TORONTO — Canada’s main stock index halted a two-week slide as it rebounded after a weak morning sparked by tepid U.S. retail sales and a disappointing start to U.S. bank earnings in the fourth quarter.
The S&P/TSX Composite Index closed up 64.60 points at 21,357.56 after losing as much as 130 points in early trading.
U.S. stock markets also staged a late rally, with the bank-heavy Dow Jones Industrial Average shedding 201.81 points to 35,911.81 after losing as much as 472 points. The S&P 500 index rose 3.82 points to 4,662.85, while the Nasdaq composite rose 86.94 points to 14,893.75.
The day started with US banks such as JP Morgan making cautious comments that prompted selling after the banking sector boomed to start the year with higher bond yields and the prospect of higher interest rates. interest.
“There has been some profit taking, but it looks like the Canadian banks are holding on well and that has kept the market from falling since morning,” said Greg Taylor, Chief Investment Officer of Purpose Investments.
Royal Bank of Canada, which recently regained the crown as Canada’s top company by market capitalization, led the financials sector as it gained 1.3% on Friday.
Market trading volumes were low ahead of Monday’s U.S. holiday.
Energy topped the TSX as the price of crude oil rose amid geopolitical tensions over potential Russian settlements in Ukraine and colder weather boosting consumption.
The February crude oil contract rose US$1.70 to US$83.82 a barrel after hitting a high of US$84.22 in previous trade. The February natural gas contract was down 0.8 cents at US$4.26 per mmBTU.
Crude oil is up 6.2% on the week and 11.4% so far in 2022, after jumping 55% in 2021.
Shares of Meg Energy Corp. rose 6.5% while Enerplus Corp. increased by 5.7%.
“Given that energy is again a sector that seems to have been forgotten a year ago, it feels like a lot of people are coming back to it and it could be a sector that is doing very well again this year,” Taylor said in an interview.
The Canadian dollar slipped during the day, trading at 79.71 cents US from 80.10 cents US on Thursday. But it climbed steadily in January on rising crude prices and speculation that the Bank of Canada could start raising interest rates at its Jan. 26 meeting.
The tech was higher on the day after being hit in previous sessions this year by rising bond yields and the prospect of higher interest rates.
Shares of Shopify Inc. rose 3.7% on Friday, but are down 4.4% on the week and 20.6% so far in 2022.
“The TSX is outperforming because it’s underweight technology and overweight cyclicals, which are doing pretty well. And with energy rising today, I think that trend can continue,” Taylor said. .
Real estate lagged the most on the day, losing 1.2% while the materials sector was down on lower metal prices.
The February gold contract was down US$4.90 at US$1,816.50 an ounce and the March copper contract was down 12.6 cents at US$4.42 an ounce. delivered.
Taylor expects markets to focus next week on quarterly earnings reports, but volatility could continue as options expire.
This report from The Canadian Press was first published on January 14, 2022.
Companies in this story: (TSX:MEG, TSX:ERF, TSX:SHOP, TSX:RY, TSX:GSPTSE, TSX:CADUSD=X)
The Canadian Press. All rights reserved.
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