Canada's main index touched a one-month high on Friday, helped by gains in energy and mining stocks, while investor sentiment remained upbeat as more global economic data indicated that interest rate hikes may be nearing their end.
The TSX accelerated 166.95 points to open Friday at 20,459.57.
The Canadian dollar staggered 0.29 cents to 73.72 cents U.S.
Banks are again in the picture, as Canadian Western Bank reported a fall in third-quarter profit versus a year ago. CWB shares climbed $2.60, or 9.9%, to $28.89.
Statistics Canada informed us Friday that real gross domestic product was nearly unchanged in the second quarter, following a 0.6% rise in the first quarter.
The slowdown was attributable to continued declines in housing investment, smaller inventory accumulation, as well as slower international exports and household spending. On a monthly basis, GDP declined 0.2% in June.
The Markit Canada Purchasing Managers Index registered 48.0 in August, in contrast with a forecast of 49.2 and with last August’s reading of 49.6.
ON BAYSTREET
The TSX Venture Exchange gained 3.18 points to 589.78.
The 12 TSX subgroups were in the green during Friday’s first hour, with energy chugging 1.9%, health-care haler 1.8%, and materials, up 1%.
ON WALLSTREET
Stocks rose Friday as traders bet an increase in the U.S. unemployment rate could keep the Federal Reserve from tightening policy.
The 30-stock index regained 191.76 points to begin Friday and September at 34,913.67.
The S&P 500 index resurfaced 21.49 points to 4,529.15.
The NASDAQ index bounced 41.44 points to 14,076.41.
The latest U.S. non-farm payrolls report showed the unemployment rate ticked higher to 3.8% in August, reaching its highest level in more than a year. Economists had expected it to remain at 3.5%.
In another sign of a slowing economy and easing pricing pressures, average hourly earnings increased 4.29% on a year-over-year basis, less than the 4.4% increase expected by economists polled by Dow Jones.
August payrolls grew at a faster-than-expected pace, with 187,000 being added. However, job numbers first reported for June and July were revised down by a combined 110,000.
Investors also pored over fresh earnings reports. Database software maker MongoDB tallied 7% and Dell Technologies advanced 19%, on the back of stronger-than-expected earnings reports. Shares of athletic apparel retailer Lululemon Athletica added 1.9% after crushing Wall Street’s estimates.
Prices for the 10-year Treasury sagged, raising yields to 4.15% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.50 to $85.13 U.S. a barrel.
Gold prices slid 40 cents to $1,965.60 U.S. an ounce.
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