Canadian Stocks End the Week On a Positive Note

The Canadian market just put in a nice little week.

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The S&P/TSX Composite Index (^GSPTSE) managed to eke out a gain of about 58 points on Friday as positive vibes from the morning’s stronger than expected U.S. jobs data emanated throughout the day.

Today’s 58 points allowed the Canadian market to close up about 1.8% on the week.  Not bad given the mid-week commodity driven sell-off that we had to endure.

Leading the market higher was Manulife Financial (TSX:MFC).  The life insurer jumped 1.8% as investors continued to digest yesterday’s quarterly release.

Teck Resources (TSX:TCK.B) was the second largest contributor to today’s positive return as the company’s stock climbed 3.1%.  The price of copper, one of Teck’s products, was up 6.5%, its biggest gain since October 2011.  This provided a nice Friday tailwind for Teck.

Although better known for its gold, Barrick Gold (TSX:ABX) also has a sizeable exposure to copper.  Thanks to the commodity’s big move, Barrick’s stock was up 2.2%.

Alimentation Couche-Tard (TSX:ATD.B) was the day’s biggest drag as the stock fell 1.7%.

If you own, or are thinking of purchasing a Canadian index fund you need to click here and read our special FREE report “Buy These 5 Companies Instead of Following a Flawed Piece of Advice”.  Your portfolio will thank you!

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Fool contributor Iain Butler is short $26 August 2013 put options on Teck Resources and owns shares of Teck and Barrick Gold outright.  The Motley Fool has no positions in the stocks mentioned above.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

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