TSX posts second straight weekly gain as market shows resilience
SPY•SPY•SPY•SPY•Canada’s S&P/TSX Composite fell 0.1% to 36,105.90 on Friday but rose 0.9% for the week, its second consecutive weekly gain. Corporate profit strength helped offset concerns about inflation and higher interest rates.
The S&P/TSX Composite Index ended Friday down 31.29 points, or 0.1%, at 36,105.90, but gained 0.9% for the week. Strategist Angelo Kourkafas said corporate profits exceeding expectations were helping offset concerns about technology, artificial intelligence and inflation.
Technology shares fell 1.3%, with Celestica down 5.4%. Financials declined 0.2% and materials fell 0.6%, while energy gained 0.9%. Investors saw a 64% chance of a Bank of Canada rate hike in December; economists expected October inflation to rise to an annual rate of 3.2%.
Stantec shares gained 13.8% after the engineering company reported third-quarter revenue and adjusted profit above estimates.
