Equities in Canada’s largest centre rose on Friday, boosted by broad gains for energy stocks as oil prices moved higher, and as pipeline operator Kinder Morgan Canada jumped following a favourable regulator ruling.
The S&P/TSX Composite Index vaulted 61.92 points to open the week’s final session at 16,077.60
The Canadian dollar slid 0.03 cents to 77.44 cents U.S.
Canada's energy regulator ruled on Thursday in favor of Kinder Morgan Canada’s appeal to sidestep some municipal permits for its Trans Mountain pipeline expansion, a major victory for the $7.4-billion project.
Kinder shares galloped $1.04, or 6.3%, to $17.69.
Rogers Communications Inc said on Thursday that the chairman of its board, Alan Horn, will step down effective Jan. 1 and be replaced by Edward Rogers, the company's current deputy chair and son of founder Ted Rogers.
Rogers shares slid 79 cents, or 1.2%, to $64.95.
Barclays raised target price on Canadian Western Bank to $36 from $33.
Western Bank shares gained 34 cents to $37.46.
RBC raised the target price on Marathon Gold to $1.80 from $1.70. Marathon gained a penny, or 1%, to $1.02.
The Bank of Canada has insisted its interest rate decisions are data-dependent, yet analysts were puzzled this week when policy makers took a more cautious tone than strong domestic data would suggest.
On the data beat, Canada Mortgage and Housing Corporation reported that housing starts came in at 226,270 units in November, compared to 216,642 units in October. Experts had pegged housing starts at 215,000 units in November.
ON BAYSTREET
The TSX Venture Exchange gained 2.12 points to open Friday at 789.74
All but one of the 12 TSX subgroups were positive, with health-care haler by 2.8%, while information technology and materials each gained 0.9%.
The lone laggard was in telecoms, down 0.8%
ON WALLSTREET
U.S. equities opened higher on Friday following the release of a stronger-than-expected jobs report.
The Dow Jones industrials gained 43.49 points, to 24,254.97
The S&P 500 picked up 9.02 points to 2,646, with information technology rising 1%.
The NASDAQ acquired 42.94 points to 6,855.78, as shares of Facebook, Amazon, Netflix and Alphabet rose.
The U.S. economy added 228,000 jobs last month, according to the Bureau of Labor Statistics. Economists expected a gain of 200,000. The unemployment rate held steady at 4.1%.
Average hourly earnings — a closely watched component of the report — rose 0.2% for November and 2.5% for the year. Economists expected a monthly increase of 0.3% or 2.7% for the year.
Prices for the benchmark 10-year Treasury note sank, raising yields to 2.38% from Thursday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices added 37 cents a barrel to $57.06 U.S.
Gold prices skidded $2.40 to $1,250.70 U.S. an ounce.
