TSX Ends Session On Firm Note, Gains Nearly 3% In Week

(RTTNews) - After an initial uptick and a subsequent fall into negative territory, the Canadian market recovered and eventually closed on a firm note on Friday.

Investors largely tracked quarterly earnings updates for direction.

On the economic front, a report from Statistics Canada said the Canadian economy likely expanded by 0.4% quarter-on-quarter in Q3 of 2022, pointing to a 0.1% growth in September from August, according to preliminary estimates. Regarding August, the GDP also expanded by 0.1%, above preliminary estimates of a stall.

The benchmark S&P/TSX Composite Index, which dropped to 19,282.70 early on in the session, ended with a gain of 119.08 points or 0.62% at 19,417.19. The index gained 2.95% in the week.

Technology, consumer discretionary, consumer staples, healthcare and utilities stocks closed higher. Financials stocks too found fairly good support. Materials stocks closed mostly lower, while energy stocks ended mixed.

Hut 8 Mining Corp (HUT.TO) soared 10% on huge volumes. Imperial Oil (IMO.TO) surged 9.1% on strong results. Imperial Oil reported estimated net income in the third quarter of $2,031 million, compared to $2,409 million in the second quarter of 2022.

Air Canada (AC.TO) climbed 3.2% after reporting a smaller loss in the third quarter. The company reported a net loss of $508 million in the third quarter of this financial year, compared to a net loss of $640 million a year ago.

Canopy Growth Corporation (WEED.TO) climbed 5.2%. Tamarack Valley Energy (TVE.TO) surged 2.6%. Manulife Financial Corporation (MFC.TO) and Suncor Energy (SU.TO) 1.8% and 1.1%, respectively.