Canada's main stock index edged higher on Friday, while an uptick in crude and gold prices capped losses on the commodity-heavy bourse.
The TSX bored ahead 10.43 points to wind up Thursday’s trading at 20,221.63
The Canadian dollar sagged 0.25 cents at 74.5 cents U.S.
Among stocks, gold royalty firm Maverix Metals said its shareholders approved peer Triple Flag Precious Metals Corp's acquisition of the company.
Maverix shares acquired 12 cents, or 1.8%, to $6.63, while those for Triple Flag doffed 39 cents, or 2.1%, to $18.50.
ON BAYSTREET
The TSX Venture Exchange kept rolling, with a gain of 6.38 points, or 1.1%, to open the week’s last session at 616.26.
Seven of the 12 subgroups gained, with gold soaring 0.8%, consumer discretionary stocks leaping 0.4%, and materials adding 0.3%.
The five laggards were weighed most by energy, down 0.6%, while information technology and utilities each slid 0.2%.
ON WALLSTREET
The stock market was set to end a winning week on a sour note Friday, as JPMorgan Chase led a decline in bank shares after it warned a recession was its base case for the year.
The Dow Jones Industrials gained a slight 37.91 points to begin Friday at 34,227.88.
The S&P 500 fell 5.69 points to 3,977.48.
The NASDAQ Composite Index slipped 8.62 points to 10,992.48.
Stocks are still headed for a winning week, with the NASDAQ on pace for their best weekly performance since November. The NASDAQ is up about 3.5% for the week. The S&P has advanced 1.8%, while the Dow has added 1.5%.
JPMorgan Chase posted revenue that beat expectations, but the bank warned it was setting aside more money to cover credit losses because a “mild recession” is its “central case.” The bank posted a $2.3 billion provision for credit losses in the quarter, a 49% increase from the third quarter. The stock fell more than 3%.
Wells Fargo shares fell nearly 4% after the bank reported its quarterly figures. Bank of America moved slightly lower despite reporting better-than-expected earnings for the fourth quarter.
Delta Air Lines also reported earnings and revenue that beat estimates for the final quarter of 2022. However, the stock slid about 6%.
Prices for the 10-year Treasury were stationery, keeping yields at Thursday’s 3.44%
Oil prices advanced 47 cents to $78.86 U.S. a barrel.
Gold prices prospered $15.30 to $1,914.10 U.S. an ounce.
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