TransCanada, Home in spotlight
Markets in Canada’s largest centre enjoyed a higher opening on Friday, tracking global markets, after strong German economic growth data.
The S&P/TSX composite index opened Friday up 96.40 points to 15,324.92,
The Canadian dollar took on 0.35 cents to 80.28 cents U.S.
Sun Media Corp said its Sun News Network has shut down after searching for a potential buyer for months. Shares in owner Quebecor gained eight cents to $32.19.
TransCanada Corp is planning to ask the U.S. government for a permit to build a new 200-mile (322 km) pipeline from North Dakota across the border into Canada, the Wall Street Journal reported, citing a source. TransCanada shares picked up 36 cents to $58.86.
Home Capital Group’s CEO told the media Thursday the mortgage lender is not being hurt by the oil price collapse and does not have any significant exposure to the Alberta market. Home shares advanced 15 cents to $44.23.
CIBC cut the rating on Great-West Lifeco to underperform. Great-West shares gained 78 cents, or 2.2%, to $36.01.
CIBC cut the rating on Mullen Group to underperform from sector performer. Mullen shares docked 40 cents to $20.20.
Canaccord Genuity cut the target price on Yellow Pages to $28.00 from $30.00. Yellow Media shares sprang up 51 cents, or 3.1%, to $16.91.
Economically speaking, Statistics Canada reported this morning that manufacturing sales rose 1.7% in December, despite a 9.3% drop in sales of petroleum and coal products.
ON BAYSTREET
The TSX Venture Exchange added 3.41 points to 695.85
All but four of the 14 Toronto subgroups were higher in Friday the 13th’s first hour, led upwards by metals and mining, up 2.7%, global base metals’ 2.4% dash, and energy’s 1.4% surge.
The four laggards were weighed mostly by consumer staples, down 0.3%, while health-care and utilities each slid 0.2%.
ON WALLSTREET
U.S. stocks traded near highs as recent concerns about Ukraine, Greece and energy prices abated.
The Dow Jones Industrials gained 34.19 points to 18,006.57, a key psychological level last touched on New Year’s Eve. Caterpillar led gains and American Express was the greatest laggard.
The S&P 500 moved up 2.06 points to 2,090.54,
The NASDAQ index added 4.67 points to 4,862.28, at its highest level since March 2000, the peak of the dotcom bubble
Zynga broke even on an adjusted basis for its latest quarter, matching expectations, but investors are focusing on disappointing over lower than expected bookings.
ConAgra Foods cut its full-year profit forecast due to weaker sales and a stronger dollar. The company also named Sean Connolly as its chief executive officer, replacing the retiring Gary Rodkin. Connolly was CEO of Hillshire Brands prior to its sale to Tyson Foods last year.
Nike's Chief Financial Officer Donald Blair is retiring in October, to be replaced by senior vice president of finance Andrew Campion.
In the economic docket, consumer sentiment dropped 4.6% in February, missing expectations.
The euro-zone's gross domestic product expanded more than expected in the fourth quarter of 2014, boosted by an acceleration in Germany's growth. The region's GDP expanded by 0.3% in the final three months of the year from the previous quarter—above analyst expectations.
European stocks also traded in the black, following forecast-beating growth data from the euro-zone and a firming oil price.
Greek Prime Minister Alexis Tsipras has agreed to meet with representatives from the European Union (EU), European Central Bank and International Monetary Fund, ahead of Monday's key Eurogroup meeting on debt talks, according to Reuters.
On Sunday, Russia is expected to enter a ceasefire with Ukraine as announced early on Thursday, a move that sent European and U.S. stocks higher.
Prices for 10-year U.S. Treasuries dropped slightly, raising yields to 2.02% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.86 per barrel to $53.07 U.S.
Gold prices bolted higher $9.40 an ounce to $1,230.10 U.S.
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