Stock markets in Canada’s largest centre edged up on Friday as gains in the heavyweight energy sector offset declines among natural resource and gold producers.
The S&P/TSX Composite Index gained 32.86 points to start the week’s last session at 15,440.52
The Canadian dollar dropped 0.36 cents to 79.75 cents U.S.
Markets on both sides of the border will be taking Monday off, the U.S. for Presidents Day, Canada for Family Day
Air Canada reported a quarterly profit compared with a loss a year earlier, when the company took a charge of $91 million related to pension funds.
The airline took flight 93 cents, or 3.8%, to $25.26.
The National Energy Board on Thursday issued rulings that allow Kinder Morgan Canada to do additional construction work on an oil pipeline expansion that is fiercely opposed by the province of British Columbia.
Kinder shares gathered 26 cents, or 1.4%, to $19.38.
Barclays raised the target price on Canadian Tire Corp to $187 from $180. Shares in the retailer lost 49 cents to $173.99.
RBC raised the target price on Constellation Software to $950 from $900. Constellation shares backpedaled $7.16 to $833.69.
CIBC raised the price target on TransCanada Corp. to $77 from $76. TransCanada shares advanced 94 cents, or 1.7%, to $57.27.
On matters economic, Statistics Canada reported that manufacturing sales declined 0.3% to $55.5 billion in December, following a revised increase of 3.8% in November. The decline was mainly the result of lower sales in the petroleum and coal products industry and the food manufacturing industry.
Canadian investors acquired a record $22.0 billion of foreign securities in December, mainly foreign shares. Meanwhile, foreign investors reduced their holdings of Canadian securities by $2.0 billion, led by a divestment in Canadian bonds.
ON BAYSTREET
The TSX Venture Exchange subtracted 3.41 points to 830.79
Eight of the 12 TSX subgroups were positive in the first hour, with energy and utilities climbing 0.4% each, while industrials were up 0.3%.
The four laggards were weighed most by health-care, down 1.3%, gold, sliding 0.6%, and materials, off 0.4%.
ON WALLSTREET
U.S. stocks alternated between gains and losses on Friday as they tried to extend a five-day winning streak. They were also on track for their best weekly gain in five years.
The Dow Jones industrial average gained another 30.96 points to 25,231.33. Gains, however, were limited by downward progress exhibited by Chevron. For the week, the 30-stock index was up 4.1%.
The S&P 500 nicked up 1.15 points to 2,732.35, with energy as the worst-performing sector. The broad index is up 4.2%, on pace for its biggest one-week gain since 2013.
The NASDAQ added 7.96 points to 7,264.39, and is aiming for its best week since 2011.
Stocks have rebounded sharply from the correction levels seen last week. On Feb. 8, the major averages closed 10% below all-time highs set last month.
In economic news, housing starts rose 9.7% in January, easily surpassing analyst expectations. Import prices, meanwhile, gained 1%, while export prices advanced 0.8%. Consumer sentiment rose more than expected, according to a preliminary reading from the University of Michigan.
Prices for the benchmark 10-year Treasury note gained strength, lowering yields to 2.87% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions.
Oil prices lost 40 cents a barrel to $60.94 U.S.
Gold prices sank $1.10 to $1,354.20 U.S. an ounce.
