Canada's S&PTSX on course for a third straight week, despite weak markets

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Canada's S&PTSX on course for a third straight week, despite weak markets

Oct 22 Reuters - Canada's main stock index was little changed on Friday, as weakness in technology and healthcare stocks offset commodity-linked gains, however the benchmark index was on course for its third straight week of gains.

ET 13: 42 GMT the Toronto Stock Exchange's S&P TSX Composite Index was down 5.76 points, or 0.03%, at 21,206. 63, weighed by an over 1% slide in both healthcare and technology stocks.

The healthcare sub-sector index was dragged by an over 2% drop in pot producers Tilray Inc and Canopy Growth Corp.

Energy stocks gained 0.8%, rebounding from their worst day in over two weeks in the prior session, as oil prices stayed near multi-year highs.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.7% as gold futures rose 1.4% to $1,805. 5 an ounce.

Commodity prices have bounced back a little bit particularly crude that helped the energy stocks, at the same time we're seeing weakness in technology in the United States. It is a bit of a mixed market, said Colin Cieszynski, chief market strategist, SIA Wealth Management.

The benchmark index was on course to have its third consecutive weekly gains helped by stronger commodities and as investor focus turned towards corporate earnings.

Meanwhile, official data showed the nation's retail sales rose 2.1% in August from July at C $57.2 billion $46.41 billion, as sales at food and beverage stores increased for the first time in three months.

The TSX was the most successful E-commerce firm Tilray Inc., followed by pot producer Shopify Inc.