Canada's main stock index rose on Friday, tracking Wall Street's gains, as signs of improving U.S.-China relations and higher oil prices boosted confidence.
The S&P/TSX Composite Index remained higher 118.5 points, to reach noon hour at 14,952.19.
The Canadian dollar gained 0.22 cents to 71.83 cents U.S.
The largest percentage gainers on the TSX were Enerflex, which jumped 7.4%, and AG Growth International, which rose 5.7%.
Aphria fell 6.0%, the most on the TSX. The second biggest decliner was Badger Daylighting, down 5.9% after it posted Q1 revenue and profit that was below analysts' estimates.
On the economic slate, Statistics Canada said the economy lost two million jobs during April, bringing the total employment decline since the beginning of the COVID-19 economic shutdown to over three million, and the unemployment rate up 5.2 percentage points to 13%.
StatsCan also said the total value of building permits issued by Canadian municipalities decreased 13.1% to $7.4 billion in March, with declines reported in seven provinces and two territories. The $1.1-billion national decrease was the largest since August 2014.
Canada Mortgage and Housing Corporation reported housing starts were 199,589 units in April 2020, down from 204,899 units in March 2020. Excluding Québec, the trend was 155,995 units in April 2020, up from 153,463 units in March 2020.
ON BAYSTREET
The TSX Venture Exchange gained 2.51 points to 490.73.
All but two of the 12 TSX subgroups were positive midday, with consumer discretionary stocks jumping 2.4%, real-estate ahead 1.5%, and energy rumbling forward 1.4%,
The two laggards were gold, dulling in price 0.5%, and health-care, down 0.3%.
ON WALLSTREET
Stocks rose Friday even after the ugliest monthly jobs report ever as investors bet the worst of the coronavirus and its impact on the economy has passed.
The Dow Jones Industrials maintained gains of 359.99 points, or 1.5%, to 24,235.88.
The S&P 500 advanced 41.49 points, or 1.4%, to 2,922.62.
The tech-heavy index NASDAQ traded higher 138.66, or 1.5%, to 9,118.32. The major averages were headed for their first weekly gains in three.
Gains from Facebook, Amazon, Alphabet and Apple helped lift the index back into positive territory for 2020. At one point, the NASDAQ was down more than 25% year to date.
The U.S. Labor Department said a record 20.5 million jobs were lost last month, adding the unemployment rate jumped to 14.7% from just 4.4%. Both the spike in job losses and the unemployment-rate surge are post-World War II records.
To be sure, neither print was as bad as feared. Economists polled by Dow Jones expected a loss of 21.5 million jobs and an unemployment rate of 16%.
Sentiment on Wall Street was also aided after Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer spoke to Chinese Vice Premier Liu He late on Thursday about the phase one trade deal signed in January.
In a statement, they said both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.”
Prices for the 10-Year Treasury were slightly lower, raising yields to 0.66% from Thursday’s 0.64%. Treasury prices and yields move in opposite directions.
Oil prices gained 38 cents to $23.93 U.S. a barrel.
Gold prices dipped $10.10 to $1,715.70 U.S. an ounce.
Dow Soars 350+ After Disastrous Jobs Report
