The Toronto stock market was sharply higher Friday amid a stronger than expected showing for third-quarter economic growth in Canada, while indications pointed to a successful start to the U.S. holiday shopping season.
The S&P/TSX composite index greeted noon higher by 108.73 points to 13,479.56
The Canadian dollar faltered 0.20 cents to 94.31 cents U.S.
The much-battered gold sector advanced on the TSX, as Kinross Gold improved by 11 cents to $5.05 while Goldcorp rose 33 cents to $23.98.
The industrials sector was ahead with Canadian National Railways gathering $1.90 to $120.40.
The energy sector rose while oil prices moved higher after losing ground during the last four sessions because of concerns of rising supplies in the U.S. Data released Wednesday showed inventories up last week for a 10th week in a row.
Canadian Natural Resources advanced 58 cents to $35.
Base metals climbed while December copper gained five cents to $3.25 U.S. a pound. HudBay Minerals climbed 18 cents to $7.82.
The utilities sector recovered, after spending much of the morning in negative territory.
Nova Scotia's energy regulator has approved a revised agreement from energy company Emera to proceed with the $1.5-billion Maritime Link project, which would ship hydroelectricity from the Muskrat Falls project from Newfoundland to Nova Scotia. Emera shares were down 29 cents to $29.16.
In other corporate developments, Saputo's bid to buy Australia's oldest dairy processor hit a snag Friday when a regulator ordered the Canadian cheese giant to take a two-month break in adding to its shares in Warrnambool Cheese and Butter.
The Australian Takeovers Panel responded to an application from Murray Goulburn Co-operative by placing an interim order on the company, which has accumulated nearly 10% of Warrnambool shares. Saputo gained 39 cents to $48.95.
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 14 TSX subgroups were positive by midday Friday, gold leading the charge, up 1.7%, while energy and industrials improved 1.2% each.
ON WALLSTREET
Stocks pushed even higher into record territory on Black Friday, as investors returned from Thanksgiving break for a short, final day of trading in November.
With less than an hour left in the session, the Dow Jones Industrials climbed 48.93 points above Wednesday’s all-time high close to 16,146.30, though off its highs of the morning.
The S&P 500 index gained 4.61 points to 1,811.84. The NASDAQ added 23.76 points to 4,068.51, to heights it hasn’t seen in decades.
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.
Retailers are in focus as Black Friday gets into full swing.
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.
Apple shares 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 2.75% from Wednesday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices were up $1.73 to $93.63 U.S. a barrel.
Gold prices gained $14.20 to $1,252 U.S. an ounce.
