TSX Soars to New High

First Quantum, Bay in Spotlight

Equities in this country hit a fresh record high on Friday as growing optimism around U.S.-China trade talks lifted sentiment.

The S&P/TSX Composite popped 112.2 points to greet noon Friday at 16,755.48, a gain on the week so far of 220 points, or 1.3%.

The Canadian dollar was down 0.27 at 75.43 cents U.S.

The largest percentage gainers on the TSX were First Quantum Minerals, which jumped 48 cents, or 4.8%, to $10.51, and OceanaGold, which rose two cents to $3.18, after the company said its Didipio mine is expected to resume operation on Sept 24.

Hudson's Bay Company sank 14 cents, or 1.4%, the most on the TSX, to $10.07, continuing a slide from the previous day when the department store operator reported wider quarterly loss.

The second biggest decliner was Shopify, down $11.54, or 2.5%, to $459.13

ON BAYSTREET

The TSX Venture Exchange added 0.89 points to 590.05

All but three of the 12 Toronto subgroups stayed positive midday as financials and industrials each climbed 1%, while health-care took on 0.9%

The three laggards were information technology, erasing 0.3%, while energy and gold each faltered 0.1%.

ON WALLSTREET

The Dow Jones Industrial Average rose on Friday, heading for its first eight-day winning streak in more than a year, amid improving sentiment around U.S.-China trade relations.

The 30-stock index came off its highs of the morning, but was still positive 56.5 points to 27,238.95, ahead 1.65% on the week.

The S&P 500 added 2.69 points to 3,012.26 – up 1.1% on the week. The NASDAQ Composite dipped 6.47 points by noon to register at 8,188, a gain of more than 1% on the week.

The Dow is looking to surpass an intraday record high of 27,398.68. Through Thursday’s close, the Dow was just 0.8% below that level. The S&P 500 was also within striking distance of its all-time high of 3,027.98.

Trade bellwethers Caterpillar gained 0.3%, and Boeing rose 1.1%. Those gains were slightly offset by a 1.6% drop in Apple. The tech giant’s stock fell after an analyst at Goldman Sachs cut his price target on Apple to $165 per share from $187.

On the data front, consumer sentiment for September topped expectations as consumers felt better about the economy. However, worries over the trade war increased.

Market focus is largely attuned to global trade developments, as the world’s two largest economies continued to prepare for talks in early October aimed at breaking their trade war impasse.

The New York Times reported Friday that China will exempt some U.S. agricultural products, including soybeans and pork, from additional tariffs.

Prices for the benchmark 10-year U.S. Treasury dwindled, raising yields to 1.88% from Thursday’s 1.79%. Treasury prices and yields move in opposite directions

Oil prices fell 17 cents to $54.92 U.S. a barrel.

Gold prices moved lower $8.40 to $1,499 U.S. an ounce.