May 15, 2021

Business Information

Markets Wind up Mostly “Up” Week

3 min read
Markets in Canada partied on the week, though the festivities were not as loud or...

Markets in Canada partied on the week, though the festivities were not as loud or as exciting Friday as they were south of the border. Consumer staples proved an anchor on the index.

The TSX docked 25.7 points to finish Friday at 16,705.79. However, for the last week, the index headed north 188 points, or 1.14%,

The Canadian dollar gained 0.16 cents to 76.37 cents U.S.

Consumer staples flopped Friday, with George Weston off $2.68, or 2.7%, to $96.02, while Saputo surrendered 84 cents, or 2.5%, $32.89.

In utilities, Brookfield Renewable Partners units faltered $1.59, or 2.6%, to $60.55, while Brookfield Infrastructure Partners docked $1.18, or 2%, to $58.04.

Communications also pointed south, as Cogeco Communications fell $2.11, or 2.1%, to $100.49, while BCE trailed 67 cents, or 1.2%, to $57.05.

Gold led the gainers, as B2Gold triumphed 34 cents, or 4.1%, to $8.72, while Centerra Gold popped 78 cents, or 4.8%, to $17.00.

Among materials issues, First Majestic Silver gathered 79 cents, or 5.2%, to $16.00, while Silvercorp Metals added 76 cents, or 7.5%, to $10.85.

Health-care climbed, with Cronos Group moving higher 32 cents, or 4.5%, to $7.41, while Aurora Cannabis gained 45 cents, or 3.6%, to $12.89.

In the economic area, Statistics Canada reported gross domestic product grew 6.5% in June, the largest monthly increase since the series started in 1961.

ON BAYSTREET

The TSX Venture Exchange gained 13.35 points, or 1.8%, to end Friday at 745.31, prospering 15 points on the week, or 2.05%.

Seven of the 12 TSX subgroups were lower on the day, with consumer staples lower 1.7%, utilities slumping 1%, while communications dropped 0.7%.

The five gainers were led by gold, ahead 2.7%, materials, jumping 2.1%, and health-care, better by 1.4%.

ON WALLSTREET

Stocks rose on Friday to wrap up another strong week as the Dow Jones Industrial Average emphatically erased its losses for 2020.

The Dow Jones Industrial Average fired ahead 161.6 points to finish Friday and the week at 28,653.87, a leap on the week of more than 723 points, or 2.59%. The 30-stock index now stands 115 points above its New Year’s Eve close.

Walmart and Coca-Cola led the way for the Dow, Walmart rising 2.7% and Coke sparkling 3.3%. Tech and energy were the best-performing sectors in the S&P 500, tech gaining 1.1% and energy up 1.9%

The S&P 500 gained 23.46 points to 3,508.01, yet another new record for the broad index, indeed, its first close about 3,500, and a leap on the week of more than 110 points, or 3.26%,

The NASDAQ Composite tacked on 70.3 points to 11,695.63, a jump of more than 383 points, or 3.39%.

Friday’s gains put the Dow on track to close in positive territory for the year. The last time the Dow sported a year-to-date gain was in late February, when it traded around an all-time high. Entering Friday’s session, the Dow was just 3.6% below its record.

Friday’s gains also put the S&P 500 on track for its biggest August gain since 1984. The broader market index is up 7.2% month to date.

On the data front, U.S. consumer spending rose 1.9% in July, topping forecasts of a 1.5% gain. Personal income was also stronger than expected, rising 0.4% while economists had forecast a drop of 0.2%.

Prices for the 10-Year Treasury eked ahead, lowering yields to 0.72% from Thursday’s 0.74%. Treasury prices and yields move in opposite directions.

Oil prices dropped six cents to $42.98 U.S. a barrel.

Gold prices spiked $40.00 to $1,972.60 U.S. an ounce.

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