Equity markets in Toronto hit a one-week high on Friday after positive economic data buoyed commodity prices and lifted hopes for a stable global recovery, fueling gains in every major sector.
The S&P/TSX composite index gained 84.26 points to greet noon at 12,758.61
The Canadian dollar reversed its field and gained 0.02 cents to 95.10 cents U.S.
Financials, the index's most heavily weighted sector, rose as Royal Bank of Canada climbed 0.9% to $65.04, and Toronto Dominion Bank added 1% to $88.85.
Energy shares were up as Suncor Energy Inc. jumped 2.2% to $36.14 and had the biggest positive influence on the market for a second straight day.
The materials sector, which includes mining stocks, gained, with gold producers climbing, most notably, Goldcorp Inc., which rose 3% to $32.93, and Barrick Gold Corp advanced 2.7% to $21.13.
In company news, Maple Leaf Foods said it will sell its rendering and biodiesel business to Darling International Inc. for about $645 million in cash.
Maple Leaf shares soared 9.3% to $14.63.
Broad-based domestic demand drove the strongest German quarterly expansion in more than a year between April and June, fuelling optimism Europe's largest economy will outperform in 2013 and support the faltering euro-zone recovery.
In Canadian economic news, Statistics Canada reported that the consumer price index rose 1.3% in the 12 months leading to July following a 1.2% increase in June. On a seasonally adjusted monthly basis, the Consumer Price Index rose 0.2% in July, matching the increases in May and June.
ON BAYSTREET
The TSX Venture Exchange took on 5.5 points to 940.54
All 14 Toronto subgroups were higher by noon, climbing on the back of gold stocks, ahead 2.7%, materials, gaining 1.7%, and the metals and mining sector, up 1%.
ON WALLSTREET
Microsoft's stock is soaring following news that its CEO Steve Ballmer will retire within the next 12 months.
The Dow Jones Industrials dipped 9.26 points, however, to 14,973, as the clock approached noon ET
The S&P 500 index notched higher but 1.91 points to 1,658.87. The NASDAQ hiked 11.21 points to 3,649.92
Microsoft's shares were up 5% following the Ballmer news. Microsoft is one of the 30 stocks in the Dow and one of the largest companies listed on the NASDAQ. So its big move was helping to lift the broader market.
NASDAQ company shares moved slightly higher, after dropping more than 3% following Thursday's trading glitch.
Facebook's shares soared, briefly topping $40 U.S. for the first time since its IPO day.
Aeropostale shares plummeted after the teen retailer posted weak results. Its poor outlook follows similarly bleak forecasts from rivals American Eagle Outfitters and Abercrombie & Fitch.
Pandora reported strong earnings, but the stock fell after the online radio company issued softer-than-expected guidance.
U.S. stocks closed higher Thursday even after NASDAQ's trading snafu. Late Thursday, U.S. Securities and Exchange Commission Chair Mary Jo White said the trading halt "should reinforce our collective commitment to addressing technological vulnerabilities of exchanges and other market participants."
The SEC plans to speed up its efforts for new rules to strengthen markets. White said she intends to hold a meeting soon with leaders of the major exchanges and other market participants.
Prices for the 10-year U.S. Treasury spiked, lowering yields to 2.83% from Thursday’s 2.90%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.03 to $106.06 U.S. a barrel.
Gold prices leaped $25.50 to $1,396.20 U.S. an ounce.
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