Equities in Canada’s largest market opened higher on Friday, lifted by energy stocks as oil prices touched one-and-a-half month high amid signs of demand for crude picking up, with China reporting higher refining operations.
The S&P/TSX Composite Index gained 57.15 points to begin the session at 14,566.81.
The Canadian dollar lopped off 0.11 cents to 71.07 cents U.S.
Markets in Canada will be closed Monday for Victoria Day
Aurora Cannabis posted a smaller loss compared with the prior quarter on Thursday as customers in the United States and Canada stockpiled cannabis ahead of lockdowns. Cowen and Company cut the company’s price target to $11 from $12.00.
Aurora shares galloped $4.23, or 46%, to $13.43.
National Bank of Canada raised the target price on Bank of Montreal to $78.00 from $76.00. BMO shares shied 60 cents, or 1%, to $62.53.
CIBC raised the target price on CCL Industries to $49.00 from $44.00. CCL shares slid 75 cents, or 1.9%, to $39.61.
In the economic docket, the Canadian Real Estate Association reported home sales recorded over Canadian MLS Systems dropped by a record 56.8% in April, compared to an already weakened March, with a majority of sellers and buyers having seemingly moved off to the sidelines during the COVID-19 lockdown.
ON BAYSTREET
The TSX Venture Exchange advanced 5.77 points, or 1.2%, to 504.03
All but three of the 12 TSX were positive to start out Friday, as health-care 7.2%, while gold and energy stocks were both 2% to the good.
The three laggards were utilities, industrials and financials, down 0.2% each.
ON WALLSTREET
The Dow Jones Industrials reversed an early 200-point drop to trade to within sight of breakeven on Friday despite a record plunge in U.S. retail sales and rising trade tensions between China and the U.S.
The 30-stock index dropped 24.94 points to 23,600.04.
The S&P 500 erased 3.53 points to 2,848.97.
The NASDAQ fell 32.31 points to 8,911.18.
Shares of semiconductor makers AMD, Nvidia and Skyworks Solutions all fell more than 0.8%. Apple shares slid 2.1% while Cisco let go of 0.8% and Qualcomm fell 5%.
The major averages were headed for their worst weekly performance since late March. The Dow and S&P 500 both ended Thursday’s session down more than 2% for the week. The NASDAQ had lost nearly 2% week to date.
Those would be the averages’ worst weekly performances since the week ending March 20. The Dow, S&P 500 and NASDAQ all fell at least 12.6%.
U.S. monthly retail sales fell by 16.4% in April, a record. Economists polled by Dow Jones expected a decline of 12.3%. So-called core retail sales —which exclude auto, gas, food and building materials sales — dropped 15.3%.
The Trump administration has moved to block semiconductor shipments to Chinese company Huawei. The Commerce Department said it would "strategically target Huawei’s acquisition of semiconductors that are the direct product of certain U.S. software and technology."
Prices for the 10-Year Treasury dipped, raising yields to 0.63% from Thursday’s 0.62%. Treasury prices and yields move in opposite directions.
Oil prices increased $1.07 to $28.63 U.S. a barrel.
Gold prices improved $3.80 to $1,744.70 U.S. an ounce.
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