Equities in Canada’s largest market enjoyed triple-digit gains at the opening of Friday’s session – the last of 2018’s second quarter, led by hikes in resource stocks.
The S&P/TSX Composite Index rallied 105.63 points to open Friday at 16,285.52
The Canadian dollar perked 0.38 cents at 75.81 cents U.S.
Markets in Canada will be closed Monday for the Canada Day holiday
A Minnesota regulator on Thursday approved a certificate of need for Enbridge to rebuild its Line 3 oil pipeline, angering environmentalists but offering hope to Western Canadian oil producers that have struggled to move crude oil to refiners.
Enbridge began the day up $2.35, or 5.4%, to $46.25.
CIBC starts coverage on Canadian Utilities with a neutral rating. Canadian Utilities dipped 37 cents, or 1.1%, to $32.98.
TD Securities cut the rating on Great Canadian Gaming to hold from buy. Great Canadian Gaming picked up 13 cents to $47.06.
On the economic front, Statistics Canada reported that real gross domestic product edged up 0.1% in April as 12 of 20 industrial sectors increased.
After a decline in January, GDP has risen every month since the beginning of 2018.
The agency’s Industrial Product Price Index increased 1.0% in May, mainly due to higher prices for energy and petroleum products.
The Raw Materials Price Index rose 3.8% in May , primarily due to higher prices for crude energy products.
Elsewhere, sources say Canada will hit back against U.S. tariffs on its steel and aluminum by offering affected companies and workers up to $800 million in aid.
ON BAYSTREET
The TSX Venture Exchange demurred 0.54 points to 736.87
Eight of the 12 TSX subgroups were higher in the first hour, as energy gushed 2%, materials surged 1.1%, and gold shone 0.5% brighter.
The four laggards were weighed most by health-care, sagging 0.7%, utilities, off 0.2%, and telecoms, fading 0.1%.
ON WALLSTREET
Stocks jumped on Friday, boosted by gains in banks and Nike, but were still headed for weekly losses as the underlying market sentiment was soured by anxiety over global trade frictions.
The Dow Jones Industrials climbed 225.43 points to open the week’s final session at 24,441.48, with Nike outperforming
The S&P 500 gained 17.39 points to 2,733.70, as financials jumped 1.2%.
The NASDAQ climbed 44.79 points to 7,548.61
Nike shares jumped 12% and reached an all-time high after the company reported quarterly earnings and revenue that beat expectations.
Bank shares moved higher after announcing buybacks and dividend hikes following the Federal Reserve's annual stress test. Bank of America, Citigroup and J.P. Morgan Chase all rose about 1% Wells Fargo surged more than 5%.
Goldman Sachs and Morgan Stanley hovered around the flatline, however, after failing a key part of the stress test. This led the Fed to force them to keep shareholder payouts at roughly last year's levels.
Despite the gains, the major indexes were on track to close lower for the week as initial U.S. and Chinese tariffs are due to take effect next week. President Donald Trump’s administration is set to activate tariffs on Chinese goods worth around $34 billion on July 6, which is then widely expected to trigger a tit-for-tat response from Beijing.
Axios reported on Friday that Trump has repeatedly told top White House officials that he wants the U.S. to withdraw from the World Trade Organization.
Prices for the benchmark for the 10-year U.S. Treasury lost ground, raising yields to 2.85% from Thursday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices gained 62 cents to $74.07 U.S. a barrel.
Gold prices took on $1.10 to $1,252.10 U.S. an ounce.
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