(CLARIFIES WEEKLY GAINS BY TSX)
Canada’s main stock index ended slightly negative to end an otherwise lucrative week on Friday, as investors assessed mixed signals on U.S. and China tariff talks, despite signs of potential flexibility from Beijing. They also digested a domestic retail sales report.
The TSX Composite Index lost 17.02 points to greet the closing bell at 24,710.51. Still, on the week, the index gained 517 points, or 2.1%.
The Canadian dollar was flat at 72.15 cents U.S.
Tech stocks gained as e-commerce giant Shopify advanced $2.97, or 2.3%, to $134.74.
Gold led a small group of lagging stocks, with NovaGold tumbling 72 cents, or 10.6%, to $6.17, while Iamgold hesitated 20 cents, or 2.8%, to $9.68.
In industrials, TFI International slumped $6.65, or 5.7%, to $110.29, while WSP Global slid $10.76, or 4.3%, to $242.65.
In materials, Endeavour Silver lost 18 cents, or 3.4%, to $5.05, while Algoma Steel backtracked 21 cents, or 2.9%, to $7.08.
Real-estate did its best to lift things up, with units of H&R REIT gathering 18 cents, or 1.9%, to $9,83, while units of SmartCentres REIT captured 27 cents, or 1.1%, to $25.44.
In utilities, Boralex picked up 92 cents, or 3%, to $31.35, while TransAlta took on 28 cents, or 2.3%, to $12.46.
In techs, Dye & Durham shares triumphed 52 cents, or 5.8%, to $9.51, while Sangoma Technologies jumped 23 cents, or 3%, to $8.01.
U.S. President Donald Trump said his administration is talking with China to strike a tariff deal and that Chinese President Xi Jinping has called him, according to a Time magazine interview published on Friday as Beijing continues to dispute U.S. characterization of talks.
Trump further stated in the interview that he would consider it a victory if the United States maintained 50% tariffs on foreign imports a year from now.
On the economic agenda, Statistics Canada reports retail sales decreased 0.4% to $69.3 billion in February. Sales were down in four of nine subsectors and were led by decreases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange moved up 3.47 points to 653.82. Still, the index gained 20 points on the week, or 3.16%.
The 12 subgroups were split down the middle, with gold weighing the half-dozen laggards, off 1.9%, industrials down 1.3%, and materials, sinking 0.9%.
The gainers were co-led by real-estate and utilities, each better 0.3%, while information technology stocks made respectable gains of 0.2%
The four gainers were led by information technology, struggling upward 0.4%, while real-estate and utilities nudged ahead 0.04% each.
ON WALLSTREET
The S&P 500 rose on Friday, adding to its strong gains for the week, as investors continue to navigate an evolving global trade landscape, while major tech names got a boost.
The Dow Jones Industrials fought their way into the green 20.1 points to 40,113.50
The much-broader index strengthened 40.44 points to 5,525.21.
The NASDAQ Composite jumped 216.9 points, or 1.3%, to 17,382.94.
Alphabet rose more than 1% after the Google-parent and “Magnificent Seven” name reported a beat on the top and the bottom line for the first quarter. Tesla, meanwhile, popped nearly 10%, while fellow “Magnificent Seven” names Nvidia progressed 4% and Meta Platforms advanced 2%.
The major averages are headed for sharp weekly gains. The S&P 500 is up more than 4%, while the NASDAQ has climbed more than 6%. The Dow has underperformed but is still headed for a one-week advance of more than 2%.
Sentiment was hurt a bit Friday after comments from President Donald Trump were published by Time magazine. The president said he would consider it a “total victory” if the U.S. has high tariffs of 20% to 50% on foreign countries a year from now. Trump also denied that rising yields forced his hand in granting a 90-day pause on most of the higher tariff rates.
Prices for the 10-year Treasury gained ground Friday, lowering yields to 4.26% from Thursday’s 4.31%. Treasury prices and yields in opposite directions.
Oil prices gained 43 cents to $63.22 U.S. a barrel.
Prices for gold stumbled $31.30 to $3,317.30 U.S.