TSX ends Friday slightly higher as trading volumes decline

  • TSX up 0.05% to 21,229.65
  • Seven of the top 10 TSX groups were higher

TORONTO, Dec.24 (Reuters) – Canada’s main stock index ended slightly higher on Friday, adding to this week’s rise as trading volumes remained weak during the US holiday .

The Toronto Stock Exchange‘s S & P / TSX Composite Index (.GSPTSE) rose 10.75 points, or 0.05%, to 21,229.65. On the week, it was up 3.33%, the best weekly performance in two months, helped by gains in health stocks.

“It has been a great week in the market,” said Barry Schwartz, portfolio manager at Baskin Financial Services. “With all of these worries about the virus, the market seems far beyond that.”

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The surge in infections fueled by the emergence of the new variant over the past month has forced countries to reinstate some restrictive measures and stoked market fears, but new data suggests Omicron was milder than the variant. Delta allayed some concerns.

Pot growers pushed the healthcare sector (.GSPTTHC) up 0.64% on Friday, led by Aurora Cannabis Inc (ACB.TO), Cronos Group Inc (CRON.TO) and Canopy Growth Corp (WEED. TO), up 0.19%, 0.08% and 0.18%, respectively.

“We knew it wouldn’t be a great day for trading because a lot of Americans are out of the market and in Canada we were only open until 1pm,” said Irwin Michael, portfolio manager at ABC Funds.

The TSX closed early on Friday at 1 p.m. ET and will remain closed Monday and Tuesday for Christmas and Boxing Day.

The industrial sector (.GSPTTIN) advanced 0.37% while the materials group, which includes precious and base metal miners and fertilizer companies, added 0.35%.

Energy stocks rose 0.2% on Friday as the heavily weighted financials sector (.SPTTFS) rose 0.22% while technology (.SPTTTK) fell 0.59%.

The Canadian dollar strengthened 0.05% to 1.2816 on Friday.

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Reporting by Maiya Keidan; Editing by Sandra Maler

Our Standards: Thomson Reuters Trust Principles.

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