Equities in Toronto were well on the way to extending an eight-day rally early Friday as investors took cheer from evidence of a gradual acceleration in euro-zone growth and a resolution to Italy's most recent political crisis.
The S&P/TSX composite index gained 44.39 points to open Friday at 14,046.04
The Canadian dollar fell 0.04 cents to 91.05 cents U.S.
Enbridge Inc reported a fourth-quarter loss, mainly due to losses on hedging contracts. Enbridge shares acquired a dime to $47.47.
Fairfax Financial Corp said on Thursday it had a loss in the fourth quarter, as its equity hedges lost money in a strong market. Fairfax shares docked four dollars to $435.00.
West Fraser Timber reported a slight decline in adjusted fourth-quarter profit on Thursday as higher lumber prices were outweighed by reduced shipments. West Fraser inched up a penny to $2.59.
On the word economic front, lightly stronger-than-expected growth in Germany and France pushed the euro-zone's recovery up a gear in the fourth quarter and offered potential for a more robust 2014.
Closer to home, Statistics Canada reported that manufacturing sales in Canada decreased 0.9% in December, mostly the result of a dip by transportation equipment sales.
ON BAYSTREET
The TSX Venture Exchange marched upward 6.05 points to 992.95
All but two of the 14 Toronto subgroups were up on the morning so far, with gold up 3.2%, materials hiking 1.8%, and global base metals gaining 0.8%.
The two laggards were information technology, down 0.3%, and health-care stocks sliding 0.2%.
ON WALLSTREET
Investors showed some affection for stocks Friday, but gold was feeling loved on Valentine's Day.
The Dow Jones Industrial Average gained 42.42 points to open at 16,070.01.
The S&P 500 index forged higher 3.66 points to 1,833.49. The NASDAQ nicked up 0.31 points to 4,240.98
Despite the sluggish start to the day, stocks have been on a tear in February. The S&P 500 has gained more than 3% this week and is now within 1% of an all-time high.
But gold has also gained momentum. The precious metal rose above $1,320 U.S. in the futures market. Gold is up nearly 4% this week.
In corporate news, Jos. A. Bank shares fell after the clothing retailer announced that it was acquiring Eddie Bauer for $825 million U.S. Shares of rival menswear company and would-be suitor, Men's Wearhouse, were lower too.
Shares of Campbell Soup rose after the company reported better-than-expected earnings. Hyatt Hotels also reported earnings that topped expectations, sending shares higher in early trading.
Kraft Foods shares were higher following quarterly results that beat expectations.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Thursday’s 2.74%.
Oil prices dipped 81 cents to $99.54 U.S. a barrel.
Gold prices increased $19.10 to $1,319.20 U.S. an ounce.
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