Canada's main stock index recouped early losses to rise on Friday, as investors parsed domestic and U.S. employment data, but remained on track for its biggest weekly fall since September 2023.
The TSX Composite Index gained 174.72 points to end Friday at 24,758.76. The index lost nearly 635 points this week, or 2.5%.
The Canadian dollar sagged 0.38 cents to 69.58 cents U.S.
Throughout the week, investors navigated a roller coaster of trade uncertainties. On Tuesday, U.S. President Donald Trump's 25% tariffs on imports from Canada and Mexico took effect.
But, in the latest twist on Thursday, Trump announced an exemption for goods from both nations under a North American trade pact, lasting a month.
In corporate news, Circle-K owner Alimentation Couche-Tard said on Friday that its top executives will visit Tokyo to speak with media about its $47-billion bid to buy 7-Eleven convenience store operator Seven & I Holdings.
Couche-Tard shares handed back $1.29, or 1.7% to $72.81. Shares in George Weston shed 48 cents to end the day and week at $237.53.
Elsewhere, MDA Space blasted off $3.99, or 17.5%, to $26.78, after the space technology company forecast first-quarter revenue above estimates.
Algonquin Power & Utilities Corp recovered from an otherwise negative, forging ahead four cents to $6.87 after the utility firm's fourth-quarter profit missed estimates.
Energy led the parade of winners, led in turn by Imperial Oil, cruising $5.48, or 5.9%, to $98.81, while IPCO hiked $1.01, or 5.4%, to $19.84.
Gold stocks were positive, with Novagold taking on 33 cents, or 6.7%, to $5.14, while Lundin Gold improved $1.92, or 4.7%, to $42.90.
In telecoms, BCE triumphed 61 cents, or 1.7%, to $35.63, while shares in Cogeco Communications gained $1.12, or 1.7%, to $66.96.
On the economic beat, Statistics Canada reported the economy created only 1,100 jobs in February. The unemployment rate was unchanged at 6.6%.
Incidentally, this is the weekend for the clocks to go ahead, with the end of Standard Time on Sunday morning (around 2 a.m.)
ON BAYSTREET
The TSX Venture Exchange was better by 9.06 points Friday, or 1.5%, to 614.30, for a loss of less than a point on the week.
Seven of the 12 TSX subgroups lost ground by noon, as information technology flopped 1.7%, while financials lost 0.6%, and health-care ailed 0.4%.
The five gainers were led by telecoms, ahead 1.8%, while energy progressed 1.7%, and utilities picked up 1%.
ON WALLSTREET
The S&P 500 regained some ground on Friday, but still heading for its worst week in several months as the salvo of trade policy actions unnerved investors.
The Dow Jones Industrials changed direction and soared 222.64 points to 42,801.72
The much-broader index ended the day upward 31.68 points to 5,770.20.
The NASDAQ Composite popped 126.97 points to 18,196.22.
Despite Friday’s recovery, the market rout still put the three major averages on course for their worst weeks since September. The Dow and S&P 500 have each pulled back more than 2% this week.
The tech-heavy NASDAQ has lost more than 3% week to date and closed Thursday in correction territory, which means the tech-heavy index finished the session 10% off its recent high.
A weaker-than-expected jobs report released Friday raised further concerns about an economic softening and sent rates lower. Non-farm payrolls increased by 151,000 jobs in February, less than the consensus forecast for 170,000 from economists polled by Dow Jones.
The unemployment rate ticked higher to 4.1%.
That came as stocks have been on a roller-coaster ride this week with President Donald Trump’s tariff policies worrying investors about future U.S. growth and inflation.
Trump said on Thursday that a swath of goods from Canada and Mexico that are covered by the North American trade agreement known as USMCA would be exempt from the announced duties until April 2.
That move effectively walked back much of the original plan. But the market has still sold off this week, with uncertainty mounting amid constant updates and a lack of clarity around what to expect longer term.
This market rout put the three major averages on course for their worst week since September 2024. The S&P 500 is off 3.4% week to date, while the 30-stock Dow is down 3%. The NASDAQ has dropped 3.7% so far this week and fell into correction territory, meaning it closed 10% off its all-time high.
Friday’s market got upward momentum from Broadcom’s rally of more than 6% on strong earnings. Nvidia, another artificial intelligence giant, also rose in the session.
Prices for the 10-year Treasury faltered, raising yields to 4.30% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices gained 72 cents to $67.08 U.S. a barrel.
Prices for gold fell off $9.20 an ounce to $2,917.40 U.S.
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