- The S&P/TSX composite index ended the month of July on a positive note.
- On a monthly basis, the benchmark index noted a growth since March.
- The loonie slipped against the US dollar on July 29.
The main Canadian index shot up on Friday, July 29, amid relatively positive earnings results from some of the significant market players and the latest gross domestic product (GDP) estimates that indicated an expanding economy for Canada.
The S&P/TSX composite index ended the month of July on a positive note, climbing by about 236.21 points, or 1.21 per cent, to 19,692.92 on Friday. This is said to have been the highest closing mark since June 13.
On a monthly basis, the benchmark index noted a growth since March after edging higher by 4.41 per cent.
Energy stocks, one of the top performing sectors on TSX this year, helped boost the main index as Canadian oil entity Imperial Oil Ltd (TSX: IMO) grew about four per cent on Friday after reporting a significant jump in its Q2 FY22 bottomline.
The base materials sector also grew by about two per cent as prices of metals like gold and copper jumped, while cyclical segments like industrials and financials also noted gains amid positive economic projections.
UEX Corporation (TSX: UEX), Athabasca Oil Corporation (TSX: ATH) and Enbridge Inc. (TSX: ENB) were among the top TSX stocks that garnered the most volume active stock on Friday.
US stocks also extended their rally on Friday amid some notable positive earnings despite inflation-induced hindrances.
The S&P 500 noted a growth of 1.42 per cent to 4,130.29 during Friday’s session, reportedly marking its top performing month in a couple of years. The Dow Jones, on the other hand, shot up by 0.97 per cent to 32,845.13, while the NASDAQ Composite gained by 1.88 per cent to 12,390.69.
Notably, Wall Street’s rebound seems to have been boosted by the positive financial results from sector giants like Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) earlier last week.
Gold Futures edged higher by about 0.71 per cent to US$ 1,781.8 per troy ounce on July 29.
Brent Oil Futures grew by 2.68 per cent to US$ 110.01 per barrel. Crude Oil, on the other hand, shot up by 2.28 per cent to US$ 98.6 per barrel.
While the loonie slipped against the US dollar on July 29, it rose for the second week in a row amid an overall gain in the equity markets.
The Canadian dollar was down by 0.1 per cent at 1.2820 to the greenback, following hitting its top intraday point at 1.2790 since June 13.