TSX bounces on broad rally led by gold miners and financials as Wall St slips on weak GDP
The Toronto Stock Exchange's S&P/TSX composite index rose 79.66 points, or 0.51 per cent, to 15,586.13. Canada's main stock index rose on Friday as banks and mining companies, heavyweights on the index, rebounded from the previous day’s slump.The Toronto Stock Exchange's S&P/TSX composite index rose 79.66 points, or 0.51 percent, to 15,586.13. The index eked out a small 0.2 percent gain on the week.Of the index's 10 main groups, all but industrials, which fell 0.1 percent, gained during the session.The materials group, which includes precious and base metals miners and fertilizer companies, ended 1.9 percent higher.“They've been weak all week. Principally, they’re a little bit better when the GDP came out in the United States,” said John Ing, president of Maison Placements Canada. “That alleviates any pressure on rates so that caused that group to be a little bit better.”In New York, stocks edged lower on Wall Street on Friday after data showing the U.S. economy grew at its weakest pace in three years in the first quarter gave traders a reason to cash recent gains.Major indexes closed up for April, however, with the Nasdaq up for six consecutive months, the longest streak in nearly four years.