Equities in Canada’s largest centre rose at open on Friday, helped by gains in technology stocks, as expectations of further stimulus from central banks globally offset concerns of a global economic slowdown.
The S&P/TSX Composite gained 79.1 points to open Friday at 16,091.63
The Canadian dollar regained 0.07 at 75.17 cents U.S.
A recent unsolicited bid for Inter Pipeline has highlighted the potential of Canada's midstream companies to offer insulation from volatile oil prices. Inter shares gained 16 cents to $24.47.
CannTrust Holdings said that the sale of over half of its stock of marijuana and around a quarter of its plants had been suspended following the discovery of unlicensed cultivation at its facilities. CannTrust shares added eight cents, or 3%, to $2.72.
CIBC upgraded the rating on Extendicare to outperform from neutral. Extendicare picked up 22 cents, or 2.7%, to $8.51.
KBW raises price target on Intact Financial to $125.00 from $122.00. Intact shares lost 85 cents to $123.29.
CIBC cuts rating on Just Energy Group to underperform from neutral. Just shares tumbled 51 cents, or 20.7%, to $1.96.
On the economic front, Statistics Canada reported that foreigners reduced their holdings of Canadian securities by $4 billion in June, the third divestment in four months.
At the same time, Canadian investment in offshore securities increased to $6.6 billion, what the agency calls the largest investment since October 2018.
ON BAYSTREET
The TSX Venture Exchange recovered 1.91 points to 570.69.
All but two of 12 Toronto subgroups gained ground, with health-care sprouting 2%, financials up 0.8%, and energy, better by 0.7%.
The two laggards were gold, down 0.8%, and materials, off 0.4%.
ON WALLSTREET
Stocks rallied on Friday, resuming its rebound from a massive selloff earlier in the week, as Wall Street nears the end of another tumultuous week.
The Dow Jones Industrials leaped 200.02 points to 25,779.41,
The S&P 500 gained 21.4 points to 2,869.59
The NASDAQ recovered 79.01 points to 7,845.63. Apple and Nvidia led the gains.
Still, major stock averages are set to post their third straight weekly losses with the Dow down 1.9% on the week. The S&P 500 also bled 1.7% so far. August has been a volatile and brutal month for the stock market as the Dow has lost more than 4%.
Chip maker Nvidia’s stock jumped 8% on Friday after it reported better-than-expected fiscal-second quarter earnings.
General Electric, which had its worst day in 11 years Thursday on Madoff whistleblower’s fraud claims, rebounded on Friday after CEO Larry Culp called the accusation “market manipulation” and bought nearly $2 million worth of the company’s stock. Shares of GE surged 6%.
Prices for the benchmark 10-year U.S. Treasury dropped, lifting yields to 1.55% from Thursday’s 1.5%. Treasury prices and yields move in opposite directions
Oil prices moved upward 13 cents to $54.60 U.S. a barrel.
Gold prices slumped $6.40 to $1,524.80 U.S. an ounce.
