With advances in miners and encouraging retail sales data for May, Canada’s main stock index moved up on Friday and was on track for its best weekly performance since early February 2021.
The S&P/TSX composite index of the Toronto Stock Exchange was up 41.07 points, or 0.22 percent, at 19,103.92 at 10:22 a.m. ET.
According to data, Canadian retail sales increased by 2.2 percent in May compared to April to C$62.25 billion ($48.26 billion), driven by greater sales at petrol stations and dealers of automobiles and components.
Equities have recovered this week as traders reduce their bets on the U.S. Federal Reserve raising interest rates by 100 basis points next week, allaying concerns about fast tightening of monetary policy.
The TSX was anticipated to close the week up 3.8 percent, which would be the most gains in almost a year.
The materials sector, which includes firms that mine both precious and base metals as well as produce fertilizer, increased by 1.3 percent as gold futures increased by 1.3 percent to $1,735 an ounce and copper prices saw their first weekly increase in seven weeks.
The industrial sector increased by 0.3 percent while the energy sector increased by 0.4 percent and the financial sector by 0.1 percent.
To read our blog on “PSX drops 627 points and ends the day at 39,831 points,” click here.
