Positive Start to Quiet Friday

Omega Securities in News

(CORRECTS ERROR IN GRAFS DEALING WITH BONDS, OIL AND GOLD)


Stocks in Canada’s largest market moved higher in early trade on Friday and was on track for a 0.7% gain for the week, with financial and energy shares leading a broad rise.

The S&P/TSX Composite Index acquired 36.73 points to open the week’s last session at 16,111.03

The Canadian dollar inched up 0.04 cents to 78.7 cents U.S.

Canada's biggest securities regulator on Thursday ruled that Omega Securities could continue to run its two alternative trading systems ahead of a hearing on whether it is operating in breach of Ontario provincial law.

Energy stocks roared ahead, particularly, Crescent Point, up 13 cents, or 1.4%, to $9.66, while Imperial Oil progressed eight cents to $39.70.

Among health-care stocks, Canopy Growth moved upwards 18 cents, or 1%, to $19.13, while rival Aurora Cannabis jumped 32 cents, or 4.8%, to $7.06.

The United Steelworkers said on Thursday it reached a tentative agreement with Noranda Income Fund on a new labour deal for 371 striking workers at a zinc refinery in Salaberry-de-Valleyfield, Quebec.

Units of Noranda Income Fund mushroomed 19 cents, or 13.6%, to $1.59.

RBC raised the price target on Dollarama Inc. to $161.00 from $143.00. Dollarama shares retreated 13.5 cents to $160.01.

ON BAYSTREET

The TSX Venture Exchange inched up 1.29 points to 794.07

All but two of the 12 TSX subgroups were positive in the session’s first hour, as energy and health-care each ascended 0.5%, while consumer discretionary stocks grew 0.3%.

The two laggards were gold, down 0.3%, and materials, off 0.02%.

ON WALLSTREET

U.S. equities opened higher on Friday as investors placed bets on a strong holiday shopping season.

The Dow Jones industrial average recovered 42.91 points to open Friday at 23,569.09, with Wal-Mart leading advancers on the 30-stock index.

The S&P 500 picked up 4.76 points to 2,601.84, with energy as the best-performing sector. Energy stocks were boosted by a rise in crude prices. Macy's was the best-performing stock in the index.

The NASDAQ Composite gained 12.48 points on top of Wednesday’s all-time high, to 6,879.84, as shares of Amazon climbed 0.7%.

Equities were set to finish the shortened trading week with modest gains. The S&P 500 and Dow were on track to rise 0.7% entering Friday's shortened session, while the NASDAQ was on track to post a 1.1% weekly gain.

Long lines of people began forming by Thursday afternoon outside of retailers like Best Buy and Target, among others, as shoppers got ready for Black Friday. Digital sales were also robust, according to Adobe Analytics, which said U.S. consumers had already spent more than $1.52 billion online by 5 p.m. ET on Thanksgiving evening.

Shares of Macy's, Nordstrom and Kohl's rose more than 1% in early trade. Overall, traditional retail stocks have taken a hit this year as more people shift to online shopping outlets, helping Amazon increase its market share.

U.S. markets were closed Thursday for Thanksgiving. Equity markets will adjourn at 1 p.m. EST, while the Securities Industry and Financial Markets Association recommend a 2 p.m. EST close for bond markets.

Prices for the benchmark 10-year Treasury note lost ground, raising yields to 2.34% from Wednesday’s 2.32%. Treasury prices and yields move in opposite directions.

Oil prices improved 60 cents a barrel to $58.62 U.S.

Gold prices faded $2.90 to $1,289.30 U.S. an ounce.