Equities in Canada’s largest market finished the week with a flourish, largely on rallies in resource stocks, more than offsetting heavy losses by flagship tech stock BlackBerry Ltd.
The S&P/TSX Composite Index towered over Thursday’s close by 99.66 points to finish Friday and the week at 15,319.56
The Canadian dollar faded 0.17 cents to 75.38 cents U.S.
Bullion prices hit a one-week high, as the weaker U.S. dollar and global geopolitical uncertainties boosted the precious metal.
Barrick Gold jumped 57 cents, or 2.7%, to $21.85, while Kinross Gold climbed 21 cents, or 3.9%, to $5.64.
Among materials, Agnico Eagle Mines leaped $1.97, or 3.2%, to $63.57, while First Quantum Minerals gained 21 cents, or 2.1%, to $10.37.
Suncor Energy advanced 40 cents, or 1.1%, to $38.51, while Canadian Natural Resources rose 20 cents to $37.86, as oil prices touched session highs on the back of a softer U.S. dollar.
BlackBerry reported an unexpected 4.7% drop in revenue from its software and services business, whose success is at the heart of Chief Executive John Chen's turnaround plan for the company. Shares tumbled $1.82, or 12.4%, to $12.84, on track for its biggest one-day decline in about two and a half years.
Elsewhere in the tech sector, Opsens picked up two cents, or 1.6%, to $1.27.
In consumer staples, Metro docked three cents to $43.16.
On the economic slate, Statistics Canada reported that May’s consumer price index tallied 1.3% on a year-over-year basis in May, following a 1.6% increase in April.
The agency adds that, on a seasonally-adjusted monthly basis, retail inflation was down 0.2% in May, after increasing 0.4% in April.
ON BAYSTREET
The TSX Venture Exchange progressed 6.18 points to 777.25
All but two of the 12 TSX subgroups gained ground, as gold soared 1.9%, materials rocketed 1.7% and energy popped 1.4%
The lone laggards were information technology, declining 0.5%, and consumer staples, slipping 0.2%
ON WALLSTREET
U.S. equities traded mostly higher on Friday as energy stocks tried to stem this week's selloff.
The Dow Jones Industrials settled 1.61 points lower to finish the day and the week at 21,395.68, with Visa leading advancers and Home Depot lagging.
The S&P 500 moved higher 3.75 points to 2,438.25, as energy gained 0.4%. Energy stocks came into Friday's session riding a four-day losing streak as crude prices fell on oversupply concerns.
The NASDAQ picked up 28.57 points to 6,265.25, and was on track to rise more than 1% for the week after a sharp rally in health-care.
Health-care stocks pulled back about 0.2% Friday, but the sector was still on track to post a weekly gain of more than 3%.
Overall, U.S. stocks have traded little changed this week, with the Dow and S&P on track for slight gains in the period.
The consumer price index fell 0.1% in May, raising questions about whether the Fed will be able to raise rates once more this year. The next rate hike isn't fully priced in until March 2018
In other economic news, new home sales rose 2.9% in May, below the expected increase of 3.7%.
Investors also monitored financials after testing results released Thursday by the Federal Reserve showed the 34 institutions under scrutiny had enough capital to make it through a scenario akin to the financial crisis. The results briefly lifted financials on Friday.
Elsewhere, Cleveland Fed President Loretta Mester said the Fed cannot directly address the problems of inequality, globalization and the challenges facing lower-income Americans, though it can help identify solutions for legislators to take up. Mester did not discuss monetary policy.
Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.14% from Thursday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices gathered 32 cents to $43.06 U.S. a barrel
Gold prices gained $7.30 to $1,256.70 U.S. an ounce.
