Equities in Canada rose on Friday as financials led broad-based gains, and energy shares advanced as rainfall helped beat back a wildfire near major oil sands deposits.
The S&P/TSX Composite Index rocketed 98.13 points to greet noon at 13,915.45
The Canadian dollar dipped 0.21 cents to 76.16 cents U.S.
The index is on track to rise 1.3% for the week, while it has rebounded more than 20% from an almost three-and-a-half-year low in January.
Canadian markets will be shuttered Monday for Victoria Day holiday.
The most influential movers on the index included Bank of Nova Scotia, which rose 1% to $63.37, and Toronto-Dominion Bank, which advanced 0.6% to $56.59.
Units in newly listed real estate investment trust Manulife U.S. REIT opened in Singapore slightly below their offer price. The sponsor of the REIT is a part of life insurer Manulife Financial. In Toronto, Manulife's shares rose 1.5% to $18.68.
Firefighters battling a massive blaze in Canada's energy heartland could see a second day of rainfall and winds, expected to beat flames back from key oil sands facilities.
Imperial Oil said it had restarted limited operations at its Kearl site, which had been unaffected by the fires. Its shares rose 0.6% to $40.94.
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 3.52 points to 681.75
All but two of the 13 TSX subgroups remained higher midday, as consumer staples climbed 1.6%, while consumer discretionary and health-care stocks each jumped 1.2%.
The two laggards were gold, off 2.1%, and materials, down 1%.
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 shot higher 105.19 points to 17,540.59, with Travelers contributing the most to gains as most member stocks advanced.
The S&P 500 was positive 15.87 points to 2,055.91. Tech, health-care and financials led S&P 500 gainers.
The NASDAQ Composite popped 61.42 points, or 1.3%, to 4,773.95, helped by gains in shares of Microsoft and Apple.
As of the close Thursday, the major averages were tracking for a weekly decline. The Dow and S&P were on pace for their first four-week losing streak since the one ended October 2014, while the NASDAQ was on pace for its first five-week losing streak since 2012.
In earnings news, Campbell Soup reported quarterly earnings a share above estimates on revenue that was a touch lower. The soup and food maker also raised its full-year earnings forecast.
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, among other things, its flexible cost structure
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.
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 higher, thus lowering yields to 1.84% from Thursday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices fell three cents a barrel to $48.13 U.S.
Gold prices dumped $3.70 to $1,251.05 U.S. an ounce.
