TSX Ends Modestly Higher

(RTTNews) - The Canadian market ended modestly higher on Friday, aided by gains in energy and technology stocks.

The mood in the market remained cautious with investors focusing on U.S. debt ceiling deal negotiations, and the Federal Reserve Chair Jerome Powell's speech in Washington.

The benchmark S&P/TSX Composite Index ended with a gain of 53.97 points or 0.27% at 20,351.06, after scaling a low of 20,306.65 and a high of 20,399.61 intraday. The index shed 0.34% in the week.

Among energy stocks, Birchcliff Energy (BIR.TO) gained about 3.3%. Topaz Energy (TPZ.TO), Tourmaline Oil Corp (TOU.TO), Africa Oil Corp (AOI.TO), Enerplus Corp (ERF.TO), Canadian Natural Resources (CNQ.TO), Vermilion Energy (VET.TO), Pason Systems (PSI.TO) and Arc Resources (ARX.TO) gained 1 to 2.2%.

In the technology sector, Docebo Inc (DCBO.TO) rallied 4.3%. Constellation Software (CSU.TO) gained 3.2%, Lightspeed Commerce (LSPD.TO) surged 2.5% and Coveo Solutions (CVO.TO) climbed 2.3%. Tecsys Inc (TCS.TO) and Absolute Software (ABST.TO) gained 1.9% and 1.6%, respectively.

Canada Goose Holdings (GOOS.TO) ended nearly 7% down. Aritzia Inc (ATZ.TO), BRP Inc (DOO.TO), goeasy (GSY.TO), Cargojet (CJT.TO), Stelco Hodings (STLC.TO) and Precision Drilling Corporation (PD.TO) lost 1.7 to 3.4%.

On the economic front, data from Statistics Canada showed retail sales sank 1.4% month-over-month in March. Sales are expected to rise 0.2% in April, according to preliminary estimates.

Excluding autos, retail sales in Canada fell by 0.3% month-over-month in March of 2023, following a 0.7% decrease in the prior month.