Canada's commodity-heavy stock index was set for its best day in over a month on Friday as heavyweight energy and materials' stocks gained, while data showed the country shed jobs for a third straight month in August.
The TSX screamed higher 299.48 points, or 1.5%, to pause for lunch Friday at 19,712.48.
The Canadian dollar moved 0.21 cents higher to 76.65 cents U.S.
Dollarama gained $1.78, or 2.2% to $81.28, as it raised its full-year same-store sales forecast after topping quarterly revenue estimates, helped by strong demand for its groceries and household essentials.
Pentwater Capital Management LP, the second-largest shareholder of Turquoise Hill Resources, said it does not support Rio Tinto's acquisition of the Canadian miner, and was weighing legal options to thwart the deal. Turquoise Hill shares dropped $1.35, or 3.2%, to $40.64.
A senior Bank of Canada official left the door open to another oversized interest rate increase, saying the central bank continues to see front-loading as the best way to battle the fastest rising prices in nearly four decades.
It’s jobs day in Canada, with Statistics Canada informing investors that the economy lost 40,000 (or 0.2%) in August, and the unemployment rate rose by 0.5 percentage points to 5.4%.
ON BAYSTREET
The TSX Venture Exchange added 6.02 points, or 1%, to 643.16.
All 12 TSX subgroups were higher Friday morning, with health-care haler ty 3.7%, information technology better by 2.8%, energy soaring 2.1%.
ON WALLSTREET
U.S. stocks rose Friday following a choppy trading session as traders considered Federal Reserve Chair Jerome Powell’s latest comments on inflation.
The Dow Jones Industrials sprang 310.62 points, or 1%, by noon hour to 32,085.14
The S&P 500 jumped 48.42 points, or 1.2%, to 4,054.60.
With Friday’s gains, the S&P 500 is on pace to close above its 50-day moving average level of 4,030.22 for the first time since Aug. 31, on an intraday basis.
The NASDAQ Composite surged 202.96 points, or 1.7%, to 12,065.09
Those gains put all three major averages on pace to snap a three-week losing streak. Through Thursday, the Dow is up 1.5%. Meanwhile, the S&P 500 is up 2.1%, and the NASDAQ is 2% higher.
Shares of DocuSign surged more than 17% in extended trading after the electronic agreements company reported an earnings beat. The company also issued a third-quarter revenue forecast that was above expectations.
Treasury prices faded, raising yields to 3.29% from Thursday’s 3.32%. Treasury prices and yields move in opposite direction.
Oil prices gained $2.71 to $86.25 U.S. a barrel.
Gold prices recovered $9.30 to $1,729.50 U.S. an ounce.
