By Robb M. Stewart
Toronto stocks remained largely unchanged on Friday as economic data indicated that interest rates are unlikely to see an increase at the next Bank of Canada meeting.
Midday trading saw technology and finance stocks leading the gains, while declines in the industrial, energy, and process industries sectors offset the overall market performance.
The S&P/TSX Composite Index gained a mere 0.31 points, reaching 19591.05, while the blue-chip S&P/TSX 60 dropped by 0.07 points, landing at 1175.86.
Banking Sector Highlights
The bank stocks mostly saw positive growth, with Royal Bank of Canada and Toronto-Dominion Bank both experiencing gains of 0.3%. However, Canadian Imperial Bank of Commerce observed a decrease of 0.4%.
Newly released data revealed that the gross domestic product remained virtually unchanged in July compared to the previous month, following a contraction of 0.2% in the previous month. Advance information suggests that GDP edged up by 0.1% in August. Given this sluggish growth, many economists believe that the Bank of Canada will leave its policy rate unaltered in October.
Notable Market Movements
- BlackBerry’s shares dropped by 3.6%, closing at 6.23 Canadian dollars (US$4.62), after the security-software company reported a narrowed loss for the fiscal second quarter but a decrease in revenue.
- Fortune Minerals experienced a significant increase of 29%, reaching C$0.05, following the announcement of a collaboration with Rio Tinto on technology aimed at expanding the production of cobalt and bismuth, which are considered critical minerals in North America.