The TSX Composite Index posted its largest gain in five weeks on Friday, closing at 35,664.62 after a 519.24-point increase, or 1.5%. The week saw a 345-point gain, or 0.98%. The surge was driven by strong performances from Aritzia and metal mining shares, while weaker-than-expected domestic jobs data eased expectations for Bank of Canada interest rate hikes.
Aritzia's shares soared 20.5%, adding $25.02 to reach $146.91, after the apparel retailer exceeded analyst expectations for second-quarter revenue and profit. Meanwhile, the Canadian dollar slipped 0.02 cents to 70.15 cents U.S.
Communication services stocks weighed down the index, with Cogeco Communications dropping 7.1% and BCE falling 5.5%. On the economic front, Statistics Canada reported a 68,000 job decline in September, pushing the unemployment rate up to 6.5%. This data reduced the odds of a Bank of Canada rate hike at its next meeting from 40% to 27%, though investors still anticipate a 25-basis-point increase in December.
Across the border, U.S. stocks also rose, with the Dow Jones Industrials gaining 423.31 points, the S&P 500 adding 46.18 points, and the NASDAQ climbing 172.83 points. Tech stocks led the charge, with SpaceX shares rising 1% after announcing a spectrum portfolio deal. Software stocks like Palo Alto Networks and CrowdStrike also saw significant gains.