(RTTNews) - The Canadian market ended slightly up on Friday, moving up for a seventh straight session, with gains in the materials sector contributing to the positive close.
Easing concerns about U.S. economic growth and continued optimism about interest rate cuts from the Federal Reserve helped underpin sentiment.
The benchmark S&P/TSX Composite Index ended up by 21.89 points or 0.1% at 23,054.61. The index moved in a tight band between 22,984.44 and 23,070.60. The index gained about 3.3% in the week.
Agnico Eagle Mines (AEM.TO), Sprott Inc (SII.TO), Wheaton Precious Metals (WPM.TO), Canadian Imperial Bank of Commerce (CM.TO), Franco-Nevada Corporation (FNV.TO), Morguard Corporation (MRC.TO) and Canadian Tire Corporation gained 1 to 2.2%.
Celestica Inc (CLS.TO), Cogeco Communications (CCA.TO), West Fraser Timber (WFG.TO), Toromont Industries (TIH.TO), Precision Drilling Corporation (PD.TO), Stella-Jones (SJ.TO), TerraVest Industries (TVK.TO), EQB Inc (EQB.TO), FFI International (TIF.TO), Cargojet Inc (CJT.TO) and Waste Connections (WCN.TO) ended weak by 1 - 2.6%.
On the economic front, data from Canada Mortgage And Housing Corporation said housing starts in Canada surged by 16% over a month to 279,500 units in July, the highest since June 2023.
A report from Statistics Canada showed manufacturing sales declined 2.1% month-over-month in June 2024, compared to the preliminary estimate of a 2.6% fall, following a downwardly revised 0.2% rise in the previous month.
