FX.co ★ Canadian Market Ends Modestly Higher

On Friday, the Canadian market saw modest increases, specifically within the materials stocks sector due to a rise in gold prices leading to safe-haven buying. Other sectors experienced mixed results.

Positive reactions from investors were spurred by optimistic earnings updates from major U.S. firms, such as Alphabet and Microsoft, as well as the disclosure of personal consumption expenditure data from the U.S. This data showed an unanticipated growth in the yearly consumer price.

With a close gain of 83.86 points or 0.38%, the benchmark S&P/TSX Composite Index ended at 21,969.24. Throughout the week, the index saw an overall gain of about 0.5%.

Shares of a number of firms including First Quantum Minerals, Ero Copper, and Capstone Mining Corp recorded substantial increases ranging from 5 to 12.5%. Likewise, shares of other companies such as Eldorado Gold, Precision Drilling Corp, and Bombardier Inc saw a surge in their valuations.

However, companies like TFI International and Spin Master Corp experienced a decline in their net income causing their shares to drop.

The Canadian Federation of Independent Business reported a drop in its business barometer from 52.9 to 47.5 in April. The barometer measures business performance expectations for the coming 12 months in Canada. We also saw a 1.3% decline in wholesale sales in Canada in March, primarily in the motor vehicle and parts and accessories sectors.