TSX Hits New Closing High, Gains 1.3% For The Week

(RTTNews) - The Canadian benchmark S&P/TSX Composite Index hit a fresh record high on Friday, even as markets in the U.S. and Europe struggled to hold gains and settled flat or lower amid geopolitical tensions and trade talks uncertainty.

It was the benchmark's fourth rise to a new top this week.

Despite some heavy selling in healthcare, information technology and industrial sections, the market ended on a positive note on Friday, thanks to gains in materials, energy and financial sections.

The index, which scaled a new high of 16,947.23, ended up 41.34 points, or 0.25%, at 16,899.69.

On Thursday, the TSX ended 0.35% up at 16,858.35. For the week, the index gained 1.31%, moving up on four of the five sessions.

First Quantum Minerals (FM.TO) soared more than 9% reports the company is drawing preliminary takeover interest from global miners after losing half its value over the past five years.

Kinross Gold Corporation (K.TO) and Kirkland Lake Gold (KL.TO) gained 3.3% and 1.4%, respectively, on strong volumes.

Semafo (SMF.TO) climbed up 7.2% and Endevaour Mining Corporation (EDV.TO) gained 6.3%. Iamgold Corp (IMG.TO), Oceanagold (OGC.TO), Hudbay Minerals (HBM.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Agnico Eagle Mines (AEM.TO) and Franco-Nevada Corporation (FNV.TO) also ended sharply higher.

Among the stocks in the Capped Energy Index, Birchcliff Energy (BIR.TO), Baytex Energy (BTE.TO), Frontera Energy Corp (FEC.TO), MEG Energy (MEG.TO), Whitecap Resources (WCP.TO), Tourmaline Oil Corp (TOU.TO), Canadian Natural Resources (CNQ.TO) and Crescent Point Energy (CPG.TO) gained 1 to 6%.

In the financial space, Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO) and Manulife Financial Corporation (MFC.TO) ended modestly higher.

Information technology stock Quarterhill Inc. (QTRH.TO) gained 5.7%. Exfo Inc. (EXF.TO) gained 2.6% and Celestica Inc. (CLS.TO) advanced by about 1.2%.

In the healthcare space, Hexo Corp (HEXO.TO) gained as much as 11.5% after MKM Partners, an institutional equity research firm assigned a 'buy' rating for the stock.

Sienna Senior Living (SIA.TO) and Aphria Inc. (APHA.TO) gained 1.5% and 1.4%, respectively.

CannTrust Holdings (TRST.TO) declined 5%, Canopy Growth Corporation (WEED.TO) ended 3.8% down and Aurora Cannabis (ACB.TO) declined 2.3%.

On the economic front, data from Statistics Canada showed that core retail sales, excluding motor vehicle and parts dealers, dropped 0.1% in July after rising 0.9% in the previous month. Economists were looking for a gain of 0.3%.

Retail sales rose 0.4% on a seasonally adjusted monthly basis in July following a flat reading last month. Economists had forecast a 0.6% increase.