Canada's main stock index fought its way into positive territory midday Friday, powered mostly by health and tech issues, on a path to its fourth consecutive weekly gain.
The S&P/TSX Composite Index gained back 28.07 points, to move into lunch hour at 21,799.29.
The Canadian dollar docked 0.03 cents to 79.14 cents U.S.
In the health-care sector, Canopy Growth hiked 51 cents, or 6%, to $9.06.
Nuvei led tech stocks higher, gaining $3.18, or 3.8%, to $87.78.
Consumer staples did not fare so well, with Loblaw Companies settling $2.62, or 2.3%, to $111.40.
Cogeco Communications weighed most on communications with a loss of $1.83, or 1.8%, to $101.26.
Macroeconomically, it’s a busy day in Toronto, with retail trade having increased 3.2% to $58.9 billion in January.
Statistics Canada also says the increase was led by 5.3% higher sales at motor vehicle and parts dealers.
As well, according to Statistics Canada, Canadian investors reduced their holdings of foreign securities by $14.4 billion in January, following a large $21.3 billion investment in December.
Meanwhile, foreign investors acquired $13.5 billion of Canadian securities, mainly in the form of bonds.
Finally, the agency’s new housing price index grew 1.1% in February. Prices rose in 18 of the 27 census metropolitan areas surveyed and were unchanged in nine.
ON BAYSTREET
The TSX Venture Exchange inched forward 1.75 points to 852.84
The 12 TSX subgroups were evenly split by noon hour, with health-care improving 1.8%, information technology up 1%, and industrials ahead 0.6%.
The half-dozen laggards were weighed most by consumer staples, off 0.8%, communications fell 0.5%, and financials, sliding 0.2%.
ON WALLSTREET
U.S. equities were mixed on Friday following a three-day rally for the S&P 500 that put the equity benchmark on pace for its biggest weekly gain in more than a year.
The Dow Jones Industrials stayed negative 66.33 points midday Friday at 34,414.43. Even so, the blue-chip index has risen 4.3% for the week and is on track for its biggest weekly gain since November 2020.
The S&P 500 added 11.52 points to 4,423.19, also up for its best week since November 2020.
The NASDAQ Composite jumped 136.77 points, or 1%, to 13,751.55, having advanced more than 5% this week and is headed for its best week since February 2021.
On Friday shares of FedEx fell more than 5% after the U.S. delivery firm posted a lower-than-expected quarterly profit amid labor shortages, while the pandemic also hurt its holiday revenue growth.
GameStop saw its shares dropping about 2% after the video game retailer reported an unexpected loss during the holiday quarter. The company said it will launch a new marketplace for non-fungible tokens, or NFTs, by the end of April.
Friday’s moves come as traders continued to digest the latest developments in the Ukraine-Russia war.
Several missiles hit an aircraft repair center on the outskirts Lviv in western Ukraine. Meanwhile, U.S. President Joe Biden is slated to speak with Chinese President Xi Jinping to discuss the conflict. A Ukrainian official also said one person was killed in an airstrike that hit Kyiv.
Treasury prices gained ground, dropping yields to 2.15% from Thursday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.20 to $104.18 U.S. a barrel.
Gold prices fell $10.90 to $1,932.30 U.S. an ounce.
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