TSX Ends On Firm Note

(RTTNews) - The Canadian market ended on a firm note on Friday, thanks to some strong buying in the energy sector as oil prices firmed on supply concerns.

There were gains for several stocks from materials and utilities sectors too, but volume of business was rather thin as investors stayed largely on the sidelines ahead of the holiday weekend.

The benchmark S&P/TSX Composite Index ended with a gain of 156.99 points or 0.81% at 19,506.65.

Paramount Resources (POU.TO) climbed 5.75%. Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO), Tourmaline Oil Corp (TOU.TO) and TC Energy Corporation (TRP.TO) gained 2 to 4.5%.

Canada Goose Holdings (GOOS.TO), Docebo Inc (DCBO.TO), Canadian Tire Corporation (CTC.TO), Shopify Inc (SHOP.TO), Enghouse Systems (ENGH.TO), Bombardier Inc (BBD.B.TO) and Nuvei Corporation (NVEI.TO) lost 2 to 4.3%.

A report from Statistics Canada said the Canadian economy likely stagnated from the previous month in November of 2022, as increases in accommodation and food services and wholesale trade were offset by declines in construction as well as mining, quarrying and oil and gas extraction, according to a preliminary estimate.

In October, the economy expanded by 0.1%, instead of the stagnation indicated in the preliminary estimate, but slowing from the upwardly revised 0.2% advance in September.