Equities in Canada’s largest centre rose on Friday, drawing support from energy stocks that tracked a rise in crude oil prices as economic reopening raised summer demand hopes, while a rise in retail sales also lifted sentiment.
The TSX gained 47.4 points to open Friday at 19,590.35.
The Canadian dollar lost 0.03 cents to 82.86 cents U.S.
Markets in Canada will be shuttered for Victoria Day.
Citigroup raised the target price on Bombardier to $1.20 from $0.73. Bombardier shares were static at 92 cents.
Acumen Capital cut the target price on Computer Modelling Group to $6.75 from $7.50. Computer Modelling shares squeaked up three cents to $5.60.
Scotiabank raised the target price on ATS Automation Tooling Systems to $44 from $35.50. ATS shares bounced 59 cents, or 1.9%, to $31.16.
The largest percentage gainer on the TSX was Village Farms International, which jumped 66 cents, or 6.6%, to $10.71, after announcing
normal course issuer bid for common shares.
Lightspeed Pos was the second-largest percentage gainer, rising $4.14, or 5.2%, to $84.25, after Scotiabank raised target price to $81.00 from $76.00.
AcuityAds Holdings, recovered from early losses to gain a dime to $12.44.
Canfor Corp fell 76 cents, or 2.6%, to $29.03.
On the economic beat, Statistics Canada said retail sales were up 3.6% to $57.6 billion in March, led by higher sales at building material and garden equipment and supplies dealers, and clothing and clothing accessories stores.
ON BAYSTREET
The TSX Venture Exchange increased 6.24 points to 954.97.
Eight of the 12 subgroups gained ground in the first hour of the trading day, with health-care better by 0.9%, energy improving 0.8%, and financials richer by 0.4%.
The four laggards were weighed most by gold, down 0.6%, while materials and real-estate each doffed 0.3%.
ON WALLSTREET
U.S. stocks rose for a second day in a broad-based rally on Friday as major averages clawed back their losses from earlier in the week.
The Dow Jones Industrials zoomed 258.85 points to begin Friday at 34,343.
The S&P 500 picked up 17.28 points to 4,176.40.
The NASDAQ gained 28.29 points to 13,535.74,
With Friday’s advance, the S&P 500 turned positive for the week with a 0.2% gain. The NASDAQ is up 1.2% this week, positioned to break a four-week losing streak. The blue-chip Dow is flat on the week.
Shares of Nvidia jumped 3% after the chip giant announced a four-for-one stock split. The shares increased even though the split adds no actual value to the stock.
Gains were broad across sectors on Friday. Cruise lines advanced after Carnival said some brands would resume cruises in July. Carnival added 1%.
Ford, which said it has 20,000 reservations for its new electric F-150 pickup, gained 1%. Home Depot shares rose 0.7% after the retailer announced a new $20 billion share buyback program.
In another sign of market confidence, new IPO Oatly, which jumped 18% on Thursday in its Nasdaq debut, was up 8% on Friday.
Boosting sentiment Friday was a gauge for U.S. manufacturing activity that surged to a record high this month. The IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index jumped to an all-time high of 61.5 in May from 60.5 in April. Economists polled by Dow Jones had expected the index to hold steady.
Bitcoin, which shook markets earlier in the week with a 30% collapse, was stable for a second day around the $40,000 range. Crypto-linked shares rose again on Friday with Tesla and Coinbase gaining 1% each.
Prices for 10-Year Treasurys waned, raising yields to 1.64% from Thursday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.55 to $63.49 U.S. a barrel.
Gold prices lost six dollars to $1,375.90 U.S. an ounce.
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