TSX Ends Modestly Higher

(RTTNews) - After snapping an eight-day winning streak in the previous session, the Canadian stock market ended on a positive note on Friday, riding on gains in energy and industrials sections.

U.S.-China tensions and some disappointing earnings reports rendered the mood a bit cautious, but optimism about economic recovery and higher crude oil prices bolstered sentiment.

U.S. President Joe Biden's comments on China have stoked worries that relations between the two nations could sour further.

After a two-hour call with Chinese counterpart Xi Jinping on Wednesday, Biden warned lawmakers, "If we don't get moving, they are going to eat our lunch."

The two leaders discussed a range of issues, including human rights, trade and security, according to the White House. Both appeared at odds on most issues.

The benchmark S&P/TSX Composite Index ended up 67.22 points or 0.37% at 18,460.21, despite tumbling to a low of 18,335.83 early on in the session. The index gained about 1.85% in the week.

Energy stocks PrairieSky Royalty (PSK.TO) and Vermilion Energy (VET.TO) gained 8.2% and 5.9%, respectively. Crescent Point Energy (CPG.TO) rallied 3.8%, while Cenovus Energy (CVE.TO), Tourmaline Oil Corp (TOU.TO), MEG Energy (MEG.TO) and Canadian Natural Resources (CNQ.TO) gained 2.5 to 3%.

In the industrials section, Air Canada (AC.TO) climbed 5.3% and Mullen Group (MTL.TO) gained 3.6%, while Canadian Pacific Railway (CP.TO), Canadian National Railway (CNR.TO), Westshore Terminals Investment (WTE.TO) and Ritchie Bros Autioneers (RBA.TO) moved up 2 to 2.8%.

Canada Goose Holdings (GOOS.TO), Docebo Inc. (DCBO.TO), Cogeco Communications (CCA.TO) and Fairfax Financial Holdings (FFH.TO) were among the notable gainers from other sectors.

In economic news, Statistics Canada said the industrial product price index in Canada rose 1.9% month-over-month in January of 2021, following an upwardly revised 1.6% increase in December. The index rose 3.8% year-on-year in January of 2021, the biggest increase since October of 2018, according to a preliminary estimate.

Wholesale sales in Canada declined 1.3% month-over-month to C$ 66.5 billion in December of 2020, slightly less than initial estimates of a 1.7% drop.