Stocks in Toronto enjoyed a higher open on Friday on optimism about the health of the global economy and support from central banks.
The S&P/TSX composite index opened higher by 84.55 points Friday to 13,455.38
The Canadian dollar crept up 0.03 cents to 94.53 cents U.S.
Caisse de depot et placement du Quebec said on Thursday it has agreed to acquire a 26.7% stake in the Australia's Port of Brisbane from U.S.-based Global Infrastructure Partners, cashing in on rising trade with expanding Asian economies.
National Bank Financial resumed coverage on Artek Exploration with an outperform rating and price target of $6 as the company plans to drill two Doig wells at its Inga project ahead of year end to follow up the successful southern step-out. Artek shares gained a dime to $3.49.
National Bank Financial raised the price target on Dollarama to $97 from $89, continuing to opine that the company will deliver above-average growth over the next three to five years. Dollarama shares dipped three cents to $85.75
Dundee cut the price target on UEX Corp. to $0.80 from $1.70, saying the company has underperformed in almost every time period over the past year. UEX notched 1.5 cents to 37.5 cents.
On the economic front Statistics Canada reported this morning that third-quarter Gross Domestic Product expanded 0.7%, following 0.4% growth in the second quarter. September’s monthly reading came in 0.3% higher, a third consecutive monthly increase.
ON BAYSTREET
The TSX Venture Exchange increased 2.73 points to 929.40
All but two of the 14 TSX subgroups were higher to begin the day’s, week’s and month’s last session. Gold shone 1.8% brighter, while global base metals strengthened 1.3%, and materials were 1.1% bolder.
The two laggards were real estate and utilities, each down only 0.03%.
ON WALLSTREET
Stocks pushed even higher into record territory, as investors returned from Thanksgiving break for a short, final day of trading in November.
The Dow Jones Industrials climbed 70.09 points above Wednesday’s all-time high close to 16,167.40
The S&P 500 index gained 4.24 points to 1,811.47. The NASDAQ added 20.98 points to 4,065.73, to heights it hasn’t seen in decades.
U.S. markets were closed for Thanksgiving and will shut at 1 p.m. ET today
The major indexes are on track to end November with gains of between 3% and 4%. Stocks have been on a tear this year, with the S&P 500 up nearly 27%.
Solid corporate earnings and continuing bond purchases by the Federal Reserve have helped spur strong buying this month, pushing the Dow and S&P to record highs.
The annual shopping bonanza kicked off earlier than usual, with some of the biggest stores such as Sears-owned Kmart, Wal-Mart, Best Buy, Macy's and Target opening their doors on Thursday evening.
Early deals were disappearing fast. Target reported "unprecedented numbers" of shoppers in stores and on the company's website.
Apple shares also were getting some Black Friday love. The stock rose back above $550 U.S. a share, a level it hasn't hit since early January. The iPad and iPhone maker has clawed back from deep year-to-date losses in the summer, when prices fell below $400 U.S. a share. Apple's stock is now up in 2013.
Prices for 10-year U.S. Treasuries stepped back, raising yields to 2.76% from Wednesday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices were up 77 cents to $93.07 U.S. a barrel.
Gold prices gained $14.20 to $1,252 U.S. an ounce.
