Canada Stocks: TSX adds to weekly winning streak in broad-based rally

Winpak

26/07/2024 21:35

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      TSX ends up 0.9% at 22,814.81
    

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      Posts fifth straight weekly gain
    

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      All 10 major sectors end higher
    

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      Technology sector rises 1.6%
    

  
 (Updates at market close)
    By Fergal Smith
       July 26 (Reuters) - Canada's main stock index notched
broad-based gains on Friday to extend its weekly winning streak,
as investors cheered U.S. inflation data that could clinch the
start of Federal Reserve interest-rate cuts in the coming
months.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended up 206.78 points, or 0.9%, at 22,814.81, after
three straight days of declines. For the week, the index was up
0.6%, its fifth-straight weekly incline.    
    "Markets are rebounding sharply today following the release
of core PCE (price index data) which came in tame," said Brandon
Michael, senior investment analyst at ABC Funds.
    Wall Street's major stock indexes also rose as tech megacaps
recovered and the inflation data supported bets that the Fed
would begin cutting interest rates in September.
    "Market breadth is strong today. There's green across the
board, which is always a great sign," Michael said.
    All 10 major sectors gained ground, led by technology, which
climbed 1.6%. Industrials rose 1% and heavily weighted
financials added nearly 1%.
     Bank of Nova Scotia  BNS.TO  said it has resolved a
technical issue that affected thousands of its clients in
Canada, with several complaining about missing paychecks and
other problems. Scotiabank's shares ended 0.7% higher.
    Canadian National Railway Co  CNR.TO , one of the country's
two largest rail companies, resumed the movement of goods
through Jasper National Park after a major wildfire forced it to
suspend operations. Shares of CN Rail were up 1.8%.
    Packaging & containers company Winpak  WPK.TO  was a
standout. Its shares jumped 7.7% after analysts at BMO and CIBC
raised their price targets on the stock.

 (Reporting by Fergal Smith in Toronto and Shubham Batra and
Purvi Agarwal in Bengaluru; Editing by Shreya Biswas, Vijay
Kishore and Rod Nickel)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))