Advertisement
Canada markets close in 3 hours 41 minutes
  • S&P/TSX

    22,317.06
    -29.70 (-0.13%)
     
  • S&P 500

    5,317.03
    +10.02 (+0.19%)
     
  • DOW

    39,391.17
    -279.87 (-0.71%)
     
  • CAD/USD

    0.7299
    -0.0006 (-0.09%)
     
  • CRUDE OIL

    76.90
    -0.67 (-0.86%)
     
  • Bitcoin CAD

    93,006.98
    -3,684.82 (-3.81%)
     
  • CMC Crypto 200

    1,474.73
    -27.93 (-1.86%)
     
  • GOLD FUTURES

    2,348.40
    -44.50 (-1.86%)
     
  • RUSSELL 2000

    2,072.00
    -9.71 (-0.47%)
     
  • 10-Yr Bond

    4.4810
    +0.0470 (+1.06%)
     
  • NASDAQ

    16,927.96
    +126.41 (+0.75%)
     
  • VOLATILITY

    11.84
    -0.45 (-3.66%)
     
  • FTSE

    8,339.23
    -31.10 (-0.37%)
     
  • NIKKEI 225

    39,103.22
    +486.12 (+1.26%)
     
  • CAD/EUR

    0.6741
    -0.0004 (-0.06%)
     

TSX posts slender weekly gain; BlackBerry jumps

The facade of the original Toronto Stock Exchange building is seen in Toronto

By Siddarth S and Fergal Smith

(Reuters) -Canada's main stock index rose on Friday as shares of BlackBerry Ltd jumped on a takeover offer, while some of the caution that had gripped markets in recent weeks receded following U.S. Federal Reserve Chair Jerome Powell's speech in Jackson Hole.

The Toronto Stock Exchange's S&P/TSX composite index ended up 59.92 points, or 0.3%, at 19,835.75. For the week, it was up 0.1%. Still, it has lost 3.8% since the start of August.

U.S. stocks also rose on Friday as investors digested comments from Powell at the Jackson Hole Economic Policy Symposium that the U.S. central bank may need to raise interest rates further to ensure inflation is contained.

ADVERTISEMENT

"The market had been on edge ahead of Jackson Hole, with trading throughout the month of August being marked by caution," said Brandon Michael, senior investment analyst at ABC Funds.

"It seems that the market is breathing a sigh of relief now that this significant economic event is out of the way."

The technology sector advanced 1.1%, with BlackBerry up 17.4%. Private equity firm Veritas Capital has made an offer to buy the software company, according to a person familiar with the matter.

Energy was up 1.4%, as oil settled nearly 1% higher at $79.83 a barrel.

"My forecast is that the economy is going to remain quite resilient for the next at least six months. And if that's the case, I think there's a catch-up trade to be had in energy," said Mike Archibald, vice president and portfolio manager at AGF Investments.

Industrials also gained ground, rising 0.7%, but heavily-weighted financials were down 0.4% and the materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3%.

(Reporting by Fergal Smith in Toronto and Siddarth S in Bengaluru; Editing by Shweta Agarwal and Deepa Babington)