO), Hudbay Minerals (HBM.TO), Lundin Mining (LUN.TO) and Ivanhoe Mines (IVN.TO) gained 3 to 4.1%. Teck Resources (TECK.B.TO), Transcontinental (TCL.A.TO) and Equinox Gold Corp (EQX.TO) were among several other impressive gainers in the sector.

Utilities stocks Superior Plus Corp (SPB.TO), Algonquin Power & Utilities (AQN.TO) and Innergex Renewable Energy (INE.TO) gained 2 to 3%.

Dollar Slips Against Major Counterparts After PCE Data

The U.S. dollar shed ground against its major counterparts on Friday after soft personal consumption expenditures (PCE) data raised hopes of more interest rate cuts by the Federal Reserve next year.

RTTNews | 10h 14min ago

Canadian Stocks Up Firmly After Long Losing Streak, Set To End On Bright Note

Canadian stocks are firmly up in positive territory on Friday, rebounding strongly with investors indulging in some hectic bargain hunting after six straight days of losses. The market's rise is also due to the positive reaction to the Federal Reserve's preferred readings on consumer price inflation.

RTTNews | 12h 21min ago

U.S. Dollar Drops After Soft PCE Inflation Data

The U.S. dollar declined against its major counterparts in the New York session on Friday, as a slowdown in PCE inflation for November bolstered the prospect of slower pace of rate cuts by the Federal Reserve next year.

RTTNews | 13h 11min ago

Swiss Market Ends Modestly Lower

Swiss stocks found some support in late afternoon trades on Friday, but still ended the day's session on a weak note. The mood remained cautious amid concerns about the outlook for global economy in the wake of tariff threats by the U.S., fears of a U.S. government shutdown, and recent hawkish comments from the Fed that interest rate cuts will be fewer next year than earlier forecast.

RTTNews | 13h 30min ago

European Stocks Close Lower Again

European stocks closed lower on Friday, extending losses from the previous session, as concerns about political uncertainty in some major European countries, fears of a U.S. government shutdown, and potential tariffs on the European Union weighed on sentiment.

RTTNews | 13h 49min ago

U.S. Consumer Sentiment Improves In Line With Preliminary Estimate In December

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. improved in line with its preliminary estimate in the month of December. The report said the consumer sentiment index for December was unrevised from the preliminary estimate of 74.0, in line with economists' expectations. The consumer sentiment index increased from 71.8 in November.

RTTNews | 17h 3min ago

U.S. Consumer Prices Inch Higher In November, Annual Growth Accelerates Slightly Less Than Expected

Consumer prices in the U.S. crept slightly higher in the month of November, according to a closely watched report released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in November after rising by 0.2 percent in October. Economists had expected prices to increase by another 0.2 percent.

RTTNews | 17h 33min ago

U.S. Consumer Prices Inch Up Slightly Less Than Expected In November

Consumer prices in the U.S. crept slightly higher in the month of November, according to a closely watched report released by the Commerce Department on Friday.

RTTNews | 18h 36min ago

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