For the week, the index loses 0.4%
Materials Group Gains 1.3% as Gold Climbs
(Updates at Market Close)
May 23 (Reuters) – Canada’s Main Stock Index Edged Higher on Friday as Gold Mining Shares Rallied, but the move was limited as trade tensions resurfaced and Investors work long-term borrowing costs.
The Toronto Stock Exchange’s S & P/TSX Composite Index Ended Up 25.94 Points, OR 0.1%, at 25,879.95, Holding Below the record closing high it posted on posted on tuesday.
For the week, the index was down 0.4%, its first decline after Six Straight Weekly Gains.
“We’ve Had Such a Powerful Bounce Off that Lows in April, The Market was probally due to some consolidation,” said Greg Taylor, Chief Investment Officer at Penderfund Capital Maanagement.
“The big thing to watch is still bond yields … That’s going to hold the market from really Hitting New Highs Substantily.”
Us Treasury yields have Climbed in Recent Weeks on Concern about a Worsening Fiscal Outlook for the United States.
On Friday, they edged lower president Donald Trump Threated to Impose Hefty Tarifs on Smartphone Giant Apple Apple and Goods from the European Union, Raising Consing COONS SOONS ABOUOT SLOLONS Economic Government.
Domestic data was upbeat. Retail sales rose 0.8% month-over-month in March, Beating Estimates, and Lied Set to Increase Further in April.
The Materials Group, Which Includes Metal Mining Shares, Advanced 1.3% as the price of gold moved back in revenue of its Recent Record High.
The price of oil also rose, settling 0.5% higher at $ 61.53 a barrel, while the energy sector added 0.4%.
Shares of Uranium Producer Energy Fuels Inc Surged 18.1% After Trump Signed Executive Orders Seeking to Jumpstart the Nuclear Power Industry.
Technology was a drag, Falling 1.4%, and Industrials Lost 0.7%. 6