Stocks Show Strength at Closing

Mining, Tech Firms Make Best Showing

Equities in Canada’s largest centre finished higher Friday as China said it had decided to cancel tariffs scheduled to take effect on Sunday and that both Beijing and Washington have agreed on the context of the first phase of a trade deal.

The TSX Composite Index strengthened 56.23 points to close Friday and the week at 17,003.13

The Canadian dollar eased back 0.18 cents at 75.84 cents U.S.

Also in trade news, Mexico's Senate on Thursday overwhelmingly approved the revised U.S.-Mexico-Canada Agreement trade deal that includes tougher enforcement of worker rights and the elimination of a patent provision for biologic drugs.

Tech shares ruled the roost, as Enghouse climbed $8.11, or 20.4%, to $47.82, while Shopify soared $20.80, or 4.3%, to $510.91

Among materials, Endeavour Mining picked up 86 cents, or 3.5%, to $25.35, while First Majestic Silver collected 66 cents, or 4.7%, to $14.30.

In gold, Eldorado Gold acquired 36 cents, or 3.8%, to $9.91, while Novagold moved ahead 39 cents, or 4.1%, to $9.85.

Health-care did not fare well, as Bausch Health Companies listed lower by $1.02, or 2.5%, to $40.97, while Canopy Growth dropped 43 cents, or 1.7%, to $27.42.

In consumer staples, Empire Company faltered $1.16, or 3.7%, to $30.44, while Cott Corporation handed back 40 cents, or 2.2%, to $17.52.

In the communications sector, BCE slid $1.50, or 2.3%, to $62.72, while Shaw dropped five cents to $26.62.

ON BAYSTREET

The TSX Venture Exchange gained 4.01 points to 540.53

Seven of the 12 subgroups gained ground, as information technology triumphed 1.4%, while materials hiked 0.8%, and gold was 0.7% more solid.

The five laggards were weighed most by health-care, down 1%, consumer staples, sliding 0.9%, and communications, off 0.4%.

ON WALLSTREET

Stocks were little changed on Friday after China and the U.S. agreed to a phase one trade deal as investors concluded a solid week of gains.

The Dow Jones Industrials endured a roller-coaster of a day, but ended up 3.33 points in the green, to end the session and the week 28,135.38

The S&P 500 eked ahead 0.23 points from Thursday’s record close to 3,168.80

The NASDAQ advanced 17.56 points from Thursday’s all-time high to 8,734.88. The NASDAQ got a lift from Apple, which rose 1% to a new record.

Stocks have been on a massive tear this year despite the lingering trade fears. Through Thursday’s close, the S&P 500 is up 26.4% for 2019. The Dow has rocketed 20.6%, while the NASDAQ has skyrocketed 31.4% this year.

The trade deal will include a rollback of some of the China tariffs and halts additional levies set to take effect on Sunday. China agreed to significant purchases of U.S. agricultural products, but the amount is below what the White House was reportedly pushing to get.

On the U.S. side, investors were hoping for more than just a partial rollback of some tariffs.

Prices for the 10-Year U.S. Treasury gained, sharply lowering yields to 1.82% from Thursday’s 1.90%. Treasury prices and yields move in opposite directions.

Oil prices added 62 cents to $59.80 U.S. a barrel.

Gold prices charged ahead $8.20 at $1,480.50 U.S. an ounce.