TSX moves higher, NovaGold & Innergex top gainers

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TSX moves higher, NovaGold & Innergex top gainers

 TSX moves higher, NovaGold & Innergex top gainers
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

The S&P/TSX Composite Index closed higher on Friday, July 2, as seven out of its eight constituent sectors traded in green after the Canada Day holiday.

The TSX Venture Index, on the other hand, traded 0.80% higher at 968.39.

The broader Canadian benchmark index climbed 0.30%, or 60.53 points, to 20,226.11 on Friday, led by the strength in energy, financials and base metal sectors.

The gains, however, were offset to a certain extent by the weakness in healthcare stocks.

In terms of trading volume, Bank of Nova Scotia, Bombardier Inc. and TC Energy Corporation remained the most actively traded stocks on the TSX on Friday.

1-Year TSX Price Chart (as on June 04, 2021). Analysis by Kalkine Group

Top Movers and Laggards

Wall Street Update

Stocks on Wall Street recorded notable gains on Friday as the Labor Department reported that the pace of job growth in the US continued to accelerate in June.

Aa a result, all three main indexes in the US closed at fresh highs. The Dow rose 152.82 points to 34,786.35, the S&P 500 climbed 32.40 points to 4,352.34, and the Nasdaq advanced 116.95 points to 14,639.33.

Commodity Update

Gold continued its winning streak and traded at US$ 1,783.30, up 0.37%.

Brent Oil traded higher at US$ 76.17/bbl, up 0.44%. WTI Crude Oil, on the other hand, slipped 0.09% to US$ 75.16/bbl.

Currency News

The Canadian Dollar traded higher against the US greenback on Friday, while USD/CAD closed at 1.2319, sliding 0.94%.

The US Dollar Index slid 0.40% on Friday, closing at 92.23, after gaining for the seven straight session against the basket of major currencies.

Money Market

On Friday, the US 10-year bond yield weakened for the fifth straight session to close at 1.431, down 1.98%.

The Canada 10-year bond yield also dropped 1.01% to 1.374 on Friday.

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