Canada's main stock index scaled a record high on Friday, aided by strength in financial stocks and a slew of upbeat corporate earnings, putting the benchmark index on course for a weekly gain.
The S&P/TSX Composite popped 102.11 points to make it into the afternoon portion of the session at 21,444.24
The Canadian dollar pointed upward 0.04 cents to 80.34 cents U.S.
A Canadian court is set to pronounce its verdict on which of the duelling boards and chairs of Rogers Communications is legitimate, a dispute that has warped the country's biggest wireless carrier after a feud in the founding family erupted into the open.
Rogers shares gave up $1.17, or nearly 2%, to $58.75.
Meanwhile, sentiment was further lifted by upbeat corporate earnings by luxury goods makers Canada Goose Holdings and pipeline operator Enbridge both up 14.6% and 1.9% respectively.
Automobile parts marker Martinrea International, down 8.8% was the biggest percentage decliner on the index following a downbeat third quarter results.
On the economic beat, Statistics Canada says that, after returning to its pre-pandemic level in September, employment held steady, in October, taking on 31,000 jobs. The agency added the unemployment rate fell by 0.2 percentage points to 6.7%.
Elsewhere, Western University’s IVEY Purchasing Managers index dived sharply to 59.3 from 70.4 in September, but higher than the 54.5 figure for October 2020.
Canadian banks and insurers can resume dividend increases and share buybacks and raise executive compensation, the country's financial regulator said on Thursday, lifting a moratorium it imposed in March 2020 and possibly paving the way for a boost to the sector's valuation.
Ontario on Thursday projected a smaller budget deficit as stronger-than-expected economic growth helped boost tax revenues and the COVID-19 pandemic fades.
ON BAYSTREET
The TSX Venture Exchange retreated 5.05 to 983.21.
All but two of the 12 TSX subgroups were higher in the first hour, with consumer discretionary, industrial and financial stocks each ahead 0.9%.
The two laggards were health-care, falling 0.7%, and information technology, inching back 0.2%.
ON WALLSTREET
U.S. stocks rallied to record levels on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.
The Dow Jones Industrial Average towered 228.12 points to 36,352.35, though off the morning’s highs.
The S&P 500 gained 24.55 points to add to Thursday’s all-time high at 4,704.81, n pace for its seventh straight positive day.
The NASDAQ Composite jumped 63.72 points to 16,004.03.
All three major averages reached their respective intraday records during the session.
A major development from Pfizer regarding its easy-to-administer COVID-19 pill fueled hope for a smooth reopening further, sending shares of airlines and cruise line operators soaring.
The move for stocks came as job gains for the month of October totaled 531,000. Consensus estimates called for 450,000 jobs added, according to Dow Jones. The report also revised September’s disappointing number up to 312,000 job gains from 194,000 previously, and increased its August number by a similar amount.
Prices for 10-year Treasurys jumped sharply, lowering yields to 1.46% from Thursday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices regrouped $2.39 to $81.20 U.S. a barrel.
Gold prices brightened $21.40 to $1,798.80 U.S. an ounce.
