Canada's main stock index advanced on Friday, with materials and real estate shares leading gains, setting the benchmark index up for its second straight weekly increase as it heads into the Christmas break.
The TSX Composite grabbed 139.36 points, to lead off the last session before Christmas at 20,905.09.
The Canadian dollar raced ahead 0.3 cents at 75.57 cents U.S.
Among individual stocks, the federal government approved Royal Bank of Canada's $13.5-billion acquisition of HSBC's domestic unit. RBC shares grabbed 73 cents to $133.82.
ATB Capital Markets reinstated coverage on Crescent Point Energy with an "outperform" rating. Crescent Point shares squeezed ahead nine cents to $9.36.
TFI International gained $10.21, or 6.3%, to $172.74, after it said it had agreed to acquire Daseke, in a deal valued at about $1.1 billion.
The Canadian markets will be shut on December 25-26 on account of Christmas and Boxing Day holidays.
On the economic calendar, Statistics Canada said real gross domestic product was essentially unchanged in October as services-producing industries edged up 0.1%, while goods-producing industries were essentially unchanged.
ON BAYSTREET
The TSX Venture Exchange vaulted 5.56 points, or 1%, to 556.61.
All but one 12 subgroups were in the plus column in the first hour, with gold hiking 2.5%, materials up 1.8%, and real-estate better by 1.2%.
Only information technology was negative, and only 0.01%.
ON WALLSTREET
The S&P 500 rose Friday after cooler inflation data, with stocks heading for an eighth-straight winning week as Wall Street looks to extend its year-end rally.
The Dow Jones Industrials gained 79.06 points to begin Friday at 37,483.41.
The S&P 500 strengthened 21.26 points to 4,768.01. At current levels, the broader index is 0.6% from its record close, and 1% from intraday record.
The NASDAQ hiked 72.9 points to 15,037.62.
Dow component Nike dropped 11% after lowering its sales outlook, and announcing plans to cut costs by about $2 billion over the next three years.
The Federal Reserve’s favorite inflation gauge came in less than expected. The November core personal consumption expenditures price index rose just 0.1% last month, and gained 3.2% from a year ago, about in line with expectations. Economists polled by Dow Jones were anticipating a rise of 0.1% month over month, and 3.3% year over year.
The three major averages are on pace for their eighth positive week in a row — a first for the S&P 500 since 2017 and for the Dow dating back to 2019. The S&P 500 is up 0.9% for the week, while the Dow has a gain of 0.4%. The NASDAQ is up more than 1% in the period.
The U.S. stock market will be closed on Monday for Christmas.
Prices for the 10-year Treasury inched ahead, lowering yields to 3.88% from Thursday’s 3.89%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.02 to $74.91 U.S. a barrel.
Gold prices jumped $30.10 at $2,081.40.
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