Stocks in Canada’s largest market moved skyward at the open on Friday, with energy stocks following oil prices higher to lead a broad gain ahead of Donald Trump's inauguration as U.S. president.
The S&P/TSX Composite rocketed 143.29 points to open the week’s final session at 15,553.10
The Canadian dollar fell 0.29 cents at 74.77 cents U.S.
Canadian Pacific Railway on prospects of consolidation in the railroad industry as well as a rebound of uranium producer Cameco Corp.
CP shares declined $2.25, or 1.1%, to $197.86, while Cameco shares gained 44 cents, or 2.8%, to $16.29.
Canadian Natural Resources led a surge in energy issues, climbing 98 cents, or 2.4%, to $41.38, while Encana jumped 50 cents, or 2.9%, to $17.89.
On the economic calendar, the Consumer Price Index rose 1.5% on a year-over-year basis in December, following a 1.2% increase in November.
On a seasonally-adjusted monthly basis, inflation was up 0.3% in December, after decreasing 0.1% in November.
The agency also said retail sales rose for the fourth consecutive month, edging up 0.2% to $45.2 billion in November.
StatsCan attributes the jump to higher sales at motor vehicle and parts dealers and building material and garden equipment and supplies dealers
ON BAYSTREET
The TSX Venture Exchange gained 1.72 points to 794.86
All 12 subgroups were positive at the outset, as energy gushing 1.7%, materials better by 1.2%, and information technology surging 1.1%.
ON WALLSTREET
U.S. equities traded higher on Friday as all eyes turned to Washington for President-elect Donald Trump's inauguration.
The Dow Jones Industrials regained 91.79 points to 19,824.19, with Procter & Gamble and Merck contributing the most in terms of gains.
The S&P 500 took on 10.75 points to 2,274.44, with telecommunications rising more than 1% to lead advancers.
The NASDAQ composite index roared ahead 26.34 points to 5,566.42
In corporate news, earnings season continued as Dow components General Electric and Procter & Gamble both reported quarterly results. GE posted in-line adjusted earnings per share while revenue came slightly below estimates. P&G's results topped estimates on both the top and bottom lines.
Trump is scheduled to take the oath of office at about 11:30 a.m. ET, as investors closely listen to his speech and tone.
Prices for the benchmark 10-year Treasury note faded, upping yields to 2.49% from Thursday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.23 to $52.60 U.S. a barrel
Gold prices were stronger $1.90 to $1,203.40 U.S. an ounce.
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