Volatile Week Leaves TSX Much Higher
In a trading week which left investors dazed and confused at times, markets in Toronto moved sharply higher to finish the week smiling. Tariff threats from south of the border – and pauses thereof – only added to the volatility.
The TSX Composite Index gained 572.93 points, or 2.5%, by the close Friday to 23,587.80. On the week, the index sprang up 394 points, or 1.7%.
The Canadian dollar muscled up 0.34 cents to 72.01 cents U.S.
Shares of Canadian gold miners, such as Barrick Gold, could get support as the safe-haven metal surpassed the key $3,200 mark for the first time, spurred by a weaker dollar and economic concerns. Barrick leaped $1.73, or 6.4%, to $28.72.
Elsewhere, NovaGold hiked 43 cents, or 12.3%, to $3.94.
In other resource issues, Ivanhoe Mines climbed 90 cents, or 8.2%, to $11.82, while Orla Mining claimed 97 cents, or 7%, to $14.77.
Oil prices were stable, but on track for their second weekly loss in a row. Imperial Oil shares restored $2.39, or 2.8%, to $86.78. Elsewhere in the energy field, Advantage Energy popped 62 cents, or 7.4%, to $9.04.
Financial stocks strengthened on positive corporate results from U.S. peers. Sprott led the gains in the index, up $4.05, or 6.6%, to $65.78.
Bucking the trend, information technology fell 1.6%, with shares of e-commerce company Shopify slipping $1.87, or 1.6%, to $116.39.
Real-estate concerns also had a rough time of it, with units of First Capital REIT letting go of 22 cents, or 1.4%, to $15.46, while Colliers International slid $1.87, or 1.2%, to $154.11.
ON BAYSTREET
The TSX Venture Exchange popped 23.42 points, or 4%, to 615.80, for a gain on the week of more than 38 points, or 6.6%.
All but one of the 12 subgroups were higher as the closing bell sounded, with gold soaring 5.6%, materials up 4.9%, and energy surging 3%.
Only real-estate failed to get anything in gear, slipping 1%.
ON WALLSTREET
Stocks climbed Friday, extending their gains as the White House signaled it is open to a trade deal with China, as Wall Street wrapped up a wild week.
The Dow Jones Industrials shot higher 619.05 points, or 1.6%, to finish the week at 40,212.71.
The S&P 500 regained 95.31 points to 5,363.
The NASDAQ spread its wings Friday and soared 337.14 points, or 2.1% to 16,724.46
The major averages took a leg lower after the latest consumer sentiment numbers for April came in worse than expected. The expected inflation level also surged to its highest level since 1981, according to the University of Michigan survey on consumers.
This week has been one of the most volatile periods on record for Wall Street. The major averages tumbled Thursday as traders went into risk-off mode, with trade policy uncertainty weighing on sentiment, losing a chunk of the historic gains seen on Wednesday after Trump announced a 90-day reprieve on some of his high “reciprocal” tariffs.
The S&P 500 fell 3.5% on Thursday, while the 30-stock Dow tumbled 1,014.79 points, or 2.5%. The tech-heavy NASDAQ ended the day lower by 4.31%. On Wednesday, the S&P 500 rallied 9.5% for its third-largest gain in a single day since World War II, while the 30-stock Dow skyrocketed more than 2,900 points.
Despite the tumultuous week, the three major averages are headed toward solid gains in the period. The S&P 500 is on pace for a 5.8% advance, its best weekly performance since November. The NASDAQ is on track to gain 7.3%. The Dow is headed for a 5.1% jump week-to-date.
Prices for the 10-year Treasury fell Friday, pushing yields back up to 4.48% from Thursday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices strengthened $1.50 to $61.57 U.S. a barrel.
Prices for gold jumped $71.70 to $3,249.20 U.S.
