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The S&P/TSX Composite Index climbed 1.5% to close at 35,665 on Friday, as weaker labour market data reinforced expectations that the Bank of Canada will hold off on further interest rate increases. Canadian employment declined by 68,300, sharply missing forecasts for a 7,000 gain, while the unemployment rate ticked up to 6.5%, in line with expectations. The data pushed government bond yields lower, providing support for credit-sensitive equities.
Major banks advanced, with Royal Bank of Canada up 1.1%, Toronto-Dominion Bank gaining 1.2%, Bank of Montreal rising 1.6%, and both Bank of Nova Scotia and Canadian Imperial Bank of Commerce adding 1.3%.
Gold prices also moved higher, boosting mining shares. Agnico Eagle climbed 3.2%, while Barrick Gold and Wheaton Precious Metals each added 2.9%. Lundin Mining surged 10.5% after its Fruta del Norte mine in Ecuador reported its strongest production quarter on record.
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Energy producers advanced despite choppy crude oil trading. Technology stocks also gained, supported by strength in US hyperscalers, with Shopify rising 4.1%.
In the consumer space, Aritzia soared 20.5% after reporting second-quarter revenue and earnings that exceeded expectations. For the week, the TSX finished up 0.9%.
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