Equity markets in Toronto rose in early trade on Friday as higher oil prices helped its heavyweight energy sector recover from sharp losses earlier in the week.
The S&P/TSX Composite Index progressed 41.91 points to open Friday at 15,977.28
The Canadian dollar moved down 0.32 cents to 78.01 cents U.S.
TransCanada Corp Thursday shut part of its Keystone oil pipeline system after a 5,000-barrel leak in South Dakota, four days before neighbouring Nebraska was set to decide on the company’s long-delayed Keystone XL pipeline.
TransCanada shares dipped 36 cents to $62.77.
National Bank of Canada upped the rating on Great-West Lifeco to outperform from sector perform.
Great-West shares gained 25 cents to $35.19.
CIBC started coverage on Teck Resources with an outperform rating and a $38 price target. Teck shares galloped 82 cents, or 3%, to $27.88.
On the economic beat, Statistics Canada reported that October’s inflation numbers appeared in line with expectations, as October Consumer Price Index rose 1.4% on a year-over-year basis in October, following a 1.6% increase in September. On a seasonally-adjusted monthly basis, CPI was up 0.2% in October, matching the increase in September.
Experts say October’s number will likely give the Bank of Canada room to take its time raising interest rates after two back-to-back hikes earlier this year.
ON BAYSTREET
The TSX Venture Exchange took on 3.75 points to open the last session of the week at 796.11
All but two of the 12 TSX subgroups were higher, as health-care stocks gained 1.1%, energy picked up 0.9%, and materials took on 0.8%
The two laggards were utilities, down 0.5%, and consumer staples, off 0.3%
ON WALLSTREET
Blue-chip indices in New York opened lower on Friday as investors looked ahead to tax reform moving forward in government.
The Dow Jones industrial average dropped 52.97 points to 23,405.39, with UnitedHealth contributing the most to the losses. Goldman Sachs also contributed to the losses.
The S&P 500 gave back 3.37 points to 2,582.27, with industrials and financials as the worst-performing sectors.
The NASDAQ Composite settled 5.69 points to 6,787.60
Reports emerged on Thursday that Comcast is interested in acquiring the same set of assets Walt Disney is interested in acquiring from Fox. A Comcast-Fox deal would have the same regulatory issues that Disney would have in acquiring the Fox assets
Dow Jones also reported that Verizon Communications is also interested in acquiring those same assets. Fox shares popped more than 7% in the pre-market.
Tesla shares also jumped more than 3% after the company unveiled two new vehicles, including Semi truck. Trucking company J.B. Hunt said it has reserved "multiple" Semis.
U.S. Treasury Secretary Steven Mnuchin told the media that he expects a Republican tax reform bill to be sent to President Trump by Christmas. Mnuchin made his comments a day after the House of Representatives passed a bill aimed at overhauling the tax code. The
Senate now has to vote on their tax plan.
Prices for the benchmark 10-year Treasury note gained ground Friday, lowering yields to 2.35% from Thursday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices recouped 85 cents a barrel to $55.99 U.S.
Gold prices rebounded $7.00 to $1,285.20 U.S. an ounce.
