Stocks in Toronto advanced to their highest in almost five months on Friday as stronger oil prices helped boost the energy sector and TransCanada Corp's shares climbed after the pipeline company reported quarterly results.
The S&P/TSX composite index added 72.30 points to greet Friday noon 15,300.63
The Canadian dollar took on 0.36 cents to 80.29 cents U.S.
The benchmark TSX rose for a fifth straight session and was on track to record a weekly gain.
Markets in Toronto are shuttered Monday for Family Day, and in New York for Presidents’ Day
TransCanada reported a higher-than-expected quarterly profit, driven mainly by increased earnings from its Canadian operations. The stock rose about 1% in early trade.
Financials strengthened. Royal Bank of Canada rose 0.6% to $77.91, and Toronto Dominion Bank gained 0.6% to $55.81.
Among shares of energy producers, Canadian Natural Resources was up 1.4% at $39.46 and Suncor Energy advanced 1.3% to $39.59.
Economically speaking, Statistics Canada reported this morning that manufacturing sales rose 1.7% in December, despite a 9.3% drop in sales of petroleum and coal products.
ON BAYSTREET
The TSX Venture Exchange added 1.80 points to 694.24
All but three of the 14 Toronto subgroups were higher by noon hour, with metals and mining up 2.4%, global base metals advancing 2%, and information technology up 1%.
The three laggards were telecoms, down 0.4%, consumer staples, hesitating 0.3%, and health-care, sliding 0.2%.
ON WALLSTREET
U.S. stocks gained to trade near highs as investors continued to find encouragement from diminishing concerns about Ukraine, Greece and energy prices.
The Dow Jones Industrials gained 34.42 points to 18,006.80, with Caterpillar leading gains and American Express the greatest laggard.
The S&P 500 moved up 3.99 points to 2,092.47, above its previous intraday record of 2,093.55.
The NASDAQ index added 18.99 points to 4,876.61
J.M. Smucker posted a 3.5% fall in quarterly profit as demand for its coffee products declined after price increases in the United States.
Zynga broke even on an adjusted basis for its latest quarter, matching expectations, but investors are focusing on disappointing over lower than expected bookings.
ConAgra Foods cut its full-year profit forecast due to weaker sales and a stronger dollar.
In the economic docket, consumer sentiment dropped 4.6% in February, missing expectations.
U.S. import prices fell 2.8% last month, their biggest drop in six years as the cost of petroleum and a range of other goods fell, a sign that domestic inflation pressures could remain muted for a while. It was the seventh straight month of declines in import prices.
The euro-zone's gross domestic product expanded more than expected in the fourth quarter of 2014, boosted by acceleration in Germany's growth. The region's GDP expanded by 0.3% in the final three months of the year from the previous quarter—above analyst expectations.
European stocks also traded in the black, following forecast-beating growth data from the euro-zone and a firming oil price.
Greek Prime Minister Alexis Tsipras has agreed to meet with representatives from the European Union (EU), European Central Bank and International Monetary Fund, ahead of Monday's key Eurogroup meeting on debt talks, according to Reuters.
On Sunday, Russia is expected to enter a ceasefire with Ukraine as announced early on Thursday, a move that sent European and U.S. stocks higher.
Prices for 10-year U.S. Treasuries dropped slightly, raising yields to 2.01% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.62 per barrel to $53.07 U.S.
Gold prices remained higher $8.20 an ounce to $1,228.90 U.S.
