Markets in Canada’s largest centre made small gains on Friday as some heavyweight energy and financial stocks rose with higher oil prices and as investors positioned themselves for a possible U.S. interest rate hike this month.
The S&P/TSX Composite held onto gains of 33.52 points to greet noon at 15,570.17
The Canadian dollar docked 0.15 cents at 74.53 cents U.S.
The most influential movers on the day included Canadian Natural Resources Ltd, which added 2.1% to $41.34, extending Thursday's sharp jump after posting stronger-than-expected earnings.
In the energy sector, Cenovus Energy was up 1.9% at $17.13. However, pipeline operators slipped, with Enbridge down 0.3% to $55.07 and TransCanada also off 0.3% at $60.98.
Among financials, Bank of Nova Scotia up 0.8% to $79.34 and Toronto-Dominion Bank added 0.6% to $69.40.
Scotia's earnings earlier this week smashed expectations, while TD also beat forecasts, and its U.S. exposure is seen as a positive.
Industrials rose with Canadian National Railway Co advancing 0.7% to $95.67.
TransAlta advanced 5.8% to $7.46 after the utility reported quarterly earnings.
ON BAYSTREET
The TSX Venture Exchange dipped 2.66 points to 807.21
Eight of the 12 TSX subgroups were negative by noon, as real-estate slid 0.6%, health-care weakened 0.5%, and materials dropped 0.4%.
The four gainers were led by energy, chugging ahead 1.1%, industrials, up 0.5%, and financials, advancing 0.4%.
ON WALLSTREET
Equities south of the border drifted lower on Friday as investors awaited commentary from the top U.S. Federal Reserve official.
The Dow Jones Industrials decreased 28.02 points to 20.974.95, with Boeing contributing the most losses.
The S&P 500 lost 3.56 points to 2,378.36, with real estate and consumer staples leading decliners.
The NASDAQ doffed 5.6 points to 5,855.62. Nevertheless, the major indexes remained on track for weekly gains.
Data released Friday included the IHS Markit sevices Purchasing Managers’ Index, which hit a five-month low and the Institute for Supply Management’s non-manufacturing index, which came in at 57.6 for February.
Fed Chair Janet Yellen is set to speak at the Executives Club of Chicago at 1 p.m. ET. Fed Vice Chairman Stanley Fischer is also scheduled to speak Friday.
Market expectations for a March rate hike are now totaling 77% following hawkish rhetoric and solid economic data.
Prices for the benchmark 10-year Treasury note gained slightly, lowering yields to 2.51% from Thursday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices gained 51 cents to $53.12 U.S. a barrel
Gold prices fell $7.50 to $1,225.40 U.S. an ounce.
