Canada's main stock index gathered momentum on Friday, on track to mark its fifth straight session of gains, as gold miners and material stocks rallied.
The TSX soared 85.19 points to reach noon EST at 20,296.39
The Canadian dollar sagged 0.18 cents at 74.57 cents U.S.
In company news, Cogeco Communications tanked $6.63, or 7.8%, to $75.31, after trimming its annual revenue outlook on a lower-than-expected customer base in Ohio.
Lundin Mining Corp lost 69 cents or 7% after the company announced 2022 production results and provided 2023 guidance.
Elsewhere, Bombardier led industrial stocks, up $1.36, or 2.4%, to $57.91, while Canadian Pacific gathered $1.48, or 1.4%, to $105.66.
In gold issues, Torex popped 97 cents, or 5.5%, to $18.68, while Iamgold triumphed 12 cents, or 3.3%, to $3.73.
ON BAYSTREET
The TSX Venture Exchange tallied 5.46 points, albeit off from its highs of the morning to 615.34.
All but one of the 12 subgroups were positive, with gold shining 1.1% brighter, industrials marching 0.7%, and information technology clicking higher 0.5%
Only health-care ailed, losing 0.4%.
ON WALLSTREET
Stocks gyrated Friday as investors digested bank earnings, but the S&P 500 remained on track for its best week since November and second winning week in a row as investors bet inflation would ease in 2023.
The Dow Jones Industrials settled back 5.08 points to break for lunch Friday at 34,184.89.
The S&P 500 fell 14.78 points to 3,968.39.
The NASDAQ Composite Index descended 42.5 points to 10,958.61.
Stocks are still headed for a winning week, with the NASDAQ on pace for its second consecutive up week and its best weekly performance since November. The tech-heavy index is up more than 3% for the week. The S&P has advanced almost 2%, while the Dow has added more than 1%.
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.
Bank of America fell slightly despite reporting better-than-expected earnings for the fourth quarter. The company echoed JPMorgan’s concerns about the economy. It’s preparing for a mild recession in 2023, including a scenario where unemployment rises rapidly, CEO Brian Moynihan said on a call with investors.
Wells Fargo was lower, however, after reporting its profits for the last quarter had been cut by half.
Elsewhere, Delta Air Lines reported earnings and revenue that beat estimates for the final quarter of 2022. However, the stock slid about 4%.
Prices for the 10-year Treasury were lower, raising yields to 3.48% from Thursday’s 3.44%. Treasury prices and yields move in opposite directions.
Oil prices advanced 80 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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