CANADA STOCKS-TSX starts October with a gain but extends weekly losing streak

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* The Toronto stock market gained 0.4%

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* Industrialists, consumer discretionary groups up 0.9%

* Financial Advances 0.7%

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* For the week, TSX was down 1.2%

TORONTO, Oct 1 (Businesshala) – Canada’s main stock index rose on Friday as the prospect of the first oral antiviral drug for COVID-19 boosted sectors that could benefit most from improving economic growth, but markets still registered a decline. Week.

The Toronto Stock Exchange’s S&P/TSX Composite Index closed up 80.62 points, or 0.4%, at 20,150.87. Wall Street also rose.

The gains for the stock came after experts saw an experimental antiviral pill developed by Merck & Co as a potential breakthrough in treating the COVID-19 virus.

Elvis Picardo, portfolio manager at Luft Financial, IA Private Wealth, said, “As we have been stumbling for a few weeks, investors have seized on this as a potential catalyst, which may perhaps extend the recovery timeline from COVID. can accelerate.”

“You see the cyclicals are progressing nicely today.”

Industrial and consumer discretionary groups both rose 0.9%, while the heavily-weighted financial services sector ended 0.7% higher.

The data showed that Canada’s economy expanded by 0.7% in August after a slight contraction in July.

Nevertheless, the Toronto market fell 1.2% for the week, its fourth straight weekly drop.

“The whole fear about inflation, investors may be taking it a little more seriously,” Picardo said. “You’ve seen (bond) yields go up, you’ve seen crude come back really strongly.”

US crude oil futures closed 1.1% higher on Friday at $75.88 a barrel, supported by tight supplies due to OPEC+ supply restrictions.

The energy sector was up 0.5% on the TSX, while technology was up 0.6%. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Sandra Maler)

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