Markets in Toronto moved much higher at Friday’s open, led by energy and financial sector stocks as U.S. crude oil prices rallied nearly 4%.
The S&P/TSX Composite Index climbed 99.18 points to open Friday at 12,852.78
The Canadian dollar gained 0.01 cents to 73.92 cents U.S.
Husky Energy Inc posted a smaller-than-expected quarterly loss as cost cuts help cushion the impact from slumping crude oil prices.
Husky shares began the day up 62 cents, or 4.6%, to $14.07.
Magna International Inc reported a rise in quarterly sales, excluding the impact of a strong U.S. dollar, helped by healthy demand in Europe and North America.
The car parts giant saw its shares zoom $3.01, or 6.3%, to $51.12.
Goldcorp forecast 2016 gold production of 2.8-3.1 million ounces, lower than its 2015 output, and reduced its dividend.
Goldcorp shares dwindled $1.99, or 9.2%, to $19.55.
RBC cut the target price on Loblaw Companies to $76.00 from $78.00 with a sector perform rating.
Loblaw shares took on $1.03, or 1.5%, to $68.22.
RBC cut the target price on Stantec to $34.00 from $3.00. Stantec shares swooned $1.13, or 3.8%, to $28.65.
ON BAYSTREET
The TSX Venture Exchange inched up 1.16 points to 535.47
Nine of the 13 TSX subgroups gained ground in the first hour, with metals and mining towering 7%, energy boosted 3%, and consumer discretionary stocks gaining 1.3%
The four laggards were weighed most by gold, down 1.8%, telecoms, off 0.5%, and materials, sliding 0.2%.
ON WALLSTREET
U.S. stocks traded higher Friday, on pace to end the week with solid gains, as oil prices rose amid some data reports.
The Dow Jones industrial average moved marginally higher, 2.74 points, to 16,700.03, with Caterpillar leading advancers and IBM the greatest decliner.
The S&P 500 tacked on 4.23 points to 1,955.93, with energy leading seven sectors higher and utilities the greatest laggard.
The NASDAQ index gained 13.71 points to 4,595.91
Both the S&P 500 and Dow were within 10% of their 52-week intraday highs, out of correction territory.
Economically speaking, the second revision on fourth-quarter U.S. gross domestic product showed a greater increase than expected, although the 1% annual rate was still slower than the 2% reported in the third quarter.
Fourth-quarter GDP was initially reported at 0.7%, while expectations for the second revision were for 0.4%, according to economists.
Personal income in January rose 0.5%, while personal spending rose 0.5% The core PCE rose 0.3%.
Final consumer sentiment for February showed 91.7, down from 92.0 in January.
Speaking at the G-20 meeting of central bank governors and finance ministers that kicked off in Shanghai, China's central bank governor Zhou Xiaochuan sent a message of confidence and repeated earlier reassurances the country would not stage another devaluation of its currency to support the economy.
Prices for the 10-year Treasury sagged, lifting yields to 1.76% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices added $1.10 a barrel to $34.17 U.S.
Gold prices capsized $7.26 to $1,225.65 U.S. an ounce.
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