– Positive Finish for TSX Otesanya David March 27, 2022 – Positive Finish for TSX – Positive Finish for TSX


Canadian stocks finished the week off on a positive note, as cannabis and energy issues led the pack Friday.

The S&P/TSX Composite Index gained 68.05 points to close Friday at 22,005.94. On the week, the index climbed 187 points, or 0.86%.

The Canadian dollar added 0.31 cents to 80.17 cents U.S.

Health-care stocks, particularly cannabis, pulled the market along with them. Tilray towered $1.95, of 22.1%, over Thursday’s close, to $10.74, while Aurora Cannabis leaped 56 cents, or 11.1%, to $5.62.

Energy stocks barreled ahead, with Birchcliff Energy adding 64 cents, or 8.2%, to $8.46, while Peyto Exploration and Development acquired 91 cents, or 7.6%, to $12.91.

In communications, Shaw moved ahead 63 cents, or 1.6%, to $39.10, while Rogers leaped $1.08, or 1.6%, to $67.96.

Tech issues headed south, though, with Converge Technology Solutions fading 65 cents, or 6.4%, to 6.4%, to $9.46, while Shopify dropped $44.54, or 5.1%, to $838.05.

In gold, OceanaGold faded a nickel, or 1.7%, to $2.84, while NovaGold handed back a dime, or 1%, to $9.62.

In other resources, Interfor retreated 55 cents, or 2.8%, to $19.15, while Pretium Resources dawdled 55 cents, or 2.8%, to $19.15.

Canada will continue to increase its defense spending, Prime Minister Justin Trudeau said on Thursday, as he announced new sanctions against Russia over its invasion of Ukraine.

Federal Energy Minister Jonathan Wilkinson says Canada has capacity to increase oil and gas exports by up to 300,000 barrels per day by the end of 2022 to help improve global energy security following Russia’s invasion of Ukraine.

The TSX Venture Exchange recovered 2.62 points to 886.32, for a gain on the week of 32 points, or 3.8%.

The 12 TSX subgroups were evenly divided, as health-care gained 6.8%, energy roared ahead 2.8%, and communications picked up a healthy 0.8%.

The half-dozen laggards were weighed most by information technology, down 3.1%, gold, off 0.4%, and materials, fading 0.2%.


The S&P 500 rose Friday to close out a winning week even as investors weighed interest rate hikes and war in Ukraine.

The Dow Jones Industrials stormed ahead Friday afternoon, adding 153.3 points to close the day at 34,861.24

The S&P 500 recovered 22.9 points to 4,543.06.

The S&P 500 is now about 3% higher in March, more than erasing its losses since Russia invaded Ukraine late last month.

The NASDAQ Composite slumped 22.54 points to 14,169.30.

All three major averages notched second consecutive winning weeks. The Dow ticked up 0.3%. The S&P 500 gained 1.8%, and the NASDAQ rallied nearly 2%.

The S&P 500 is now up about 3.9% higher in March, more than erasing its losses since Russia invaded Ukraine late last month.

The rebound has come even as the war in Ukraine continues and the Federal Reserve is set to hike interest rates several more times this year.

Financial stocks rose Friday as the 10-year yield jumped. Bank of America prospered 1.5%, and Wells Fargo rose 2.4%.

On the downside, technology stocks eased, weighing on the NASDAQ. Zoom fell 3.2% and DocuSign lost 3.9%, among the NASDAQ’s worst decliners Friday.

Traders kept an eye on Europe as the Ukraine-Russia war continues. The European Union on Friday struck a gas deal with the U.S. in an effort to reduce its dependency on Russian energy.

Treasury prices slumbered, raising yields to 2.48% from Thursday’s 2.37%. Treasury prices and yields move in opposite directions.

Oil prices regained 34 cents to $112.88 U.S. a barrel.

Gold prices stayed negative $7.30 to $1,954.90 U.S. an ounce.


Source link

Write a comment