Stocks Stumble At End Of Otherwise Strong Week


(MENAFN- Baystreet) Equities Dip into Red by Noon

  • TSX Continues Progress
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  • Strong Gains for TSX
  • TSX at one-month High Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, May 10, 2024

    Stocks
    Stumble at End of Otherwise Strong Week Health-care proves strongest Friday Equities in Toronto put the brakes on Friday, to take some of the fizz out of an otherwise positive week. Friday's market was weighed by weakness in tech and energy issues.
    The TSX Composite Index slid 66.9 points to 22,308.93. On the week, however, the index
    sprinted 361 points, or 1.65%.
    The Canadian dollar added 0.04 cents at 73.15 cents U.S.
    Health-care was the biggest-gaining group Friday, with Sienna Senior Living galloping a dollar, or 7.1%, to $15.14.
    Consumer staples was next best, with Jamieson Wellness popping $1.07, or 4.2%, to $26.77, while Metro hiked $1.36, or 1.9%, to $74.08.
    In communications, Quebecor spiked 89 cents, or 3%, to $30.66, while Rogers took on 24 cents to $54.06.
    On the negative side, Docebo took a pounding, $14.79, or 23.3%, to $48.68, while Bitfarms lost 15 cents, or 6%, to $2.37, among tech concerns.
    In energy, Baytex Energy subsided 41 cents, or 8%, to $4.72, while Precision Drilling doffed $3.70, or 3.6%, to $97.88.
    In real-estate, Altus Group surrendered $1.68, or 3.4%, to $48.10, while Allied Properties REIT units ditched 25 cents, or 1.5%, to $16.93.
    On the economic calendar, Statistics Canada says the economy created 90,000 jobs in April, and the unemployment rate was unchanged at 6.1%.
    ON BAYSTREET
    The TSX Venture Exchange stepped forward 1.41 points to end the week at 597.36. Over the last five sessions, the index
    triumphed more than 15.6 points, or 2.69%.
    Seven of the 12 TSX subgroups were positive by the close, with health-care stronger by 1.1%, consumer staples up 0.9%, and communications ahead 0.3%.
    The five laggards were led by information technology, down 2.1%, energy, subsiding 1.2%, and real-estate, dipping 0.1%.
    ON WALLSTREET
    The DowJones
    Industrial Average rose on Friday, wrapping an eighth consecutive winning session and registering its best week of 2024.
    The blue-chip index
    vaulted 125.08 points to 39,512.84, jumping more than 800 points on the week, or 2.1%.
    The S&P500
    hung onto gains of 8.6 points to 5,222.68, for a gain on the week of 95 points, or 1.85%.
    The NASDAQ turned lower 5.4 points to 16,340.87. On the week, the gain was 184, or 1.1%.
    3M was the Dow's best performer, as shares of the manufacturer rose about 1.6% on the back of an upgrade from HSBC.
    Consumer sentiment data released Friday morning reflected a big uptick in inflation expectations, throwing some cold water on the market.
    The preliminary May reading for the University of Michigan's consumer sentiment index
    came in at 67.4, far below a DowJones
    estimate of 76 and marking its lowest reading in about six months.
    Prices for the 10-year Treasury sagged, raising yields to 4.50% from Thursday's 4.46%. Treasury prices and yields move in opposite directions.
    Oil prices skidded 88 cents to $78.38 U.S. a barrel.
    Gold prices hiked $30.00 to $2,370.30.




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