TSX Reaches for Sky

First Quantum, Precision in Focus

Equities in Toronto hit a record high in a broad-based rally on Friday, with energy shares outperforming as they continue to track gains in oil prices.

The S&P/TSX hung onto gains of 66.65 points to greet noon Friday at 16,925

The Canadian dollar lopped off 0.05 cents at 75.38 cents U.S.

The largest percentage gainer on the TSX involved shares of First Quantum Minerals, which jumped 6.8% after Bloomberg reported the company is drawing takeover interest.

First Quantum shares popped $1.21, or 10.8%, to $12.41.

Precision Drilling fell half a cent to $1.835, while shares of Aurora Cannabis regressed 18 cents, or 2.6%, to $6.65.

On the economic front, Statistics Canada reported retail sales advanced for the first time in three months, increasing 0.4% in July to $51.5 billion. Higher sales were reported in six of 11 sub-sectors representing 71% of retail trade.

ON BAYSTREET

The TSX Venture Exchange gained 2.95 points to 587.17

All but three of the 12 Toronto subgroups approached noon in positive country, with information technology clicking 0.8% higher, financials and energy issues each up 0.6%.

The three laggards were health-care, trudging 0.9% lower, industrials, reversing 0.3%, and consumer staples, off 0.1%.

ON WALLSTREET

Stocks rose slightly on Friday, pushing Wall Street closer to record highs set earlier this year.

The Dow Jones Industrials remained positive 46.15 points to 27,140.94

The S&P 500 progressed 3.1 points to 3,009.89

The NASDAQ Composite subtracted 13.49 points to 8,169.39

The Dow came into Friday’s session 1.1% removed from its all-time high while the S&P 500 was 0.7% below its record mark from late July. The NASDAQ remained 1.9% away from its record.

The moves come after deputy trade negotiators from the U.S. and China resumed face-to-face talks for the first time in almost two months. The deputy-level trade talks are expected to help lay the groundwork for high-level negotiations early next month.

Prices for the benchmark 10-year U.S. Treasury inched up, lowering yields to 1.78% from Thursday’s 1.79%. Treasury prices and yields move in opposite directions

Oil prices grew 57 cents to $58.70 U.S. a barrel.

Gold prices picked up $4.40 to $1,510.60 U.S. an ounce.