Toronto stocks rise on energy sector boost; set for weekly fall
Updated at 10:06 a.m. ET/ 1406 GMT
By Nikhil Sharma
Oct 25 (Reuters) -Canada's main stock index rose slightly on Friday, led by energy and technology shares, though gains were limited by telecom shares, while investors parsed domestic economic data.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 16.55 points, or 0.07%, at 24,568.1, but was set to register a weekly loss.
Among sectors, heavyweight energy .SPTTEN rose 0.8% as oil prices gained, with simmering Middle East tensions and planned resumption of Gaza ceasefire talks keeping the market on the edge. O/R
Canada's information technology .SPTTTK added 0.7%, benefitting from a 3% rise in Celestica CLS.TO as it continued its momentum from the previous session.
In contrast, capped communications .GSPTTS and real estate .GSPTTRE declined 0.6% and 0.3%, respectively.
Investors also assessed data that showed Canada's retail sales in August increased marginally and missed expectations as consumer spending showed strains across sectors.
Meanwhile, the Canadian central bank's Governor Tiff Macklem's address to journalists is still due later in the day.
Despite the Bank of Canada offering a highly anticipated 50 basis points interest rate cut on Wednesday, markets this week broadly reacted negatively to a recent rise in benchmark yields.
"I think the market in general has been looking for a catalyst of some sort to move higher," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
Small added next week's earnings from U.S. mega-caps could be the much-needed boost for the market.
Next week, investors will focus on earnings reports from major domestic corporations, including Canadian Natural Resources CNQ.TO and Enbridge ENB.TO, as well as U.S. tech giants Alphabet GOOGL.O, Apple AAPL.O and Microsoft MSFT.O.
Among individual stocks, Barrick Gold ABX.TO fell 2.7% after Mali accused the company of breaching commitments made in a recent agreement, though the Canadian miner denied the allegations.
Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore
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