Following an initial setback, the Canadian market staged a gradual recovery during cautious trading on Friday, eventually closing with a modest gain.
Investors sifted through the nation's retail sales, producer prices, and raw materials prices data, making stock-specific moves accordingly.
The S&P/TSX Composite Index, which fell to 23,740.37 during early trading, ended the day with a slight increase of 1.10 points, closing at 23,867.37. The index recorded a weekly gain of approximately 4.8%.
Healthcare, energy, and industrials stocks were among the notable laggards, while communications, materials, consumer staples, and utilities sectors received some support.
Telesat Corporation (TSAT.TO) surged 11.7%, Cameco Corporation (CCO.TO) advanced 8.1%, and Aritzia Inc (ATZ.TO) climbed 4.3%.
Additionally, Docebo Inc (DCBO.TO), TC Energy Corporation (TRP.TO), and Loblaw Companies (L.TO) rallied between 2.2% and 3%.
Gains were also posted by Agnico Eagle Mines (AEM.TO), Intact Financial Corporation (IFC.TO), Boyd Group Services (BYD.TO), Franco-Nevada Corporation (FNV.TO), and Bank of Montreal (BMO.TO).
On the downside, AltaGas (ALA.TO), TFI International (TFII.TO), TerraVest Industries (TVK.TO), Methanex Corporation (MX.TO), goeasy (GSY.TO), and Morguard Corporation (MRC.TO) fell 2% to 4%.
Celestica Inc (CLS.TO), Molson Coors Canada Inc (TPX.B.TO), Canadian National Railway (CNR.TO), Bombardier Inc (BBD.B.TO), Cargojet (CJT.TO), Onex Corporation (ONEX.TO), Canadian Pacific Kansas City (CP.TO), and RB Global (RBA.TO) slipped 1% to 2%.
According to Statistics Canada, retail sales in Canada are estimated to have increased by 0.5% from the previous month in August 2024. This is expected to continue the rising trend from July's revised 0.9% gain, up from the initial estimate of a 0.6% rise.
Year-over-year, retail sales in Canada rose 0.9% in July 2024. Excluding autos, monthly retail sales increased by 0.4% in July 2024, marginally above June's 0.3% and surpassing forecasts of a 0.3% rise.
In separate data, Statistics Canada reported that industrial producer prices fell by 0.8% month-over-month in August, exceeding market expectations of a 0.3% decline, following a revised 0.1% decrease in the prior period.
Industrial producer inflation moderated to a 0.2% increase in August, a significant easing from the previously upward-revised 2.8% rise.
The Raw Materials Price Index in Canada dropped 3.1% month-over-month in August 2024, following a 0.7% increase in the previous month and exceeding the anticipated 2.5% decline. On an annual basis, raw material prices fell 2.5% in August, marking the first drop in six months, following a 4.1% increase in the previous month.