The Toronto stock market shot up well over 250 points Friday as energy stocks responded to some stability in oil prices this week and base metals started to recover from a severe mauling sparked by a plunge in copper prices.
The S&P/TSX composite index surged 267.59 points, or 1.9%, to close a rough week at 14,309.41
The Canadian dollar stayed negative 0.04 cents to 83.57 cents U.S.
The gain on the Toronto stock market's benchmark TSX index came after declines in each of the last five sessions. It looked on track to record a drop for this week, when market volatility surged due to choppy oil prices and Switzerland's move to abandon its more than three-year-old ceiling on the franc's value against the euro.
Energy prices were supported Friday by a report from the International Energy Agency which said the collapse in oil prices is expected to slash growth in non-OPEC oil production this year. And it said that could in turn increase demand for OPEC's own output.
Imperial Oil leaped $2.47, or 5.5%, to $47.41, while Suncor shares gained $1.75, or 5.1%, to $35.97
The base metals sector was ahead with March copper ahead six cents to $2.62 U.S. a pound. The metals component has tumbled about 15% just this week alone after copper prices went into full retreat, falling below $2.49 U.S. a pound in the worst performance since the 2008 financial crisis.
The slide came amid weak trade data from China and a cut in the World Bank's estimate for global growth this year.
Teck Resources spiked 64 cents, or 4.7%, to $14.20.
The gold sector was ahead amid expectations that the European Central Bank will move next week to launch its own quantitative easing program, which would involve the massive purchase of bonds.
There has also been speculation that the U.S. Federal Reserve could delay raising interest rates this year.
Barrick Gold picked up 43 cents, or 3.2%, to $14.05, while Goldcorp zoomed $1.34, or 4.9%, to $28.52.
ON BAYSTREET
The TSX Venture Exchange popped 8.32 points to 667.56.
All but one of the 14 Toronto subgroups went north, as energy skyrocketed 6%, metals and mining picked up 5.8%, and global base metals added 4.1%.
Only consumer staples missed the party, dropping 0.3%.
ON WALLSTREET
U.S. stocks jumped Friday to close higher for a first session in six, as energy led gains with U.S. crude rising and as investors considered a mixed bag of economic reports.
The Dow Jones Industrials hiked 190.86 points to 17,511.57, with Home Depot and Exxon Mobil leading blue-chip gains that extended to 27 of 30 components.
The S&P 500 moved forward 26.75 points to 2,019.42, with energy leading gains that extended to all 10 of its major industry groups. Still, the Dow and S&P each lost 1.3% on the week.
The NASDAQ index moved up 63.56 points to 4,634.38
U.S. markets will be shuttered Monday for Martin Luther King day.
Intel steadied after the maker of computer chips reported quarterly results.
Goldman Sachs Group fell after the investment bank reported a 7% decline in quarterly profit, and PNC Financial Services Group rose after the regional bank reported solid fourth-quarter results.
The U.S. Labor Department reported the consumer-price index declined 0.4% in December following a 0.3% fall the month before.
The University of Michigan's preliminary consumer sentiment index climbed to 98.2 from a final 93.6 December reading.
A third report had factory production slowing in December, up 0.3% versus a 1.3% increase in output in November.
Prices for 10-year U.S. Treasuries dipped, raising yields to 1.82% from Thursday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices moved higher $2.19 per barrel to $48.44 U.S.
Gold prices added $11.10 an ounce to $1,279.80 U.S.
