|Big gains for Toronto market |
The Toronto Stock Exchange climbed higher Friday, riding a boost from U.S. markets helped by positive data that showed strong signs of recovery for the world's largest economy.
The S&P/TSX composite index finished the day up 105.45 points to end the week at 12,613.05
The Canadian dollar subsided 0.91 cents to 97.21 cents U.S., on new inflation figures.
Markets in Toronto will be closed Monday for the Victoria Day holiday.
By mid-afternoon, most of the sectors on the Toronto Stock Exchange were higher, with energy and metals leading the pack as the largest advancers.
The energy sector was up as Canadian Natural Resources saw its shares climb 2.3%, or 67 cents, to $30.39.
The metals group was also up, as copper jumped ahead two cents to $3.32 U.S. a pound. Orbite Aluminae Inc. saw its shares rocket up nearly 16.1%, or 10 cents, to 72 cents a share after the Montreal-based company posted a first-quarter net loss of $500,000, or 0.2 cents per share, shrinking its loss of $3.8 million or two cents per share in the same period a year ago.
The gold sector took a fair bit of punishment, with Barrick Gold ditched 56 cents, or 2.9% to $19.05, and Kinross Gold faltered 12 cents, or 2.1%, to $5.42
In the economic file today, Statistics Canada reported this morning that the consumer price index rose 0.4% in the 12 months leading up to April, following a 1.0% increase in March.
The agency also said wholesale sales advanced by 0.3% in March to $49.1 billion, due mostly to higher sales in the motor vehicle industry.
The TSX Venture Exchange finished an up-and-down session by gaining 1.82 points to 934.68
All but two of the 14 Toronto subgroups gained ground, led by global base metals and energy, each climbing 1.9%, while consumer staples improved 1.4%.
The two laggards consisted of gold stocks, sinking 3.2%, while materials skidded 1.6%.
The stock market continued its march higher for a fourth week as investors focused on signs of improvement in the U.S. economy.
The Dow Jones Industrials leaped 121.18 points to 15,354.40. The S&P 500 index moved higher by 15.65 points to 1,666.12, putting both indices at record highs.
The tech-rich NASDAQ Composite added 33.72 points to end the week at 3,498.97
All three indexes have gained around 16% so far this year on a combination of gradually improving economic data and continued support from the U.S. Federal Reserve.
J.C. Penney shares slid after the ailing retailer reported another massive loss.
The losses came during a quarter in which J.C. Penney announced the departure of CEO Ron Johnson, a former Apple retail executive hired in 2011 to revive the floundering chain.
Mike Ullman, the former CEO who took back the reins from Johnson, pledged to reemphasize the company's private brands and improve the performance of its online store.
On the higher end of the retail spectrum, Nordstrom shares sank after the company reported weaker-than-expected revenue growth and trimmed its sales outlook.
A year after Facebook's disastrous stock market debut, the social network's stock is still 30% below its IPO price of $38 U.S. a share.
The company went public on May 18, 2012, in one of the most highly anticipated IPOs ever.
But its stock performance has been abysmal and some investors are relieved to have missed out on the deal.
Shares of Tableau Software surged 60% in their debut on the New York Stock Exchange.
The company raised more than $254 million U.S. through an initial public offering that priced above its estimated range. Tableau, which specializes in data visualization, also raised the amount of shares it offered to 8.2 million from 7.2 million.
Separately, shares of Marketo rallied 67% in their debut after the business-to-business software firm raised nearly $80 million through an IPO.
Tesla raised $968 million U.S. in a secondary offering of common stock and convertible notes. The electric car maker's founder and chairman, Elon Musk, personally bought $100 million U.S. worth of shares. Tesla's stock fell slightly but shares of another Musk-backed company, SolarCity surged for the second straight day, soaring more than 25%.
Economically speaking, consumer sentiment rose to its highest level in nearly six years in early May, according to a University of Michigan/Thomson Reuters survey.
Separately, the U.S. Conference Board's index of leading economic indicators bounced back in April from the prior month.
Prices on the 10-year U.S. Treasury slumped, raising yields to 1.95% from Thursday’s 1.86%. Treasury prices and yields move in opposite directions
Oil prices hiked 87 cents to $96.03 U.S. a barrel.
Gold prices dropped another $30.30 at $1,356.30 U.S. an ounce