FX.co ★ Canadian Stocks Close Higher

On Friday, the S&P/TSX Composite Index reversed earlier losses to close with a 0.5% gain at 29,912, as investors evaluated corporate earnings reports alongside positive labor data. Canada's unemployment rate unexpectedly fell to 6.9%, coupled with a rise in employment and wage growth, signaling that the Bank of Canada's cycle of monetary easing is likely at an end. Resource sector leaders saw advances, benefiting from the week's gains in gold and oil prices, with companies such as Canadian Natural, Barrick Gold, Wheaton, and TC Energy showing increases between 2% and 4%. Enbridge also rose by 1% despite posting an earnings per share of C$0.46, falling short of the anticipated C$0.54. Conversely, Shopify saw a decline of 2.4%, as the market continues to scrutinize companies investing heavily in artificial intelligence amidst concerns over inflated valuations.