The Canadian market observed a slight uptick on Friday, with stock activity presenting a mixed picture amid caution. Investors are processing recent Canadian economic data alongside reports on U.S. personal consumption expenditure, income, and spending.
Energy and consumer discretionary sectors led the gains, while materials and technology stocks faced pressure.
The S&P/TSX Composite Index climbed 15.23 points, or 0.06%, to reach 24,049.06 just before midday.
According to Statistics Canada, the GDP is projected to hold steady in August 2024, following a 0.2% increase in July, which surpassed both the preliminary estimate and market expectations of no growth.
The Canadian Federation of Independent Business reported that the CFIB Business Barometer, reflecting 12-month forward expectations for business performance, dipped to 55 in September from a revised high of 56.9 in August.
The U.S. Commerce Department's data showed a 0.1% rise in the personal consumption expenditures (PCE) price index for August, aligning with forecasts and following a 0.2% increase in July. The annual growth rate of the PCE price index decelerated to 2.2% in August from 2.5% in July, slightly better than the anticipated slowdown to 2.3%.
Additionally, the Commerce Department indicated that the annual rate of the core PCE price index growth edged up to 2.7% in August from 2.6% in July, matching expectations.
In the energy sector, Tourmaline Oil Corp (TOU.TO) and Advantage Oil & Gas (AAV.TO) advanced by 3.9% and 3.7%, respectively. Arc Resources (ARX.TO), Kelt Exploration (KEL.TO), Imperial Oil (IMO.TO), Baytex Energy (BTE.TO), and Peyto Exploration & Development Corp (PEY.TO) saw gains between 2% and 3%.
In consumer discretionary, Canada Goose Holdings (GOOS.TO) surged 6.3%, with Brp Inc (DOO.TO) and Magna International (MG.TO) up 3.1% and 3%, respectively. Linamar Corp (LNR.TO), Mty Food Group (MTY.TO), and Restaurant Brands International (QSR.TO) rose by 1.5% to 2%.
Conversely, materials stocks such as Oceanagold Corp (OGC.TO), New Gold (NGD.TO), Fortuna Silver Mines (FVI.TO), Wesdome Gold Mines (WDO.TO), Aya Gold & Silver (AYA.TO), Torex Gold Resources (TXG.TO), Equinox Gold (EQX.TO), Centerra Gold (CG.TO), K92 Mining (KNT.TO), Eldorado Gold (ELD.TO), and Silvercrest Metals (SIL.TO) fell by 3% to 5%.
