Equities in Canada’s largest centre opened higher on Friday, as technology and healthcare stocks gained and global sentiment improved after China took steps to support the country's economic growth.
The S&P/TSX climbed 73.81 to 20,255.73. as Friday’s session wore on. Markets in Canada will be closed Monday for Victoria Day.
The Canadian dollar edged forward 0.06 cents at 78.06 cents U.S.
Canada on Thursday said it plans to ban the use of China's Huawei Technologies and ZTE’s 5G gear to protect national security, joining the rest of the so-called Five Eyes intelligence-sharing network.
Scotiabank raised the price target on ATS Automation Tooling Systems to $55.00 from $53.00. ATS shares took on 74 cents, or 2.1%, to $35.43.
Credit Suisse initiated coverage on Canadian Imperial Bank of Commerce with an "outperform” rating. CIBC shares gained 40 cents to $68.93.
Credit Suisse initiated coverage on Laurentian Bank of Canada with "underperform" rating. Shares in Laurentian docked six cents to $37.54.
ON BAYSTREET
The TSX Venture Exchange inched up 0.69 points to 706.27.
All but three of the 12 TSX subgroups were higher, with energy better by 1.2%, consumer discretionary stocks up 0.6%, and information technology clicking higher 0.5%.
The three laggards were gold, down 1%, materials, hesitating 0.6%, and health-care, off 0.4%.
ON WALLSTREET
U.S. stocks rose slightly on Friday, cutting into losses from earlier in the week that have sent the S&P 500 to the cusp of a bear market and the Dow Jones ndustrial Average on pace for its eighth negative week in a row.
The 30-stock index fell 20.93 points by to open at 31.232.20. For the week, the Dow is off by 2.4% for what would be its first 8-week losing streak since 1923 as relentless selling has taken over Wall Street the last two months.
The S&P 500 forged ahead 3.61 points to 3,904.40.
The S&P 500 fell 0.6% on Thursday and is now about 19% below a record closing high set in early January. This would be the first bear market — defined by many on Wall Street as a 20% drop from a high — since the pandemic decline of March 2020.
The NASDAQ Composite weakened from gains earlier in the session, losing 29.66 points to 11,388.50.
The NASDAQ and S&P 500 are on pace to fall for a seventh-straight week.
Ross Stores was the latest retailer to fall after posting earnings. The stock was down 20%. CEO Barbara Rentler said that “following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter.”
Elsewhere, shares of Deere also fell 7% on Friday after the heavy equipment maker reported a revenue miss. However, the company beat on earnings estimates and raised its annual profit outlook.
Treasury prices gained ground, lowering yields to 2.82% from Thursday’s 2.85%. Treasury prices and yields move in opposite directions.
Oil prices gained 62 cents to $112.83 U.S. a barrel.
Gold prices doffed $6.20 to $1,835 U.S. an ounce.
