Canada's main stock index opened higher on Friday, helped by energy stocks as crude prices gained on concerns of supply constraints, amid reports it could take weeks to dislodge a giant container ship blocking the Suez Canal.
The TSX took on 30.76 points to begin the week’s last session at 18,681.16.
The Canadian dollar recovered 0.23 cents at 79.25 cents U.S.
Telus said it would raise $1.3 billion through an equity offering as the Canadian telecom company boosts investments in broadband connectivity and 5G. Telus shares lost $1.02, or 3.9%, to $25.22.
CIBC raised the target price on Canadian National Railway to $148.00 from $142.00. CN shares ducked 63 cents to $146.04.
Canaccord Genuity raised price target on Inovalis REIT to $10.75 from $9.50. Inovalis units dropped eight cents to $9.65.
The federal procurement minister said Moderna has delayed the shipment of 590,400 doses of its COVID-19 vaccine that were due to arrive in Canada this weekend.
ON BAYSTREET
The TSX Venture Exchange regained 3.65 points to begin Friday at 940.25.
Seven of the 12 TSX subgroups began the session in the green, with energy higher by 1%, materials up 0.8%, and gold improving 0.3%.
The five laggards were weighed down most by communications, sliding 1.4%, health-care, down 0.9%, and industrials, caving 0.4%.
ON WALLSTREET
U.S. stocks climbed on Friday, led by bank shares and economic reopening plays as investors cheered data showing subdued inflation.
The Dow Jones Industrials barreled ahead 223.53 points to 32,843.01
The S&P 500 added 23.41 points to 3,932.60.
The NASDAQ Composite recovered 15.79 points to 12,977.68, as some major technology stocks reserved losses.
Financial stocks rose after the Federal Reserve announced that banks could resume buybacks and raise dividends starting at the end of June.
The central bank originally said it would lift pandemic era restrictions in the first quarter, but even the delayed move gives investors more clarity.
Shares of JPMorgan rose 1.5%, while Bank of America advanced 2%. Goldman Sachs gained 1%.
Classic reopening plays built on the momentum from the previous session. American Airlines climbed 1%, while Royal Caribbean, Carnival and Norwegian Cruise Line all climbed more than 1%.
The major averages are on track to eke out small gains for the week after back-to-back gains. The S&P 500 and the Dow are both up about 0.4% this week, while the Nasdaq has inched up 0.2% on the week.
President Joe Biden on Thursday announced a new goal of having 200 million COVID vaccination shots being distributed within his first 100 days in office. As of Friday, 100 million coronavirus vaccinations had been given since Biden was inaugurated.
Prices for 10-Year Treasurys fell, hoisting yields 1.66% from Thursday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.42 to $60.98 U.S. a barrel.
Gold prices recouped $3.40 to $1,728.50.
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