TSX stable as mining, counter-energy and tech gains offset TSX decline

Canada's main index of stocks traded flat on Friday as technology shares climbed and energy?and material?shares declined. Investors were weighing corporate earnings, potential diplomatic progress in Middle East, and the performance of Middle East-based companies.

10:38 am ET The S&P/TSX composite index of the Toronto Stock Exchange was up 0.04% to 33,951.33 at 10:38 a.m. ET. It is on track to finish the week with nominal gains.

The benchmark index rose by 3.65% in April. This was boosted by tentative hopes that the U.S./Iran conflict would be resolved, and recouping a large part of March's loss.

The?sentiment of investors was backed up by a report in the Iranian state media, which said that Tehran had sent its latest 'proposal' for negotiations with United States to Pakistani mediators on Thursday.

Oil prices fell after the news, causing the energy sub-index to drop by 1.8%.

Heavy-weight mining shares also declined 0.8% in line with lower gold prices.

Webull Canada CEO Michael Constantino said that there would be a great deal of uncertainty before tensions died down. He added that the TSX seemed to be able to handle the volatility as tensions began to ease.

The technology stocks rose 1.7%, leading the gains on the day.

Badger Infrastructure, a non-destructive excavating firm, climbed 12.4% up to the top spot of the main index after its first-quarter revenue exceeded estimates due to strong demand in the end-market and increased fleet utilization.

Imperial Oil shares fell by 4% following a drop in the company's first-quarter profits, which was caused by a lower refinery output.

Separately released data on the same day revealed that Canada's manufacturing sector expanded in April at its fastest rate in four years as Middle East conflict fueled inventory building and increased inflation pressures. (Reporting by Tharuniyaa Lakshmi in Bengaluru; editing by Joyjeet Das)

(source: Reuters)