TSX Rally Slows Friday With a Decline

Canada’s main stock market was unable to make any headway Friday, as investors shrugged off retail sales data and traded with caution ahead of the G-20 meeting next week in Japan. The S&P/TSX Composite Index was down 49 points or 0.3% to close at 16,525. For the week, the TSX gained 1.3%, thanks mainly to a rise in energy and gold shares. U.S. markets were mildly weaker Friday, with the Dow Jones and the S&P 500 edging down 0.1% and the Nasdaq shedding 0.2%.

On the TSX, healthcare led decliners, dropping more than 3% while consumer staples were off nearly 2% and energy shed 0.8% despite stronger oil prices, which were up 9% for the week. Financials were off 0.2% while materials added 0.6% as gold prices settled above US$1,400 an ounce, their highest since 2013.

In stock news, Canopy Growth (WEED.TO), the day’s worst performer, dropped 7% in the wake of the release of weaker-than-anticipated fourth-quarter results after the bell on Thursday. Brookfield Business Partners (BBU-UN.TO) was down 5% after announcing a US$795 million equity offering on Thursday after market close. New Gold (NG.TO) paced stronger gold stocks, rising 8%. Crescent Point Energy (CPG.TO) was off 2% as oil prices eased off after the week’s strong showings.

In economic news, Canadian retail sales edged up 0.1% (m/m) in April, following a 1.3% increase in March (previously reported as 1.1%). The release came close to consensus expectations for a 0.2% uptick. After stripping out price movements, the picture was still disappointing, with volumes down 0.2%. April GDP is among the economic highlights next week.

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