TSX posts biggest gain in five weeks as rate hike bets recede
EWC•EWC•EWC•EWC•Canada’s S&P/TSX Composite rose 1.48%, its biggest gain in five weeks, after weaker-than-expected jobs data reduced expectations for Bank of Canada rate hikes.
The S&P/TSX Composite ended Friday up 519.24 points, or 1.48%, at 35,664.62, its highest close in two weeks and biggest advance since September 3. The index gained 0.46% for the week, ending a two-week losing streak.
Canada’s economy shed 68,300 jobs in September, against analysts’ expectations for a gain of 9,200, and unemployment edged up to 6.5%. Investors saw a 25% chance of a Bank of Canada rate hike on October 28, down from 40% before the report.
The materials sector rose 2.81%, technology gained 2.88% and consumer discretionary added 2.66%. Aritzia shares surged more than 20% after the apparel retailer topped analyst expectations for second-quarter revenue and profit. Communication services stocks weighed on the index, with Cogeco Communications down 7.11% and BCE down 5.47%.
