Toronto Readies for Largest Weekly Gain since March

First Quantum at Centre-Stage

Canada's main stock index rose on Friday, on course for its best weekly performance since March, as the energy sector rallied on the back of higher oil prices.

The TSX Composite gained 102 points to reach noon Friday at 20,921.94.

The Canadian dollar acquired 0.23 cents to 80.82 cents U.S.

After snapping a seven-month win streak in September, the Canadian equity index has gained 3.7% so far this month.

First Quantum Minerals gained $1.65, or 6%, to $29.33, while MEG Energy jumped 18 cents, or 1.7%, to $10.93, the largest percentage gainers on the TSX.

On the economic schedule, Statistics Canada reports wholesale sales increased 0.3% in August, reflecting mixed results among wholesale sub-sectors.

The agency also says sales of food, beverage and tobacco products surpassed March 2020 levels for the first time.

The Canadian Real Estate Association reported national home sales rose 0.9% on a month-over-month basis in September.

ON BAYSTREET

The TSX Venture Exchange surged 6.84 points to 932.27.

Eight of the 12 TSX subgroups were positive midday as energy soared 1.1%, consumer discretionary advanced 0.7%, and information technology picked up 0.6%.

The four laggards were weighed most by health-care, ailing 0.7%, gold, down 0.6%, and consumer staples, off 0.3%.

ON WALLSTREET

U.S. stock indexes rose on Friday as better-than-expected third-quarter earnings reports set the S&P 500 on track for a winning week.

The Dow Jones hiked 279.83 points to 35,192.20.

The S&P 500 increased 24.43 points to 4,462.69.

The NASDAQ Composite spiked 42.66 points to 14,866.09.

All three averages are on track to end the week higher.

Earnings momentum continued Friday as Goldman Sachs’ third-quarter results beat significantly on the top and bottom line. The bank stock gained more than 2%.

The stellar report came after earnings beats from other big banks earlier in the week. Financial heavyweights JPMorgan, Bank of America, Morgan Stanley and Citigroup were among the firms topping expectations.

So far, 80.5% of the 41 S&P 500 companies that have reported third-quarter results have topped earnings-per-share expectations.

Retail sales posted a surprise increase in September, rising 0.7%. Economists polled by Dow Jones were expecting a 0.2% decline.

Prices for 10-year Treasurys gained, lowering yields to 1.58% from Thursday’s 1.51 %. Treasury prices and yields move in opposite directions.

Oil prices jumped 89 cents to $82.20 U.S. a barrel.

Gold prices slumped $30.00 to $1,767.90 U.S. an ounce.