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Equities in Canada’s largest centre shrugged off the demons of bad luck on Friday the 13th, and rose as heavyweight financial shares climbed, offsetting losses for energy and mining stocks as commodities fell.
The S&P/TSX Composite gained 30.36 points after a 70-point-plus loss Thursday, to begin the week’s final session at 15,418.16
The Canadian dollar vaulted 0.16 cents at 76.12 cents U.S.
AltaGas Ltd said on Thursday it was in talks with a third party over a potential transaction. AltaGas did not name the company, but the Wall Street Journal, citing people familiar with the matter, said the firm was is in talks to merge with WGL Holdings Inc, the parent of natural-gas utility Washington Gas.
AltaGas shares dipped $1.47, or 4.4%, to $32.18.
NBF raised the rating on Hudbay Minerals to outperform from sector perform, citing the inclusion of elevated valuation multiples in light of an improving commodity price outlook.
Hudbay shares gained 11 cents, or 1%, to $9.31.
Canaccord Genuity raised the rating on Sun Life Financial to buy from hold, to reflect the company’s solid balance sheet, good growth potential in high valuation segments and generally stable financial results and risk profile.
Sun Life shares improved 26 cents to $51.74.
ON BAYSTREET
The TSX Venture Exchange lurched lower 0.79 points to 789.64
All but three of the 12 TSX subgroups were higher in Friday’s first hour, with financials up 0.6%, information technology better by 0.4%, and energy sparking 0.3%.
The three laggards were gold, off 1.6%, while materials settled 0.7%, and real-estate, skidding 0.1%.
ON WALLSTREET
U.S. equities rose on Friday as investors pored over several key corporate quarterly results.
The Dow Jones Industrials gained 34.91 points to 19,925.91, with Goldman Sachs the strongest stock of the bunch.
The S&P 500 acquired 6.55 points to 2,276.94, with financials leading
The NASDAQ composite index improved 24.98 points to 5,572.47, to a record high.
Equity markets in the United States will be shuttered Monday for Martin Luther King Day.
Bank of America posted better-than-expected profits, along with disappointing sales. Wells Fargo, however, ended one of its toughest years ever with disappointing fourth-quarter results.
JPMorgan Chase, meanwhile, beat analyst expectations on both the top and bottom line, amid double-digit growth in deposits and record credit card sales.
Another company that reported quarterly results on Friday was BlackRock, the largest asset manager in the world. The firm posted better-than-expected profits, helped by lower expenses and a rush into low-cost exchange-traded funds.
U.S. wholesale prices rose 0.3% in December, led higher by more expensive gas, food and cars. The U.S. Labor Department said the producer price index, which measures price changes before they reach consumers, increased 1.6% last year.
Meanwhile, December retail sales rose 0.6%, reflecting a boost in confidence after the U.S. election.
Other economic data released Friday included December consumer sentiment, which came in slightly below estimates and business inventories, which rose 0.7% in November.
Prices for the benchmark 10-year Treasury note dropped sharply, hiking yields to 2.42% from Thursday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices dipped 10 cents to $52.91 U.S. a barrel
Gold prices dropped $11.50 to $1,188.30 U.S. an ounce.
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