Equities in Canada’s largest market rose at market open on Friday as heavyweight energy and financials gained, while a drop in gold prices drove mining stocks down.
The TSX gained 59.49 points to kick off the week’s last session at 20,623.98.
The Canadian dollar inched up 0.04 cents to 74.99 cents U.S.
Scotiabank downgraded oil and gas company Cenovus Energy to "sector perform" from "sector outperform." Shares in Cenovus descended 23 cents, or 1%, to $23.59.
TRX Gold said the gold miner was on track to meet its gold production forecast for the fiscal year 2023. TRX stayed put at 77 cents.
On the economic calendar, Statistics Canada reported manufacturing sales declined 3.6% in February, mainly on lower sales in the petroleum and coal product, motor vehicle and primary metal industries.
ON BAYSTREET
The TSX Venture Exchange eked up 1.71 points to 641.11.
Eight of the 12 TSX subgroups gained ground, led by health-care, up 0.9%, while consumer discretionary stocks flourished 0.8%, and financials were richer 0.5%.
The four laggards were weighed most by gold, down 1.3%, utilities, off 0.4%, and materials, dipping 0.3%.
ON WALLSTREET
The Dow Jones Industrial Average was flat Friday as investors assessed corporate earnings that came in stronger than expected, as well as a weak retail sales report.
The 30-stock index tumbled 151.38 points to open Friday at 33,878.31.
The S&P 500 dipped 2.82 points to 4,143.40.
The NASDAQ fell 18.37 points to 12,147.90.
Major banks reported better-than-expected results in their first earnings season since the collapse of Silicon Valley Bank and Signature Bank last month. JPMorgan Chase reported record revenue that beat analyst expectations, with the stock rising more than 5%. Wells Fargo shares advances 0.6% after reporting growing profits.
UnitedHealth, which has the biggest weighting in the Dow, was flat after the firm posted better-than-expected results, and slightly raised its guidance.
Elsewhere, Boeing fell 5.6% after the aircraft maker warned of delivery delays for some of its 737 Max planes.
Expectations for this earnings season are downbeat. Analysts polled by Refinitiv expect S&P 500 earnings fell more than 5% in the first quarter. That forecast comes as companies deal with persistent inflation and higher rates.
Advanced retail sales data showed consumer spending fell twice as much as expected in March. Retail sales declined by 1% last month as consumers dealt with growing recession fears, more than the 0.5% fall expected by economists polled by Dow Jones.
Prices for the 10-year Treasury stepped back, raising yields to 3.5% from Thursday’s 3.45%. Treasury prices and yields move in opposite directions.
Oil prices grabbed 90 cents to $83.06 U.S. a barrel.
Gold prices slipped $19.70 to $2,035.60 U.S. an ounce.
