What’s going on here?
The Toronto
Stock
Exchange’s S&P/TSX composite index (TSX) increased by 0.5%, closing at 22,320.87 on Friday, yet it recorded a weekly decline of 0.6%.
What does this mean?
Financials played a significant role in the TSX’s daily gain, contributing a 0.8% boost. Toronto-Dominion Bank (TD Bank) led the charge with a 2.2% rise after surpassing quarterly earnings expectations, despite ongoing US anti-money laundering investigations. This sector, which is sensitive to
interest
rates, makes up 35% of the index along with utilities and real estate. Meanwhile, the energy sector noted a 0.7% increase, spurred by a 1.1% rise in oil prices to $77.72 per barrel, benefiting high-
dividend
pipeline companies that form 20% of the TSX. Furthermore, the materials group, which includes metal miners and fertilizer firms, also saw gains of 0.7%. Canada’s annual
inflation
rate dropped to a three-year low of 2.7% in April,…
