Canada's main stock index rose on Friday, helped by gains in the energy sector, after ending the previous session with its biggest percentage rise in nearly three years.
The S&P/TSX Composite Index stayed afloat 49.49 points, to move into noon hour Friday at 14,212.70
The Canadian dollar was down 0.11 cents at 73.3 U.S.
U.S. cannabis retailer Green Growth Brands said on Thursday it would make a hostile all-stock bid for Aphria in a deal valuing it at $2.8 billion, which Aphria said on Friday undervalued the company.
Aphria shares galloped 82 cents, or 10.8%, to $8.39, while rival Canopy Growth backpedaled 24 cents to $36.21.
Eight Capital cut the target price on Husky Energy to $20.00 from $22.00. Shares in Husky added six cents to $14.16, while Canadian Natural Resources gained 74 cents, or 2.3%, to $33.01.
First Majestic Silver Corp fell 22 cents, or 2%, the most on the TSX, to $10.85, after announcing an equity offering
ON BAYSTREET
The TSX Venture Exchange moved higher 5.22 points to 542.50
Eight of the 12 TSX subgroups stayed higher by the noon break, as energy gushed 1.8%, while communications and industrials were each better by 0.7%.
The four laggards were weighed most by gold, down 1.5%, while materials staggered 1.1%, and consumer discretionary stocks were off 0.9%.
ON WALLSTREET
Stocks in New York somehow stayed buoyant midday Friday, as the roller-coaster continued for investors
The Dow Jones Industrials remained up 60.41 points to 23,199.23,
The S&P 500 kept gains of 4.87 points to 2,493.70,
The NASDAQ recovered 13.28 points to 6,592.77, as Facebook, Netflix and Alphabet all traded lower.
On Thursday, the Dow closed 260 points higher after falling as much as 611 points. That reversal marked the 30-stock index’s biggest intraday turnaround in eight years. The S&P 500 also posted solid gains after declining more than 2% while the NASDAQ erased a 3% loss.
Thursday’s gains added to Wednesday’s historic rally in which the major indexes had their best day in nearly 10 years.
Stocks are still, however, on track for their worst December performance since 1931. The S&P 500 was down 9.8% for the month through Thursday’s close while the Dow has lost 9.4%.
The recent moves in stocks also put the Dow and S&P 500 on track for their first yearly loss since 2015. The NASDAQ, meanwhile, was on pace to log its first yearly decline since 2011.
Prices for the benchmark for the 10-year U.S. Treasury shot higher, lowering yields to 2.74% from Thursday’s 2.79%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.01 to $45.62 U.S. a barrel.
Gold prices were unchanged at $1,281.10 U.S. an ounce.
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