Equities in Canada’s biggest market jumped 1% on Friday in a broad rally led by resources stocks as oil prices pushed higher and other commodity prices also gained and as investors turned their attention to the inauguration of Donald Trump as the next U.S. president.
The S&P/TSX Composite rocketed 156.04 points, or 1%, to open the week’s final session at 15,565.85
The Canadian dollar fell 0.1 cents at 74.97 cents U.S.
The index's most influential movers included one of its biggest oil and gas producers, Canadian Natural Resources Ltd, up 1.6% at $41.05. Pipeline companies also gained, with Enbridge advancing 1.9% to $57.82 and TransCanada up 1.3% at $62.72.
The financials group gained, with Toronto-Dominion Bank advancing 1% to $67.26 and Royal Bank of Canada adding 0.8% to $94.03.
Several lumber companies, the focus of a long-running trade dispute between the two countries, were lower, with Western Forest Products Inc down 2.2% at $44.68.
Fertilizer companies rose, with Potash Corp up 3.7% at $24.96 and Agrium Inc advancing 3.2% to $138.98, after a bank sharply increased its price target on a U.S. peer.
On the economic calendar, the Consumer Price Index rose 1.5% on a year-over-year basis in December, following a 1.2% increase in November.
On a seasonally-adjusted monthly basis, inflation was up 0.3% in December, after decreasing 0.1% in November.
The agency also said retail sales rose for the fourth consecutive month, edging up 0.2% to $45.2 billion in November.
StatsCan attributes the jump to higher sales at motor vehicle and parts dealers and building material and garden equipment and supplies dealers
ON BAYSTREET
The TSX Venture Exchange gained 2.75 points to 795.89
Health-care ailed, losing 0.2%.
All others among the 12 subgroups went skyward, however, as energy gushed 1.7%, materials were better by 1.5%, and financials were richer by 1%.
ON WALLSTREET
U.S. equities came off their session highs in choppy trade by noon on Friday as all eyes turned to Washington for President-elect Donald Trump's inauguration.
The Dow Jones Industrials stayed buoyant 55.86 points to 19,788.26, with Procter & Gamble, Merck and IBM gaining the most.
The S&P 500 took on 5.34 points to 2,269.03, with telecommunications rising more than 1% to lead advancers.
The NASDAQ composite index remained afloat 10.27 points to 5,550.35
In corporate news, earnings season continued as Dow components General Electric and Procter & Gamble both reported quarterly results. GE posted in-line adjusted earnings per share while revenue came slightly below estimates. P&G's results topped estimates on both the top and bottom lines.
Trump took the oath of office Friday. The broader stock market has rallied significantly since Trump's shocking electoral victory on the hopes of more government spending, lower corporate taxes and deregulation of some sectors.
Stocks, however, have traded mostly sideways for the past month as investors look for more details about Trump's proposed policies.
Experts say the Trump administration will have to start delivering on these expectations for stocks to remain at current levels
Prices for the benchmark 10-year Treasury note faded, upping yields to 2.49% from Thursday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.26 to $52.63 U.S. a barrel
Gold prices eked up 60 cents to $1,202.10 U.S. an ounce.
