© Reuters.
In a positive turn of events for the Canadian stock market, the S&P/TSX composite index witnessed an uptick on Friday, driven by significant advances in the energy and technology sectors. The index closed at 19,654.47, marking a gain of 67.06 points or 0.34%.
The energy sector’s performance was particularly strong, buoyed by a 2% rise in oil prices. This increase was largely attributed to Iraq’s endorsement of OPEC+’s decision to implement oil production cuts, as highlighted by Mike Archibald from AGF Investments. In the technology sector, notable gains were observed with Constellation Software surging to a record high with a 3.7% increase, while e-commerce giant Shopify (NYSE:) added 1.6% to its value.
Despite the day’s gains, the weekly close still registered lower than the substantial rise seen in the previous week, which had been the most significant since April 2020. The materials sector faced a downturn, dropping by 0.7%, after comments from U.S Federal Reserve Chair Jerome Powell suggested further interest rate hikes were on the horizon.
Among individual stocks, Altus Group experienced a sharp decline of 21.8% following disappointing third-quarter results. In contrast, Quebecor enjoyed a share price increase of 2.5% after reporting higher profits in its third quarter. First Quantum (NASDAQ:)’s shares decreased by 3.3% as Jiangxi upped its stake in the company, contributing to the real estate index’s fall of 0.6%. Quebecor led the gains within the capped communication services index, rounding off a week of mixed fortunes for Canadian markets.
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