Stocks in Canada’s biggest market rose in early trade on Friday, led by heavyweight financial and energy stocks as oil prices rallied.
The S&P/TSX composite index regrouped 43.92 points to open Friday at 13,872.89
The Canadian dollar subtracted 0.24 cents at 77.49 cents U.S.
BMO cut target price on Valeant Pharmaceuticals International to $273.00 from $285.00 in view of the recent subpoenas focusing on drug pricing and government business.
Valeant shares shot ahead $8.27, or 3.8%, to $225.00
Ithaca Energy is out with Q3 numbers this morning, expecting a loss of a penny per share
Ithaca shares added three cents, or 3.3%, to 95 cents.
Economically speaking, Statistics Canada reported this morning that foreign investors added $3.1 billion of Canadian securities to their holdings in August, following a $10.1 billion divestment in July. The agency adds that in the same month, Canadian investment in foreign securities resumed with acquisitions totaling $8.7 billion, mainly U.S securities.
Moreover, manufacturing sales edged down 0.2% to $52.1 billion in August, following three consecutive monthly increases.
ON BAYSTREET
The TSX Venture Exchange eked up 0.12 points to 556.83
Seven of the 13 TSX subgroups were higher, as utilities gained 0.7%, with real-estate and health-care each up 0.6%.
The half-dozen laggards were weighed most by metals and mining, down 2.9%, industrials, down 0.6%, and materials off 0.3%.
ON WALLSTREET
U.S. stocks traded mixed Friday amid a slew of data and earnings releases and continued expectations of a delay in a Fed rate hike.
The Dow Jones industrial average moved up 12.56 points to 17,154.31, with General Electric leading advancers and Caterpillar the greatest decliner.
The S&P 500 took on 2.65 points to 2,026.51, with telecommunications leading six sectors higher and energy the greatest laggard.
The NASDAQ index sliced off 0.7 points to 4,869.40, as Apple and other tech stocks declined.
On the earnings front, General Electric posted earnings per share above expectations, but revenues fell short of estimates.
Honeywell posted earnings that beat on revenue that missed, hurt by the strong U.S. dollar.
On the data front, industrial production declined 0.2% in September, with capacity utilization at 77.5%.
The preliminary read on October consumer sentiment came in at 92.1. JOLTS showed 5.37 million job openings for August.
Prices for 10-year U.S. Treasuries edged up, lowering yields to 2.01% from Thursday’s 2.02%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 30 cents a barrel to $46.88 U.S.
Gold prices docked $1.70 to $1,181.40 U.S. an ounce.
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