Canada Stocks End Day Down 35 Pts, But End Week Up Near 370 Pts

Friday, August 7, 2020 4:05 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, lost the daily battle in closing down around 35 points on Friday, but it won the weekly war in still gaining near 370 points for the holiday shortened week, and with that gaining a strong foothold over the 16,500 level.

Among the heavyweight sectors, Materials lost near 2%. But Financials gained near 0.9% and Energy was up 0.25%.

Action Economics noted the jobs reports on both sides of the border were largely solid, contrasting with fears that the resurgence in the virus since late June would derail the recovery. Yet, AE said, the focus remained on the lack of an aid package in the U.S., which restrained Wall Street and Treasuries. In Canada, it added, yields were mildly higher at the short and mid-date maturities and up 1.5 to 2 bps in the longer dated issues. And USD-CAD climbed to 1.3382 from 1.3332 early as WTI crude slid.

Of commodities, crude oil prices fell on Friday despite positive jobs data as U.S. legislators failed to reach an agreement on a new economic stimulus bill that would have supported demand. West Texas Intermediate crude for September delivery closed down $0.73 to US$41.22, while October Brent crude was last seen down $0.62 to US$44.47 and Western Canada Select dropped $0.65 to US$29.26 per barrel.

Meanwhile, gold ended lower, falling back from its record close and early strength after the U.S. dollar strengthened. Gold for December delivery closed down $41.40 to settle at US$2,028.00 per ounce in Comex trade

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