Stocks gain for the week, oil climbs

Allan Tong Posted On January 12, 2024

The Friday session began strong, but closed weaker. The TSX still managed to rise 0.34%, just a hair below 21,000, and turned positive for the week, up 0.25%. Most sectors were up, led by materials and industrials, but staples and financial lagged.

One uranium supplier announced production cuts, so Nexgen soared 11.11% and Cameco 7.12%. Meanwhile, Aritzia jumped another 8.97%, Air Canada closed -4.43% and Corus rocketed over 23% after reporting a profit beat. Concerns of an escalating conflict in the Middle East fueled WTI’s price another 1% to $72.75 a barrel.

Despite an unexpected decline in American PPI (producers’ inflation), the S&P and Dow closed flat, though the indices gained 1.8% and 2.8% for the week respectively. The Dow sank 0.34% on Friday, but managed a 0.3% gain for the week. UnitedHealth reported a beat, but shares still slid 3.5%. Meanwhile, American Airlines closed -9.36%, United Airlines -10.32%, and Tesla -3.67%. The American banks reported Friday with most of them sinking, including Bank of America at -1.13%, but Citibank climbed 1.04%. The U.S. 10-year yield remained just below 4%, but Bitcoin slid another 5.6% to $43,700.

Wall Street is closed Monday to honour Martin Luther King. The TSX will be open as usual.

🛢 NexGen Energy (NXE-T) +11.11%

⛏ Cameco Corporation (CCO-T) +7.12%

👗 Aritzia Inc. (ATZ-T) +8.97%

🛫 Air Canada (AC-T) -4.43%

📡 Corus Entertainment (B) (CJR.B-T) +23%

👨‍⚕️ UnitedHealth Group Inc (UNH-N) -3.5%

🛫 American Airlines Group (AAL-Q) -9.36%

🛫 United Airlines Holdings (UAL-Q) -10.32%

🚗 Tesla Inc (TSLA-Q) -3.67%

🏛 Bank of America (BAC-N) -1.13%

🏛 Citigroup Inc. (C-N) +1.04%