Stocks moved forward on Friday in Canada’s biggest market, as higher metal prices supported the materials group ahead of a speech by U.S. Federal Reserve Chair Janet Yellen that could give a clearer picture on the U.S. interest rate outlook.
The S&P/TSX Composite gained 38.96 points to start the week’s last session at 14,669.68
The Canadian dollar gained 0.23 at 77.62 cents U.S.
Kinross Gold said it has suspended operations at its Maricunga gold mine in Chile, and will lay off 300 employees after a judicial decision upheld a regulator's move to shut down the water system linked to the mine.
Kinross shares acquired nine cents, or 1.6%, to $5.70
National Bank Financial raised the target on CIBC to $98.00 from $95.00, with an underperform rating.
Commerce shares took on 18 cents to $103.46.
Canaccord Genuity raised the target on Polaris Infrastructure to $18.50 from $12.00. Polaris shares galloped 70 cents, or 5.2%, to $14.28.
National Bank Financial raised the target on Toronto-Dominion Bank to $61.00 from $60.00. TD shares dipped 19 cents to $57.31.
ON BAYSTREET
The TSX Venture Exchange added 4.5 points to 806.43
All but one of the 12 subgroups were positive, as gold jumped 1.1%, materials, up 0.8%, and energy moved up 0.5%.
The only laggard was health-care, ailing 0.4%.
ON WALLSTREET
U.S. stocks whipsawed on Friday as investors digested remarks made by Federal Reserve Chair Janet Yellen.
The Dow Jones Industrials moved up 61.39 points to 18,509.80,
The S&P 500 gained 8.26 points to 2,180.73, after holding just above the flatline immediately after the release.
The NASDAQ Composite recovered 21.48 points to 5,233.62.
Yellen said in a much-anticipated speech Friday at the central bank's annual Jackson Hole, Wyoming summit that the case for a rate hike has gained strength "in recent months."
Market expectations for a rate hike in September, the Fed's next meeting, were 18%, according to experts.
Investors also digested the second read on second-quarter U.S. gross domestic product, which showed growth of 1.1%, down from the initial read of 1.2%.
Other economic data due Friday are consumer sentiment for August.
Prices for the 10-year Treasury strengthened, lowering yields to 1.57% from Thursday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices lessened 28 cents a barrel to $47.05 U.S.
Gold prices fell one dollar at $1,323.60 U.S. an ounce.
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