FX.co ★ TSX Snaps 3-day Losing Streak, Ends Notably Higher

Following three consecutive days of losses, the Canadian market closed on a strong note this Friday, buoyed by sustained buying across multiple sectors amid optimism that the Federal Reserve may cut interest rates in September.

The S&P/TSX Composite Index posted a robust gain of 206.78 points, or 0.91%, finishing at 22,814.81. For the week, the index advanced by 0.55%.

Notable gains were seen in healthcare, technology, communications, and industrials sectors. Stocks in financials, materials, utilities, and real estate also experienced significant upticks.

Winpak Ltd. (WPK.TO) surged by 7.8%, while BRP Inc. (DOO.TO) strengthened by 5.8%. Teck Resources (TECK.B.TO), West Fraser Timber (WFG.TO), Canadian Tire Corporation (CTC.TO), Constellation Software (CSU.TO), Colliers International (CIGI.TO), and WSP Global (WSP.TO) saw increases ranging from 2.3% to 4%.

goeasy (GSY.TO), Canadian National Railway (CNR.TO), Fairfax Financial Holdings (FFH.TO), and Intact Financial Corporation (IFC.TO) gained between 1.5% and 1.8%.

In contrast, TFI International (TFII.TO), Empire Company (EMP.A.TO), Keyera Corp. (KEY.TO), GFL Environmental (GFL.TO), and Methanex Corp. (MX.TO) fell by 0.8% to 1.6%.

On the economic front, the Canada Business Barometer, a long-term index reflecting 12-month forward expectations for business performance reported by the Canadian Federation of Independent Business, dipped to 55.4 in July, slightly down from a revised 56.0 in June.

Additionally, preliminary estimates from Statistics Canada indicated that wholesale sales in Canada declined by 0.6% month-over-month in June, following a 0.8% decrease in May.