The top equity market in Toronto extended its record high for 2016 on Friday and was on track for a 3% weekly gain as mining and energy issues rose on higher commodity prices and after data showing stronger-than-expected U.S. jobs data and higher Canadian exports.
The S&P/TSX Composite Index leaped 138.91 points, or 1.1%, to greet noon at 13,262.56, aiming to take its win streak to seven.
The Canadian dollar muscled 0.38 cents higher to 74.97 cents U.S.
The most influential movers on the index included Barrick Gold, which gained 5.2% to $19.61, and Goldcorp, up 8.2% to $21.68.
Canadian Natural Resources rose 2.5% to $33.68 and Enbridge added 0.9% to $47.76.
On the economic front, Statistics Canada reported that this country’s imports increased 1.1% in January to $46.7 billion. Exports totaled $46.0 billion, up 1.0% from December. Consequently, Canada's merchandise trade deficit with the world widened from $631 million in December to $655 million in January.
Moreover, Western University in London, Ontario reported that its seasonally-adjusted Ivey Purchasing Manager's Index for February stood at 53.4, indicating that purchases were less than the previous month. That compares with to 66 in January, and with 49.7 in February 2015
ON BAYSTREET
The TSX Venture Exchange picked up 8.3 points to 561.2
Nine of the 13 TSX subgroups were higher, as metals and mining hiked 10.4%, materials gathered 4%, and gold took on 3.7%
The four laggards were weighed by information technology, down 1.1%, health-care, off 0.5%, and consumer staples, down 0.4%
ON WALLSTREET
On pace for their first three-week win streak of 2016, U.S. stocks traded mostly higher Friday as investors eyed the monthly jobs report and oil prices.
The Dow Jones Industrial average regained 74.03 points to 17,017.93, with Caterpillar the top gainer and Pfizer the greatest laggard.
The S&P 500 strengthened 8.33 points to 2,001.73. Energy rose more than 2% and materials traded more than 1.5% higher to lead S&P advancers in midday trade.
The NASDAQ index dumped 23.36 points to 4,730.78
With Friday's late-morning gains, the NASDAQ traded within 10% of its 52-week intraday high, out of correction territory on an intraday basis. The Dow traded 7% below, while the S&P 500 traded about 6%, below their 52-week intraday highs, also out of correction territory.
The non-farm payrolls report released ahead of the open Friday showed creation of 242,000 jobs in February, substantially topping expectations. The unemployment rate unchanged at 4.9%, while labour force participation was 62.9%
A 0.1% monthly drop in average hourly earnings lowered the year-on-year gain in earnings to 2.2%
Prices for the 10-year Treasury dipped, raising yields to 1.90% from Thursday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.04 a barrel to $35.61 U.S.
Gold prices sprinted higher $4.73 to $1,268.98 U.S. an ounce.
Related Stories
