Canada's main stock index opened higher on Friday, as energy stocks gained on higher crude prices and upbeat economic data bolstered optimism over an economic rebound.
The TSX Composite index sprang up 61.74 points to start Friday at 20,111.21
The Canadian dollar dropped 0.16 cents to 82.51 cents U.S.
TD Securities raised the target price on Advantage Oil & Gas to $3.25 from $2.50. Advantage shares were unchanged at $4.55.
TD Securities raised target price on Boardwalk REIT to $48.00 from $47.00. Boardwalk units gave back 11 cents to $40.46.
CIBC raised the rating on Canadian Western Bank to outperform from neutral. Western shares sagged six cents to $34.82.
The Bank of Canada said on Thursday that inflation could remain higher than projected if supply imbalances and pressures on capacity persist, which might lead it to reduce stimulus more quickly than currently expected.
ON BAYSTREET
The TSX Venture Exchange edged up 0.09 points to start the session at 980.
All but three of the 12 TSX subgroups began Friday in plus territory, with energy rumbling 0.8%, industrials up 0.6%, and consumer discretionary stocks ahead 0.5%.
The three laggards were gold, down 1%, health-care off 0.6%, and materials sliding 0.3%.
ON WALLSTREET
U.S. stocks rose on Friday with the S&P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.
The Dow Jones Industrials edged forward 14.91 points to 34,481.15.
The broader index eked up 2.19 points to 4,241.37.
The NASDAQ improved 27.8 points to 14,048.14, with Apple, Amazon, Microsoft and Netflix all trading in the green.
For the week, the major benchmarks are mixed. The Dow is off by 0.8%, but the S&P 500 is up 0.2%, on pace for its third straight positive week. The NASDAQ is the outperformer this week with a 1.6% gain so far, poised to post its fourth winning week in a row.
Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop gained 4%. Those two suffered double-digit percent losses on Thursday as momentum in the Reddit favorites faded.
Prices for 10-Year Treasurys were sharply higher, lowering yields to 1.44% from Thursday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices regained 19 cents to $70.15 U.S. a barrel.
Gold prices gained $5.80 to $1,901.30 U.S. an ounce.
