Equities in Canada’s largest centre opened higher on Friday opened higher on Friday, tracking global markets, and encouraging corporate earnings from Canadian Imperial Bank of Commerce and National Bank of Canada.
The S&P/TSX index improved 72.63 points to open the week’s last session at 20,834.56.
The Canadian dollar gained 0.2 cents to 78.28 cents U.S.
CIBC beat analysts' estimates for quarterly earnings on Friday, as adjusted profit rose 14% from a year-ago period as the lender saw lower provisions and higher revenue across its units.
CIBC shares galloped $5.45, or 3.5%, to $160.35
National shares popped $1.46, or 1.5% to $102.29
Scotiabank raised the rating on Bombardier to outperform from sector perform. Bombardier shares acquired three cents, or 2%, to $1.55.
CIBC raised the target price on Loblaw Companies to $120.00 from $116.00. Loblaw shares declined $1.18, or 1.2%, to $99.88.
ON BAYSTREET
The TSX Venture Exchange recovered $4.78 points to 831.05.
The 12 TSX subgroups were evenly divided, as financials led gainers, up 1.3%, while industrials strengthened 0.7%, and utilities prospered 0.3%.
The half-dozen laggards were weighed most by health-care, down 1.2%, as gold lost 0.8%, and information technology gave up 0.7%.
ON WALLSTREET
Stocks rose Friday, building on Thursday’s rally, as investors continued to assess the financial risks stemming from Russia’s invasion of Ukraine.
The Dow Jones Industrial Index gained 128.71 points to 33,352.54.
The S&P 500 index inched up 0.78 points to 4,289.48.
The NASDAQ Composite Index lost 100.34 points to 13,373.24
Etsy shares on Friday rose 5% after the online marketplace’s quarterly results beat analyst estimates. Shares of Beyond Meat tumbled more than 14% and Foot Locker sunk more than 34% after disappointing earnings reports.
Russia is closing in on the Ukrainian capital of Kyiv, according to Ukrainian officials. The capital had been hit by “horrific Russian rocket strikes,” Ukrainian Foreign Minister Dmytro Kuleba said. That came a day after U.S. Secretary of State Antony Blinken told the media that Kyiv “could well be under siege” soon.
U.S. President Joe Biden rolled out a new wave of sanctions against Russia on Thursday afternoon in a broad effort to isolate Moscow from the global economy. The White House has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe, Biden said.
On the data front, the core personal consumption expenditures price index, the Federal Reserve’s primary inflation gauge, rose 5.2% from a year ago, the Commerce Department reported Friday. Economists surveyed by Dow Jones expected a 5.1% print.
Prices for the 10-year Treasury faded a tad, lifting yields to 1.98%, from Thursday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices gained five cents to $92.86 U.S. a barrel.
Gold prices dumped $35.20 to $1,892.10 U.S. an ounce.
Related Stories
