Canada's main stock index touched a new record high on Friday as overall higher energy stocks offset a batch of largely disappointing quarterly results.
The S&P/TSX Composite Index gained 68.69 points to greet noon at 15,960.32
The Canadian dollar dropped 0.12 cents to 77.68 cents U.S.
Saputo Inc provided one of the biggest boosts, rising 4.7 percent to C$47.03. It became Australia's top milk producer by agreeing to pay up to $490 million for Murray Goulburn Co-operative, its second major acquisition in the country.
The energy group accounted for the bulk of the gains, helped by stronger oil. Encana advanced 3.1% to $14.18.
Cameco was an exception in the sector, tumbling 10.5% to $10.17 after the uranium producer posted a surprised third-quarter loss and cut its full-year production outlook.
Nevsun Resources soared 8.8% to $2.85 after reporting results and improved zinc production at its Bisha mine.
Among materials, First Quantum Minerals stumbled 3.6% to $13.96 after it posted a quarterly loss. Teck Resources shares extended losses, falling 2.5% to $26.15 after analysts cut their target price following its results.
Winpak, which manufactures and distributes packaging materials and machines, plunged 10.2% to $48.51 after third-quarter results fell short of forecasts.
Industrials were off 0.1% as TFI International Inc slumped 6.3% to $30.03.
Celestica shares sank 11.5% to $13.53 after it issued guidance and posted results that missed expectations.
ON BAYSTREET
The TSX Venture Exchange was positive 0.86 points to 783.33
All but three of the 12 TSX subgroups were up midday, with energy rumbling 2.2% higher, gold soaring 1.1%, and consumer staples stronger by 0.8%.
The three laggards were weighed most by health-care, off 0.6%, as materials and industrials each gave back 0.1%
ON WALLSTREET
The tech-heavy NASDAQ composite rose to a record high on Friday as Wall Street cheered the blowout quarterly reports from three of the world's biggest tech companies.
The Dow Jones industrial average gained 34.35 points to begin Friday trading at 23,435.21
The S&P 500 added 19.37 points to 2,579.77.
The NASDAQ rocketed 131.96 points, or 2%, to 6,688.73, and was on track for its biggest one-day gain since November 2016.
Leading the index higher were shares of Amazon, Microsoft and Google-parent Alphabet; their stocks rose 12.7%, 6.8% and 6.4%, respectively.
E-commerce giant Amazon reported earnings per share of 52 cents a share, way ahead of an estimate of three cents a share. Amazon Web Services, the company's cloud business, was its main driver for growth, with sales leaping 42% on a year-over-year basis.
Amazon also received a boost in sales from Whole Foods, which it acquired in late August.
Microsoft, meanwhile, beat Wall Street earnings expectations by 12 cents a share as its commercial cloud business topped $20 billion in annualized revenue for its fiscal first quarter. The stock was on track to post its biggest one-day gain since October 2015.
Google-parent Alphabet reported adjusted earnings per share of $9.57, well above an estimate of $8.33 a share, as the company saw a higher-than-expected surge in the volume of clicks on Google ads across the world, especially in Asia.
Economically speaking, the first reading on third-quarter Gross Domestic Product showed the U.S. economy grew by 3%, above an estimate of 2.5%
Hurricanes Harvey and Irma struck parts of Texas and Florida in late August and early September. Excluding inventory investment, the economy grew at a 2.3% rate, slowing from the second quarter's 2.9% pace.
Equities have reached record highs recently in part because of improving economic data. Consumer sentiment hit 100.7 in October, just below the expected 100.8.
Prices for the benchmark 10-year Treasury note acquired some might Friday, lowering yields to 2.43% from Thursday’s 2.46%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.11 a barrel to $53.75 U.S.
Gold prices $1.90 an ounce to $1,271.50 U.S.
