(CORRECTS TSX OPENING)
Energy shares lifted Canada's main stock index at the open on Friday, as oil prices surged on worries about supply disruption, while investors globally turned to remarks by U.S. Federal Reserve Chair Jerome Powell for cues on tightening policy.
The TSX Composite Index gained 36.34 points to open Friday at 20,540.49
The Canadian dollar settled one cent to 78.83 cents U.S.
National Bank of Canada raises the rating on Bird Construction to outperform from sector perform. Bird shares took flight 43 cents, or 4.6%, to $9.75.
Acumen Capital raised the rating on Leucrotta Exploration to buy from speculative buy. Leucrotta shares inched ahead a penny, or 1.4%, to 71 cents.
Acumen Capital also raised the rating on Altura Energy to speculative buy from hold. Altura shares gained half a cent, or 2.6%, to 20 cents.
On the economic schedule, Statistics Canada’s raw materials price index was up 2.2% on a monthly basis in July and 37.7% year over year. in July, while its industrial product price index fell 0.4% month over month in July, and was up 15.4% year over year.
ON BAYSTREET
The TSX Venture Exchange poked up 1.3 points to 876.87.
All but three of the 12 TSX subgroups were higher, with energy picking up 2%, while industrials and materials each added 0.3%.
The three laggards proved to be financials, down 0.2%, information technology, sliding 0.1%, and utilities, off 0.02%.
ON WALLSTREET
Stocks edged higher Friday ahead of the Federal Reserve’s annual Jackson Hole symposium with investors looking for more details into the central bank’s plans to taper monetary stimulus.
The Dow Jones Industrials recovered 102.25 points to begin the week’s final session at 35,315.37
The S&P 500 restored 13.91 points to 4,483.91.
The NASDAQ Composite restocked 41.41 points to 14,987.22.
Shares of Gap gained nearly 5% after the apparel retailer’s quarterly earnings report beat on top and bottom lines, while Peloton shares dropped after the exercise equipment company’s fourth-quarter financial results missed Wall Street estimates. Peloton fell 7.5%.
Energy stocks were higher, after being among the hardest hit on Thursday. Occidental Petroleum climbed 3% while Diamondback, Devon Energy and Halliburton rose more than 2%.
The three major stock averages are all set to close the week in the green. The Dow is up 0.3% week-to-date, while the S&P 500 is up 0.6% and the NASDAQ is 1.6% higher.
Investors also await a consumer sentiment reading to be released Friday morning.
Prices for 10-Year Treasurys were unchanged, keeping yields at Thursday’s 1.35%.
Oil prices regained $1.42 to $68.84 U.S. a barrel.
Gold prices lost $4.30 to $1,790.90 U.S. an ounce.
