Canadian stocks are witnessing a robust recovery on Friday, with investors actively engaging in substantial bargain hunting following six consecutive days of losses. This market rebound is further bolstered by a positive response to the Federal Reserve's preferred measures of consumer price inflation.
The S&P/TSX Composite Index has surged ahead, climbing 277.87 points or 1.14%, reaching 24,691.81 at the latest count.
Data released by Statistics Canada indicates that retail sales in the country rose by 1.5% in October compared to the same time the previous year. Moving forward, retail sales are projected to remain steady in November, based on preliminary estimates, after experiencing a 0.6% rise in October.
Sectors such as healthcare, materials, technology, consumer discretionary, and real estate are experiencing significant gains. Additionally, stocks in the industrials, utilities, and financial sectors are among the other prominent gainers.
Telesat Corporation (TSAT.TO) shows an impressive increase of 7.5%. Other notable gainers include Rogers Communications (RCI.A.TO), Aritzia Inc (ATZ.TO), CAE Inc (CAE.TO), Celestica Inc (CLS.TO), Bombardier Inc (BBD.B.TO), and Newmont Corporation (NGT.TO), all rising between 3.5% and 6%.
Moreover, Teck Resources (TECK.B.TO), Magna International (MG.TO), BRP Inc (DOO.TO), Alimentation Couche-Tard (ATD.TO), Precision Drilling Corporation (PD.TO), Shopify Inc (SHOP.TO), Canadian Pacific Railway (CP.TO), and Agnico Eagle Mines (AEM.TO) are making gains of 2% to 3%.
Conversely, among those losing ground, Aya Gold & Silver (AYA.TO), TerraVest Industries (TVK.TO), Morguard Corporation (MRC.TO), North West Company (NWC.TO), and TFI International (TFII.TO) are down by 1% to 2.5%.
