The S&P/TSX Composite Index climbed about 0.6% on Friday to trade above 32,650, rebounding from the previous session’s pullback and putting the Toronto benchmark on track for a weekly gain of more than 0.4%. Softer-than-expected U.S. inflation data underpinned rate-sensitive and resource stocks, as U.S. CPI slowed to 2.4% in January, easing pressure on bond yields and the dollar. Gold also rebounded from Thursday’s selloff, boosting major miners such as Agnico Eagle, Barrick, and Wheaton, which rose between 2% and 3%.
Performance in financials was mixed: Royal Bank (-0.6%) and TD (-1.1%) declined, while Manulife (+1.4%) and National Bank advanced. Energy shares were relatively steady as crude prices stabilized, with Canadian Natural and Cenovus logging modest gains. Elsewhere, Magna jumped more than 17% after reporting strong quarterly results, adding momentum to the industrials sector.
Even with Friday’s advance, the index continues to trade below its recent highs as investors assess the Federal Reserve’s policy trajectory and the resilience of global economic growth.
