TSX Extends Winning Streak To Sixth Session

Optimism about a formal U.S.-China trade deal waned after U.S. President Donald Trump said he has not agreed to cut tariffs on Chinese goods, but the Canadian stock market managed to hold gains and ended on a firm note on Friday, extending gains to a sixth straight session.

Investors also shrugged off a somewhat disappointing employment data.

Hectic buying in healthcare and information technology shares led the market to a positive close.

The benchmark S&P/TSX Composite Index ended up 71.67 points, or 0.43%, at 16,877.42, near the day's high.

On Thursday, the index ended up 60.11 points, or 0.36%, at 16,805.75.

With key cannabis shares rallying sharply, the Capped Healthcare Index moved up as much as 4.37%.

Canopy Growth Corp. (WEED.TO) soared nearly 13% after the company said Thursday that it will launch a new cannabis wellness company with Canadian rapper Drake in his hometown of Toronto. The new company, named More Life Growth Co., will be a fully licensed producer of cannabis.

Cronos Group Inc. (CRON.TO) surged up 7.7%, Aurora Cannabis Inc. (ACB.TO) gained 6.8%, Aphria Inc. (APHA.TO) ended stronger by 5.8% and Hexo Corp (HEXO.TO) rallied 5.1%.

The Green Organic Dutchman Holdings (TGOD.TO) soared 12%.

The Capped Information Technology Index gained 2.37%. Shopify Inc. (SHOP.TO) gained 4.6%, Descartes Systems Group (DSG.TO) ended up 3.8% and Constellation Software (CSU.TO) advanced 2.8%. Enghouse Systems (ENGH.TO), Open Text Corp (OTEX.TO) and CGI Group (GIB.A.TO) gained 1.2 to 1.5%.

Corus Entertainment Inc. (CJR.B.TO), Encana Corporation (ECA.TO), ARC Resources (ARX.TO), Bombardier Inc. (BBD.B.TO) and Manulife Financial Corporation (MFC.TO) gained 1.3 to 4.2%.

Enbridge Inc. (ENB.TO) gained 2.2%. The company reported adjusted earnings of $1.12 billion, or 56 cents per share, for the quarter ending September 30, up from $933 million, or 55 cents per share last year.

On the economic front, data released by Statistics Canada showed employment in Canada decreased by 1.80 thousand in October 2019. Full-time employment in Canada decreased by 16.10 thousand in the month, while part time employment increased to 14.30 Thousand in October from -16.30 thousand in September 2019.

Meanwhile, the unemployment rate in Canada came in at 5.5% in October 2019, unchanged form the previous month and in line with market expectations.

Another report from Statistics Canada said the value of building permits in Canada declined 6.5% from a year earlier to C$ 8.3 billion in September 2019, following a downwardly revised 5.6% rise in the previous month and more than an expected 2% fall.

According to data released by Canada Mortgage and Housing Corporation, housing Starts in Canada decreased to 201.97 Thousand units in October from 221.14 Thousand units in September of 2019.

U.S. stocks turned in a lackluster performance on Friday, but managed to end the session higher. The major averages all ended the session at new record closing highs.

The Dow inched up by less than a tenth of a percent. The Nasdaq climbed 0.5% and the S&P 500 rose 0.3%.

Asian markets turned in a mixed performance. Most of the markets across Europe ended weak.

In commodities, West Texas Intermediate Crude oil futures for December ended up $0.09, or 0.2%, at $57.24 a barrel.

Gold futures for December ended down $3.50, or about 0.2%, at $1,462.90 an ounce.

Silver futures for December ended down $0.187 at $16.823 a ounce, while copper futures for December settled at $0.0455 at $2.6820 per pound.

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