Stocks in Toronto opened higher on Friday, helped by gains for banks after employment and industrial data pointed to solid domestic economic growth.
The S&P/TSX Composite Index added 28.96 points to begin Friday at 15,452.05
The Canadian dollar climbed 0.26 cents to 74.27 cents U.S.
Encana Corp said it would sell its Piceance natural gas assets in northwestern Colorado to privately held Caerus Oil and Gas LLC for $735 million.
Encana gained 22 cents, or 1.8%, to $12.26.
Hudson's Bay Co said on Thursday it would cut about 2,000 jobs across North America in a major restructuring effort as it reported a bigger-than-expected first-quarter loss.
Bay shares demurred 97 cents, or 10.1%, to $8.65.
BMO raised the target price on Transcontinental Inc. to $25.00 from $22.00. Transcontinental shares gained 11 cents to $24.94.
TD Securities raised the price target on Transat AT to $7.00 from $5.00, Transat shares dipped seven cents, or 1.2%, to $5.72.
National Bank of Canada raised the price target on ECN Capital to $5.00 from $4.75 with an outperform rating. ECN shares picked up 12 cents, or 3.1%, to $3.88.
On the economic ledger, Statistics Canada reported that the economy created 55,000 jobs in May, but noticing an increase of 0.1 percentage points in the unemployment rate to 6.6%, the result of more people participating in the labour market.
ON BAYSTREET
The TSX Venture Exchange dipped 0.33 points to 790.98
All but three of the 12 TSX subgroups were lower to start out, as gold tumbled 1.5%, materials backpedaled 0.8%, and health-care moved backward 0.4%.
The three gainers were energy, up 0.9%, financials, up 0.6%, and industrials, up 0.1%.
ON WALLSTREET
U.S. stocks rose on Friday as investors shook off a widely unexpected result to the general election in the United Kingdom.
The Dow Jones Industrials gained 68.77 points to 21,251.30, with Goldman Sachs contributing the most gains.
The S&P 500 added 7.88 points to 2,441.67, to another record high,with financials leading advancers. Financials received a boost from higher bank stocks
The NASDAQ vaulted 12.76 points to 6,334.52, also a new high.
On the economic front, wholesale inventories dipped 0.5% in April, versus estimates for a 0.2% gain.
Investors also remained undeterred by former Federal Bureau of Investigation Director James Comey's testimony on Thursday, which some saw as lacking a "smoking gun" that could derail Donald Trump's presidency.
U.K. Prime Minster Theresa May's Conservative party lost its parliamentary majority in the process, coming up with 318 of 650 seats. Conservatives had held a 17-seat majority before the contest. Some pollsters expected May's party to retain the majority while others expected them to build on it. That said, no other party came out with a clear majority.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Thursday’s 2.2%.
Oil prices were higher 11 cents to $45.75 U.S. a barrel
Gold prices slid $10.20 at $1,269.30 U.S. an ounce.
