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Highlights
- Tech stocks led the surge on the TSX, with notable performances from major players like Shopify and Quarterhill, pushing the index higher by the end of Friday.
- Energy sector followed closely, with Tamarack Valley Energy and Cenovus showing strong gains, contributing significantly to the overall market movement.
- Financial stocks also performed well, with companies like CI Financial and Manulife seeing solid increases, adding further momentum to the index.
The Toronto Stock Exchange (TSX) saw a sharp rise on Friday, driven by significant gains in the technology and energy sectors. Tech stocks led the charge, with strong performances from major players like Shopify (TSX:SHOP) and Quarterhill. Shopify, in particular, saw its shares rise by over 5%, reinforcing its position as a leading tech stock on the Canadian market. Quarterhill also experienced a notable jump of 6.9%, contributing to the day’s strong market performance.
Energy Sector Shows Strength
The energy sector played a crucial role in the market’s upward momentum. Tamarack Valley Energy (TSX:TVE) and Cenovus (TSX:CVE) both posted significant gains, with Tamarack rising by 4.5% and Cenovus increasing by 2.6%. These stocks benefited from rising energy prices and strong market demand, further enhancing the sector’s impact on the TSX’s performance.
Financial Stocks Add to Gains
Financials were another strong performer on Friday, as companies like CI Financial (TSX:CIX) and Manulife (TSX:MFC) saw impressive gains. CI Financial rose by 2.6%, while Manulife’s shares increased by 2.2%. These gains in the financial sector contributed to the overall positive sentiment in the Canadian stock market.
Weaker Performers in Consumer Staples and Real Estate
Despite the strong market performance overall, some sectors saw declines. Consumer staples, represented by companies like North West Company and Empire Company, recorded losses on the day. North West Company fell by 1.5%, while Empire dropped by 1.4%. The real estate sector also faced challenges, with Boardwalk REIT and Canadian Apartment REIT both posting losses, reflecting a mixed day for certain parts of the market.
Economic Data Boosts Sentiment
On the economic front, the IVEY Purchasing Managers Index (PMI) showed positive signs for the Canadian economy. The PMI for September rose to 53.1, indicating an increase in economic activity. This improvement in the PMI likely contributed to the overall optimistic market sentiment seen on Friday.
