2 hrs ago
TSX Recovers on Technology Rally Despite Weekly Losses
Canada’s main stock market rose on Friday.
Technology companies led the gains.
Celestica’s shares climbed 6.6%.
The market had still lost value over the entire week.
It fell 2.2%, marking its fourth weekly decline in a row.
Oil prices went down, which helped reduce some worries about inflation.
Investors also expected the Federal Reserve to raise interest rates soon.
These developments helped stocks stage a small recovery.
The S&P/TSX Composite Index gained 0.5% to close at 35,697.49 on Friday.
Technology shares led the advance, with the sector rising 3.6% and Celestica gaining 6.6%.
The index still fell 2.2% for the week, its fourth consecutive weekly decline.
Oil prices dropped 2.4% to $100.05 per barrel, easing some inflation concerns.
Investors increasingly expected the Federal Reserve to raise interest rates the following week.
- Who
- Canadian stock-market investors and companies, particularly technology firms.
- What
- The S&P/TSX Composite Index rose 0.5% but recorded a 2.2% weekly decline.
- Where
- Canada’s Toronto Stock Exchange, with related gains on Wall Street.
- When
- Friday, Sep. 11; the index fell over the preceding week.
- Why
- Technology gains, lower oil prices and expectations of tighter U.S. monetary policy supported stocks.
Key facts
- Index close
- 35,697.49, up 191.21 points or 0.5%
- Weekly performance
- Down 2.2%, the fourth consecutive weekly decline
- Technology sector
- Rose 3.6%
- Celestica
- Shares gained 6.6%
- Oil price
- U.S. crude futures fell 2.4% to $100.05 per barrel
- Financials
- Rose 0.6%
- Energy sector
- Fell 0.7%
Quotes
Douglas Porter
Chief economist at BMO Capital Markets
“In part, this reflected a modest late-week pullback in oil prices ... but it also may partly reflect the view that with the Fed now most likely to start tightening again, the medium-term outlook for inflation may be less fraught”
livemint.com
“Equities enjoyed a small relief rally”
livemint.com
Sources
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