Home Economy News TSX notches longest weekly winning streak in nearly one year

TSX notches longest weekly winning streak in nearly one year


TSX notches longest weekly winning streak in nearly one year By Reuters

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Published Mar 08, 2024 07:31AM ET
Updated Mar 08, 2024 04:31PM ET

© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/FILE PHOTO

By Fergal Smith

(Reuters) -Canada’s main stock index edged lower on Friday but still notched its fourth straight weekly gain as bigger-than-expected U.S. and Canadian jobs gains bolstered prospects of a soft economic landing.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 57.03 points, or 0.3%, at 21,737.53, after posting on Thursday its highest closing level in nearly two years.

For the week, the index was up 0.9%. The weekly winning steak was the longest since April 2023.

“The U.S. still seems very much on course for a soft landing. In Canada, it’s a little bit more nuanced I think, but by all indications the market is holding up relatively well,” said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth.

U.S. job growth accelerated in February, but that likely masks underlying softening labor market conditions as the unemployment rate increased to a two-year high of 3.9%.

Canada’s economy added 40,700 jobs in February, double the expected gain but and wage growth slowed for a second consecutive month as the central bank continues to hold interest rates at a 22-year high.

The energy sector fell 0.7% as oil settled 1.2% lower at $78.01 a barrel and shares of uranium miners declined. Nexgen Energy Ltd lost 8.7% and Cameco Corp (TSX:CCO) was down 6.2%.

Consumer-related stocks also lost ground, with the consumer staples sector falling 1% and consumer discretionary ending 0.4% lower.

The materials index which includes precious and base metals miners and fertilizer companies, edged up 0.2% as gold added to its record-setting rally.

“Despite gold being at an all-time high, despite the geopolitical uncertainty, the resource sector which is a big driver hasn’t really taken off. That’s impeding the TSX’s progress a little bit,” Picardo said.

TSX notches longest weekly winning streak in nearly one year

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