Canada's main stock index bounced back on Friday after two straight sessions of losses, helped by gains in commodity-linked stocks, while Air Canada hit a near three-month high on smaller-than-expected quarterly loss.
The TSX pushed ahead 29.51 points to trade Friday at 20,447.12.
The Canadian dollar lost 0.07 cents to 74 cents U.S.
Among company news, Air Canada reported a smaller-than-expected quarterly loss as the country's largest airline benefited from resilient travel demand. Shares in the “Maple Leaf Airline” took flight 45 cents, or 2.1%, to $21.46.
Sun Life Financial Inc reported first-quarter profit above analysts' estimates as the country's second-biggest life insurer benefited from strong sales at home and in the U.S. Sun Life shares rose 16 cents to $64.69.
Oil and gas producer Crescent Point Energy Corp reported a sharp drop in its first-quarter profit. Crescent Point shares grew 14 cents, or 1.5%, to $9.27.
ON BAYSTREET
The TSX Venture Exchange inched ahead 19 points to 616.84.
Eight of the 12 TSX subgroups were higher mid-morning, with utilities rising 1.1%, industrials gathering 1%, and health-care up 0.9%.
The four laggards were weighed most by information technology, off 1%, real-estate, fading 0.3%, and gold, down 0.1%>
ON WALLSTREET
Stocks struggled for direction Friday as concerns around regional banks and the U.S. economy dampened investor sentiment.
The Dow Jones Industrial Average ditched 14.2 points to 33,295.31.
The S&P 500 index lost 6.53 points to 4,124.09.
The NASDAQ Composite shed 40.27 points to 12,288.24.
As of Thursday’s close, the Dow and the S&P 500 are headed for their second negative week in a row, down 1.08% and 0.14% this week, respectively. However, the NASDAQ is on pace for its third straight positive week, up 0.76%.
Regional banks declined broadly after declining in the previous session. Western Alliance fell 0.1%, while PacWest gained 0.8%. On Thursday, regional banks dropped broadly after PacWest said its deposits fell sharply last week.
A preliminary reading on the University of Michigan’s consumer sentiment index showed a decline to 57.7 in May. Economists polled by the Dow Jones are expecting a May reading of 63.0, which would be lower than the level of 63.5 in the previous reading. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.
Import prices were 0.4% month-over-month in April, marking the first rise so far in 2023. Economists polled by Dow Jones were expecting a 0.3% rise last month, compared to the decline of 0.6% the prior month.
Prices for the 10-year Treasury withered, raising yields to 3.44% from Thursday’s 3.38%. Treasury prices and yields move in opposite directions.
Oil prices moved upwards 23 cents to $71.10 U.S. a barrel.
Gold prices sank $3.10 to $2,017.40 U.S. an ounce.
