Equities in Toronto broke from the gate Friday morning, led by energy and financial stocks as higher commodity prices supported the resource-linked market.
The S&P/TSX Composite Index rocketed 93.86 points to begin the final session before a long weekend at 13,911.18
The Canadian dollar dipped 0.06 cents to 76.31 cents U.S.
Canadian markets will be shuttered Monday for Victoria Day holiday.
Beleaguered drug maker Valeant Pharmaceuticals International Inc said it received a notice of default from bondholders for the delay in filing its first-quarter report.
Valeant climbed $1.01, or 3%, to $35.28.
CIBC raised the target price on CAE to $18.00 from $17.50. CAE shares dropped 15 cents of their strength to $16.18.
CIBC cut the target price on Dragonwave to $25.00 from $30.00.
Dragonwave shares perked 18 cents, or 3%, to $6.22.
RBC raised the target price on Paramount Resources to $10.00 from $9.00 with a sector perform.
Paramount shares dropped two cents to $8.43.
On the economic slate, Statistics Canada reported that inflation hiked in April, as the consumer price index increased 1.7%, after a jump of 1.3% the month before.
The agency adds that, on a seasonally-adjusted monthly basis, the CPI increased 0.2% in April, matching the gain in March
The agency also reported that retail sales slumped 1% in March to $43.8 billion, after gaining in January and February. Sales were down in six of 11 sub-sectors, representing 74% of total retail trade.
ON BAYSTREET
The TSX Venture Exchange gained 4.19 points to 682.42
All but one of the 13 TSX subgroups moved higher early Friday, as metals and mining climbed 2.1%, while consumer discretionary and telecoms each gathered 0.8%
Only gold lost ground, and 0.2% at that.
ON WALLSTREET
U.S. stocks traded higher Friday, with financials among the top gainers as the major averages attempted to recover losses for the week after falling amid renewed concerns of a rate hike sooner rather than later.
The Dow Jones Industrials regrouped 101.05 points to 17,536.45, with Travelers contributing the most to gains as most constituents advanced.
The S&P 500 regained 9.97 points to 2,050.01. Tech and financials led S&P 500 gainers, while utilities lagged.
The NASDAQ Composite popped 50.04 points to 4,762.57, helped by gains in shares of Microsoft and Apple.
Campbell Soup reported quarterly earnings a share above estimates on revenue that was a touch lower.
Deere posted earnings that beat on both the top and bottom line. The heavy equipment maker noted the continuing downturn in the global farm economy, as well as weakness in the construction equipment sector, but said it was helped by its flexible cost structure, among other factors.
Foot Locker matched estimates with first-quarter profit of $1.39 U.S. per share. Revenue was slightly below analysts' expectations, and the comparable-store sales increase of 2.9% was below consensus estimates of a 4.5% jump. The company notes that profits were at a record level, and that the company did well in dealing with rapidly shifting customer tastes.
Economically speaking, U.S. existing home sales increased 1.7% in April to an annual rate of 5.45 million units, according to the National Association of Realtors. March's sales pace was revised slightly higher to 5.36 million units from the previously reported 5.33 million units
Prices for the 10-year Treasury were lower, pushing up yields to 1.86% from Thursday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices gained 13 cents a barrel to $48.29 U.S.
Gold prices dumped 41 cents to $1,254.34 U.S. an ounce.
