Canada Stocks: Toronto stocks rise on energy sector boost; set for weekly fall

Celestica

25/10/2024 16:10

(Updated at 10:06 a.m. ET/ 1406 GMT)
    By Nikhil Sharma
       Oct 25 (Reuters) - Canada's main stock index rose
slightly on Friday, led by energy and technology shares, though
gains were limited by telecom shares, while investors parsed
domestic economic data.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  was up 16.55 points, or 0.07%, at 24,568.1, but was
set to register a weekly loss.
    Among sectors, heavyweight energy  .SPTTEN  rose 0.8% as oil
prices gained, with simmering Middle East tensions and planned
resumption of Gaza ceasefire talks keeping the market on the
edge.  O/R 
    Canada's information technology  .SPTTTK  added 0.7%,
benefitting from a 3% rise in Celestica  CLS.TO  as it continued
its momentum from the previous session.
    In contrast, capped communications  .GSPTTS  and real estate
 .GSPTTRE  declined 0.6% and 0.3%, respectively.
    Investors also assessed data that showed Canada's retail
sales in August increased marginally and missed expectations as
consumer spending showed strains across sectors.
    Meanwhile, the Canadian central bank's Governor Tiff
Macklem's address to journalists is still due later in the day.
    Despite the Bank of Canada offering a highly anticipated 50
basis points interest rate cut on Wednesday, markets this week
broadly reacted negatively to a recent rise in benchmark yields.
    "I think the market in general has been looking for a
catalyst of some sort to move higher," said Allan Small, senior
investment advisor at Allan Small Financial Group with iA
Private Wealth.
    Small added next week's earnings from U.S. mega-caps could
be the much-needed boost for the market.
    Next week, investors will focus on earnings reports from
major domestic corporations, including Canadian Natural
Resources  CNQ.TO  and Enbridge  ENB.TO , as well as U.S. tech
giants Alphabet  GOOGL.O , Apple  AAPL.O  and Microsoft
 MSFT.O .
    Among individual stocks, Barrick Gold  ABX.TO  fell 2.7%
after Mali accused the company of breaching commitments made in
a recent agreement, though the Canadian miner denied the
allegations.

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay
Kishore)
 ((Nikhil.Sharma@thomsonreuters.com;))