After an early setback, the Canadian market recovered gradually in cautious trade on Friday and eventually ended the days session with a slender gain.
Investors digested the nations retail sales, and producer & raw materials prices reports, and largely made stock specific moves.
The benchmark S&P/TSX Composite Index, which dropped to 23,740.37 in early trades, ended the session with a small gain of 1.10 points at 23,867.37. The index gained about 4.8% in the week.
Healthcare, energy and industrials stocks were among the notable losers. Communications, materials, consumer staples and utilities stocks found some support.
Telesat Corporation (TSAT.TO) soared 11.7%. Cameco Corporation (CCO.TO) rallied 8.1%. Aritzia Inc (ATZ.TO) climbed 4.3%.
Docebo Inc (DCBO.TO), TC Energy Corporation (TRP.TO) and Loblaw Companies (L.TO) gained 2.2 to 3%.
Agnico Eagle Mines (AEM.TO), Intact Financial Corporation (IFC.TO), Boyd Group Services (BYD.TO), Franco-Nevada Corporation (FNV.TO) and Bank of Montreal (BMO.TO) also posted strong gains.
AltaGas (ALA.TO), TFI International (TFII.TO), TerraVest Industries (TVK.TO), Methanex Corporation (MX.TO), goeasy (GSY.TO) and Morguard Corporation (MRC.TO) closed down 2 to 4%.
Celestica Inc (CLS.TO), Molson Coors Canada Inc (TPX.B.TO), Canadian National Railway (CNR.TO), Bombardier Inc (BBD.B.TO), Cargojet (CJT.TO), Onex Corporation (ONEX.TO), Canadian Pacific Kansas City (CP.TO) and RB Global (RBA.TO) drifted down 1 to 2%.
Statistics Canada said retail sales in Canada are projected to have jumped by 0.5% from the previous month in August of 2024, according to a flash estimate. This would extend the 0.9% surge in retail turnover from July, which was revised higher from the flash estimate of a 0.6% increase.
Retail Sales in Canada increased 0.9% in July of 2024 over the same month in the previous year. Retail Sales Excluding Autos in Canada increased 0.4% month-over-month in July 2024, slightly higher than 0.3% in June and forecasts of 0.3%
A separate data from Statistics Canada said industrial producer prices in Canada fell by 0.8% over a month in August, compared with market estimates of a 0.3% drop and following a revised 0.1% decline in the prior period.
Industrial producer inflation ticked up by 0.2% in August, easing significantly from an upwardly revised 2.8% increase in the previous month.
The Raw Materials Price Index in Canada slumped by 3.1% month-over-month in August 2024, following a 0.7% increase in the prior and more than an expected 2.5% fall. On an annual basis, raw material prices declined by 2.5% in August, marking the first decrease in six months., after a 4.1% rise in the previous month.