Equities in Canada’s largest market seesawed on Friday as higher oil prices supported energy stocks, offsetting losses for mining and railroad stocks.
The S&P/TSX Composite moved higher 10.49 points to open Friday’s session at 14,836.58
The Canadian dollar recovered 0.16 cents at 74.05 cents U.S.
Greece has approved a permit application by Eldorado Gold to build a plant at its Skouries gold mine in northern Greece. It plans to start production there in 2019.
Eldorado shares dipped two cents to $3.68.
Husky Energy told the Saskatchewan government its oil spill into a major Canadian river last summer that cut off drinking water supply for two cities was caused by ground movement that buckled a section of pipeline, not material defects, such as corrosion.
Husky shares also lost two cents to $14.33.
Sherritt International’s joint nickel venture in Cuba will return to profit next year if prices for the metal sustain themselves at the current level, the Canadian mining company's head said in an interview.
Sherritt shares added a penny, or 1%, to 97 cents.
National Bank Financial cut the target price on BRP Inc. to $28.00 from $31.00, citing the concerns about the impact on the company from potential new U.S. trade restrictions with Mexico.
BRP shares grew in price 28 cents, or 1.3%, to $22.76.
CIBC raised the target price on Solium Capital to $9.25 from $7.50, saying the Morgan Stanley contract solidifies the company's position in the U.S. market and strengthens its competitive positioning globally.
Solium shares gained 22 cents, or 2.7%, to $8.52.
On the economic slate, Statistics Canada reported that the consumer price index rose 1.5% on a year-over-year basis in October, following a 1.3% gain in September. On a seasonally adjusted monthly basis, the CPI increased 0.2% in October, matching the gain in September.
ON BAYSTREET
The TSX Venture Exchange marched ahead 4.88 points to 747.32
Seven of the 12 TSX subgroups began the day down, as materials shed 0.7%, while gold descended 0.3%, and consumer staples dropped 0.2%.
The five gainers were led by energy, up 1.1%, health-care, advancing 0.4%, and real-estate, moving up 0.3%.
ON WALLSTREET
U.S. equities traded mostly flat on Friday as investors eyed oil prices and awaited Federal Reserve officials' remarks on monetary policy.
The Dow Jones Industrials inched higher 9.66 points to begin the session at 18,913.48, with Home Depot contributing the most to losses.
The S&P 500 eked up 0.21 points at 2,187.33, as energy and telecoms led advancers and health-care lagged.
The NASDAQ composite index advanced 2.73 points to 5,336.70, as Apple and most of the so-called FANG stocks (Facebook, Amazon, Netflix and Google parent Alphabet) rose.
All three indexes were on track for weekly gains, with the NASDAQ up more than 1.8% for the week so far.
Several Fed officials spoke on Friday, including Kansas City Fed President Esther George. In a speech, she said the U.S. economy would benefit from the Federal Reserve raising rates sooner rather than later.
Earlier, St. Louis Fed President James Bullard said he is leaning towards supporting a rate hike next month and argued on Friday that the real question now is the Fed's rate path in 2017.
Market expectations for a rate hike in December were above 90% Friday morning.
Treasury prices for the 10-year note were slightly higher, lowering yields to 2.28% from Thursday’s 2.29%. Treasury prices and yields move in opposite directions
Oil prices hiked 16 cents to $45.58 U.S. a barrel
Gold prices fell $6.10 to $1,210.80 U.S. an ounce.
