TSX Tails off Friday, Gains on week
Canada's main stock index slipped on Friday, as trade worries over U.S. President Donald Trump's accusation in a social media post of China violating a tariff agreement offset positive sentiments about domestic economic growth.
The TSX Composite Index lost 35.51 points to end Friday at 26,175.05. However, for the week, the index was up 296 points, or 1.14%.
The Canadian dollar gained 0.44 cents to 72.87 cents U.S.
The TSX gained 5.5% in May and was set for its best month in six.
In health-care, Tilray retreated five cents, or 7.8%, to 59 cents, while Bausch Health Companies doffed 15 cents, or 2.4%, to $6.21.
Energy stocks lost ground, as Imperial Oil doffed $1.16, or 1.2%, to $97.93.
Techs were also bruised, as Sangoma Technologies slid 27 cents, or 3.4%, to $7.65, while Celestica shares faltered $3.77, or 2.4%, to $156.97.
Telecoms boosted the average somewhat, as BCE progressed 35 cents, or 1.2%, to $30.06, while Quebecor captured 43 cents, or 1.1%, to $38.68.
Financials proved to be stronger, with Laurentian Bank hiking $1.65, or 5.7%, to $30.48, and EQB tallied $2.46, or 2.7%, to $94.26.
In information technology, Computer Modelling Group shares advanced eight cents, or 1.2%, to $6.72, while Kinaxis gained $1.34 to $196.58.
On the economic front, Statistics Canada said gross domestic product increased 0.5% in the first quarter, the same pace as in the fourth quarter of 2024.
The agency goes on to say exports of goods drove the growth in the first quarter of 2025, followed by accumulations of business non-farm inventories. Higher imports and weak residential structure resale activity tempered overall growth in the first quarter.
ON BAYSTREET
The TSX Venture Exchange fell 2.48 points to 694.40, but was in the green on the week 7.7 points, or 1.13%.
Seven of the 12 TSX subgroups were lower, as energy plunged 1.8%, health-care swooned 1.3%, and information technology subsided 0.8%.
The five gainers were led by telecoms, up 1%, financials, forging up 0.3%, and industrials, eking up 0.1%.
ON WALLSTREET
The S&P 500 wavered on Friday, to close out a big winning month, as investors shook off trade war fears after President Donald Trump said China violated its preliminary trade agreement.
The Dow Jones Industrials gained 54.34 points on the day to finish the week at 42,270.07.
The much-broader index hesitated 0.48 points to 5,911.69.
The NASDAQ Composite weakened 62.11 points to 19,113.77.
Despite Friday’s choppy trading, stocks are on the verge of closing out May with strong gains following a rocky April. A chunk of the rally followed a trade deal announcement between the U.S. and United Kingdom early in the month, which investors hoped could pave the way for more agreements with other countries facing duties.
The S&P 500 added more than 5% this month, while the NASDAQ surged 9.5% in that time. Both are on track to notch their best months since November 2023. The 30-stock Dow has gained 3% on the month.
For the week, the S&P 500 advanced 1.5%, while the 30-stock Dow is up 1%. The tech-heavy NASDAQ acquired 1.9%.
“So much for being Mr. NICE GUY!” Trump wrote in a social media post that said China had reneged on a deal that paused retaliatory tariffs between that country and the U.S.
U.S. Trade Representative Jamieson Greer, in an interview Friday morning, echoed Trump’s allegation, saying “we’re very concerned with” China’s purported non-compliance with the temporary trade deal.
The “United States did exactly what it was supposed to do, and the Chinese are slow rolling their compliance,” said Greer.
He called that “completely unacceptable and has to be addressed.”
Among stocks of note, Gap faltered $5.64, or 20.2%, to $22.31.
Prices for the 10-year Treasury moved ahead, lowering yields to 4.40% from Thursday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices dipped 18 cents to $60.76 U.S. a barrel.
Gold prices lost $25.90 of its luster to $3,291.20 U.S. an ounce.
