TSX Snaps 4-day Losing Streak, Ends On Firm Note

(RTTNews) - The Canadian market ended on a firm note on Friday despite giving up a substantial portion of its gains.

Despite giving up a substantial portion of its gains, the Canadian market ended on a firm note on Friday, thanks to sustained buying in energy and materials shares.

The benchmark S&P/TSX Composite Index, which climbed to 19,478.27, ended the session with a gain of 128.13 points or 0.67% at 19,270.85.

The Materials Capped Index surged 2.55%. Eldorado Gold (ELD.TO), New Gold (NGD.TO), B2Gold Corp (BTO.TO), Wesdome Gold Mines (WDO.TO), Kinross Gold (K.TO), Novagold (NG.TO) and Seabridge Gold (SEA.TO) gained 5 to 6.2%.

Barrick Gold Corp. (ABX.TO) gained about 2.3%. The company said that it agreed to sell a portfolio of royalties to Maverix Metals Inc. for total consideration of up to US$60 million.

The Energy Capped Index climbed 2.1%. Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Freehold Royalties (FRU.TO) and Imperial Oil (IMO.TO) gained 2.5 to 3.4%.

Sun Life Financial Inc (SLF.TO) announced that it plans to acquire a 51% interest in Advisors Asset Management, Inc. or AAM for US$214 million subject to customary adjustments with a put/call option to acquire the remaining 49% starting in 2028. The stock gained nearly 0.5%.

On the economic front, labor productivity for Canadian businesses rose 0.2% in the second quarter, after falling 0.5% in the previous quarter, data from Statistics Canada showed. This was the first increase in productivity since the second quarter of 2020.