Equities in Canada’s largest market gathered steam Friday morning, led by heavyweight financial and energy shares as oil rose and investors weighed a much stronger-than-expected increase in U.S. non-farm payrolls.
The S&P/TSX Composite climbed 77.23 points to greet noon at 15,476.34
The Canadian dollar pointed upward 0.19 cents at 76.94 cents U.S.
Royal Bank of Canada rose 1% to $94.63, while the overall financials group gained ground.
An increase in oil prices helped push energy stocks higher, with Suncor Energy Inc climbing 1.1% to $40.95.
The Wall Street Journal reported department store operator Hudson's Bay Co has made a takeover approach to U.S. department store chain Macy's Inc.
Shares of Hudson's Bay jumped 4.7% to $10.47.
ON BAYSTREET
The TSX Venture Exchange gained 2.09 points to 818.32
All but two of the 12 subgroups had rallied by noon, as information technology moved skyward 0.9%, with financials and utilities each surging 0.8%.
The two laggards were telecoms, off 0.2%, and materials, down 0.1%.
ON WALLSTREET
U.S. equities traded higher on Friday, with financials leading, following a stronger-than-expected employment report.
The Dow Jones Industrials sprang to life 170.83 points to 20,055.74, with Goldman Sachs contributed the most gains.
The S&P 500 gained 15.69 points to 2,296.54, with financials advancing more than 1.5%.
The NASDAQ jumped 21.46 points to 5,657.65
Economically speaking, the U.S. Labor Department said the U.S. economy added 227,000 jobs in January, while the unemployment rate ticked higher to 4.8%. Economists expected payrolls to grow by 175,000 with the unemployment rate holding steady.
Other data released Friday included December factory orders, which rose 1.3%, and the January read on the Institute for Supply Management non-manufacturing index, which came in at 56.5, slightly below December's 56.6.
Prices for the benchmark 10-year Treasury note were up, lowering yields to 2.44%, from Thursday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices increased 21 cents to $53.75 U.S. a barrel
Gold prices regrouped three dollars to $1,222.40 U.S. an ounce.
