(RTTNews) – The Canadian market ended higher on Friday after staying positive right through the day’s session, thanks largely to sustained buying at several counters in communications, consumer discretionary and industrials sectors.
The mood was cautious with investors assessing the possible move by the Federal Reserve at its December meeting. A few Fed officials, including St. Louis Federal Reserve President James Bullard have said interest rates need to be raised further in order to tame inflation.
The benchmark S&P/TSX Composite Index ended higher by 96.33 points or 0.48% at 19,980.91. The index shed about 0.6% in the week.
Communications shares BCE Inc (BCE.TO), Rogers Communications (RCI.B.TO) and Corus Entertainment Inc (CJR.B.TO) gained 1.8 to 2.3%.
In the consumer discretionary sector, Gildan Activewear (GIL.TO) climbed 3.5% and Spin Master Corp (TOY.TO) gained 2.4%. Canada Goose Holdings (GOOS.TO), Brp Inc (DOO.TO), Aritzia (ATZ.TO), Mty Food Group (MTY.TO), Dollarama (DOL.TO) and Linamar Corp (LNR.TO) gained 1 to 2%.
Gfi Environmental (GFL.TO), up 3.4%, topped the gainers in the industrials sector. Tfi International (TFII.TO) surged 2.6%, while Mullen Group (MTL.TO) and Thomson Reuters (TRI.TO) gained 2.15% and 2%, respectively.
Among healthcare stocks, Canopy Growth Corp (WEED.TO) plunged more than 9% and Tilray Inc (TLRY.TO) drifted down 4.6%.
On the economic front, data from Statistics Canada showed prices of raw materials in Canada increased 9% year-on-year in October, following an upwardly revised 12.7% jump in September. Month-over-month, the raw materials price index in Canada went up 1.3% to 145.6.
Another data from the same bureau showed producer prices in Canada rose by 2.4% month-over-month in October, the most since March, following a revised flat reading in September. On a yearly basis, producer prices rose by 10.1% after an upwardly revised 9.1% increase in the previous month.
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