Stocks turned sharply higher in Toronto as buyers returned in droves after a big selloff on Thursday, but it still looked to be a losing week on the markets.
The S&P/TSX composite index moved higher 115.25 points to close the day and the week at 15,339.77
The Canadian dollar sank 0.61 cents to 82.23 cents U.S.
Metals and mining stocks proved the champion on the day, with Sheritt International charging ahead 15 cents, or 5.8%, to $2.65, and First Quantum Minerals moving up $1.07, or 5.8%, to $19.55.
Health-care stocks were also big winners, as Valeant Pharmaceuticals surged $9.56, or 3.7%, to $271.19.
Materials, home to gold mining stocks, also moved north, as Agnico Eagle Mines took flight $2.07, or 5.7%, to $38.59, and HudBay Minerals hiked 58 cents, or 4.9%, to $12.51.
The lone holdout on the day was found in the utilities sector, as Canadian Utilities ditched $1.35, or 3.4%, to $37.85.
On the economic slate, the RBC manufacturing Purchasing Managers’ Index for April indicated another difficult month for Canadian manufacturing companies, with output, new business and employment levels all decreasing last month.
Adjusted for seasonal influences, the PMI registered 49.0 in April, up only fractionally from 48.9 in March and below the neutral 50.0 value for the third month running.
ON BAYSTREET
The TSX Venture Exchange regained 3.43 points to 699.43
All but one of the 14 Toronto subgroups were ahead on the day, with metals and mining advancing 4.1%, global base metals jumping 2.9%, and health-care triumphing 2%
The only laggard was in utilities, down 1.1%
ON WALLSTREET
U.S. stocks closed about 1%higher on Friday, recovering from Thursday's selloff, as investors eyed higher Treasury yields and looked for signs of economic growth.
The Dow Jones Industrials spiked 183.54 points, or 1.1%, to 18024.06, as the major indices recovered the prior day's losses.
The S&P 500 index recovered 22.77 points to 2,108.28. The NASDAQ repaired 63.97 points to 5,005.39
April auto sales showed an annual rate of 16.45 million, Autodata said. The figure was slightly below estimates but still a 4.6% gain from the same period last year. General Motors and Ford reported stronger-than-expected U.S. auto sales, with GM sales up nearly 6% and Ford posting a 5.4% gain from the same month last year. Fiat Chrysler and Nissan reported an increase of 5.8% and 5.7%, respectively. Toyota missed expectations, up 1.8% versus an increase of 5.9%
Yum Brands spiked 5% to highs not seen since its spinoff from PepsiCo on news that Dan Loeb's Third Point took a significant stake in the firm. The hedge fund also announced a stake in Devon Energy.
Shares of tank car makers Greenbrier, Trinity Industries, Wabtec and American Railcar jumped on news of new oil railcar standards.
Chevron, Clorox and Public Service were among the few companies reporting before market open.
Oil and natural gas producer Chevron posted a 43% drop in quarterly profit on Friday due to low oil prices. The company reported net income of $2.57 billion U.S., or $1.37 per share, compared to $4.51 billion U.S., or $2.36 per share, in the year-ago period. Production grew 4% to 2.68 million barrels of oil equivalent per day.
Moody's earned $1.11 U.S. per share for its latest quarter, beating estimates by eight cents, with revenue also well above estimates. Its results were powered by strong increases in both debt rating and analytics revenue.
VF Corp. matched estimates with quarterly profit of 67 cents U.S. per share, with revenue very slightly below Street forecasts due to international weakness. However, the North Face and Timberland maker also increased its full-year earnings forecast.
Expansion in the U.S. manufacturing sector weakened in April as growth in output and new orders fell, according financial data firm Markit. The report said the final U.S. Manufacturing Purchasing Managers' Index fell to 54.1 in April from 55.7 in March. The preliminary read was 54.2.
On the back of disappointing first-quarter GDP data, April's manufacturing ISM index missed slightly, coming in at 51.5, unchanged from the previous month. The report was expected to show a modest rise to 52 that would follow five consecutive months of weakening.
Construction spending data for March showed a decline of 0.6%. The University of Michigan's consumer sentiment survey for April showed a final read of 95.9, up from 93.0 in March.
Prices for 10-year U.S. Treasuries fell, hiking yields to 2.11% from Thursday’s 2.04%. Treasury prices and yields move in opposite directions.
Oil prices slid 34 cents to $59.29 U.S.
Gold prices remained negative $7.90 to $1,174.50 U.S.
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