TSX Enjoys Higher Start

Emera in Focus

Canada's main stock index opened higher on Friday, led by gains in energy stocks, after the Organization of the Petroleum Exporting Countries agreed to modestly boost oil output.

The S&P/TSX Composite Index popped 117.06 points to start Friday off at 16,452.21, after setting an all-time record close on Thursday.

The Canadian dollar let go of 0.09 cents to 75.02 cents U.S.

BlackBerry on Friday reported quarterly revenue and profit that topped analysts' estimates, driven by strong growth in its high-margin software and services business.

BlackBerry shares dipped $1.30, or 8.3%, to $14.31.

Lithium Americas plans rapid development of its Thacker Pass lithium project in Nevada, the company said on Thursday, as it released a feasibility study on what it calls the largest U.S. deposit of the crucial battery ingredient.

Lithium shares jumped 37 cents, or 5.1%, to $7.60.

Industrial Alliance Securities raises the rating on Emera Inc. to strong buy from buy. Emera shares jumped 44 cents, or 1.1%, to $42.49.

On the economic slate, Statistics Canada reported Friday that the consumer price index for May rose 2.2% on a year-over-year basis, matching the increase in April. On a seasonally-adjusted monthly basis, CPI was up 0.1% in May.

Elsewhere, following three consecutive monthly increases, retail sales in April declined 1.2% to $49.5 billion. The decrease was primarily due to lower sales at motor vehicle and parts dealers.

ON BAYSTREET

The TSX Venture Exchange removed 0.08 points to 755.25

All but three of the 12 TSX subgroups were positive, with energy towering 3.4%, while gold and materials each climbing 0.8%

The three laggards were health-care, down 1.8%, information technology, off 1.1%, and real-estate, lower by 0.02%.

ON WALLSTREET

Stocks traded higher on Friday as investors tried to shake off any jitters concerning trade tensions between the U.S. and China.

The Dow Jones Industrials gained 169.72 points to 24,631.42, with Chevron and Exxon Mobil as the best-performing stocks in the index.
The Dow closed lower on Thursday for the eighth day in a row. If the 30-stock index falls again, it would post its longest losing streak dating back to 1978.

The S&P 500 recovered 12.3 points to 2,762.06, with energy, materials and industrials outperforming.

The NASDAQ fell 6.74 points to 7,706.21, as tech shares slipped.

Entering Friday's session, the Dow, S&P 500 and NASDAQ were all down for the week.

Bank stocks rose slightly on Friday after the Federal Reserve determined they have enough capital to return to shareholders even after a worst-case stress test. J.P. Morgan Chase, Wells Fargo and Bank of America all ticked higher.

OPEC ministers struck a deal regarding oil production levels in their countries, according to a source, sending crude prices higher. Some media reported the cartel agreed to boost output by one million barrels per day. However, analysts say the increase will likely fall between 600,000 and 800,000 barrels per day as some OPEC members will not be able to sufficiently ramp up crude production.

Energy stocks Chevron and Exxon Mobil both rose more than 1.5%

Markets around the globe have been on a roller-coaster ride this week as tensions surrounding a tit-for-tat trade dispute between the U.S. and China continue to escalate.

On Monday, President Donald Trump requested the United States Trade Representative identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent. Those tariffs followed levies announced by both nations last week. Consequently, Beijing stated that
it would deliver its own set of counter measures, if required.

But media reports circulated Friday that some White House officials are trying to restart talks with China in order to avoid a full-blown trade war.

Prices for the benchmark for the 10-year U.S. Treasury lost a bit of ground, raising yields to 2.91% from Thursday’s 2.9%. Treasury prices and yields move in opposite directions.

Oil prices picked up $1.84 to $67.38 U.S. a barrel.

Gold prices took on one dollar to $1,271.50 U.S. an ounce.