Equities in Canada’s largest centre gathered strength by noon Friday, boosted by sharp gains for big banks as employment and industrial data pointed to renewed health in the domestic economy.
The S&P/TSX Composite Index added 68.55 points to greet noon at 15,491.64, on track for 0.2% gain for the week.
The Canadian dollar climbed 0.45 cents to 74.46 cents U.S.
But Hudson's Bay Co slumped 11.3% to $8.53 after the department store chain detailed a major restructuring plan that will cut 2,000 jobs after it reported a loss that was wider than expected and bigger than the previous quarter's.
Energy stocks climbed as Encana Corp advanced 2.3% to $12.32 after the oil and gas producer said it would sell its Piceance natural gas assets in northwestern Colorado to privately held Caerus Oil and Gas LLC for $735 million.
Financials perked, as Royal Bank of Canada rose 1% to $94.95, Toronto-Dominion Bank advanced 0.9% to $65.65 and Bank of Nova Scotia gained 0.9% to $78.56.
Alternative lender Home Capital Group jumped 11.7% to $12.16 after a media report that it has attracted private equity bids.
On the economic ledger, Statistics Canada reported that the economy created 55,000 jobs in May, but noticing an increase of 0.1 percentage points in the unemployment rate to 6.6%, the result of more people participating in the labour market.
ON BAYSTREET
The TSX Venture Exchange dipped 1.74 points to 789.57
Seven of the 12 TSX subgroups were lower midday, as gold tumbled 1.8%, materials backpedaled 0.8%, and industrials moved backward 0.2%.
The five gainers were energy, up 1.4%, financials, up 1.1%, and health-care, up 0.3%.
ON WALLSTREET
U.S. stocks rose to all-time highs on Friday as investors shook off a widely unexpected result to the general election in the United Kingdom.
The Dow Jones Industrials rocketed 101.68 points to 21,284.21, with Goldman Sachs contributing the most gains.
The S&P 500 added 8.9 points to 2,442.69, with financials leading advancers. JP Morgan, for example, climbed $1.71, or 2%, to $86.66.
The NASDAQ fell from its all-time high, 12.6 points to 6,309.17.
On the economic front, wholesale inventories dipped 0.5% in April, versus estimates for a 0.2% gain.
Investors also remained undeterred by former Federal Bureau of Investigation Director James Comey's testimony on Thursday, which some saw as lacking a "smoking gun" that could derail Donald Trump's presidency.
U.K. Prime Minster Theresa May's Conservative party lost its parliamentary majority in the process, coming up with 318 of 650 seats.
Conservatives had held a 17-seat majority before the contest. Some pollsters expected May's party to retain the majority while others expected them to build on it. That said, no other party came out with a clear majority.
Prices for the benchmark 10-year Treasury note were lower, raising yieldsto 2.21% from Thursday’s 2.2%. Treasury prices and yields move in opposite directions.
Oil prices were higher 50 cents to $46.14 U.S. a barrel
Gold prices slid $9.90 at $1,269.60 U.S. an ounce.
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