The Toronto stock market advanced for a fifth straight session Friday amid data showing solid economic growth in Europe and an unexpectedly strong performance by Canadian manufacturers.
The S&P/TSX composite index added 36.29 points to conclude the week at 15,264.81
The Canadian dollar took on 0.27 cents to 80.21 cents U.S.
Markets in Toronto are shuttered Monday for Family Day, and in New York for Presidents’ Day
The TSX found support from the energy sector, as Imperial Oil climbed 38 cents to $51.21.
TransCanada Corp., which is trying to get approval for its stalled Keystone XL pipeline, reported comparable earnings at $511 million or 72 cents a share in its latest quarter, beating forecasts of 61 cents a share. TransCanada also upped its quarterly dividend 8% to 52 cents, but its shares shed early gains and fell $1.27, or 2.2%, to $57.23.
The base metals sector climbed while March copper was unchanged at $2.60 U.S. a pound. Sherritt International popped 24 cents, or 11.5%, to $2.33, while Teck Resources took on 24 cents, or 2.2%, to $19.15.
The gold sector rose as Goldcorp gained 23 cents to $29.35 and Barrick Gold gave back three cents to $15.12
The financials sector also lifted the Toronto market, as Royal Bank gained 12 cents to $77.54.
RioCan Real Estate Investment Trust reported fourth-quarter net income plunged 35% to $172 million or 54 cents per unit. Its units ticked three cents higher to $29.06.
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 4.07 points to 696.51
All but three of the 14 Toronto subgroups were higher on the day, with metals and mining up 2.9%, global base metals advancing 2.6%, and energy up 0.9%.
The three laggards were consumer staples, dropping 1%, utilities, faltering 0.7%, and industrials, off 0.2%
ON WALLSTREET
U.S. stocks closed at highs on Friday, with the Dow above 18,000 and S&P 500 setting a new record as firming oil prices sent the energy sector higher.
The Dow Jones Industrials gained 46.97 points to 18,019.35, with Caterpillar leading gains.
The S&P 500 moved up 8.51 points to 2,096.99
The NASDAQ index added 36.23 points to close at 4,893.84, having opened at its highest level since March 2000, the peak of the dotcom bubble.
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.
Nike's Chief Financial Officer Donald Blair is retiring in October, to be replaced by senior vice president of finance Andrew Campion.
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 2.02% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.22 per barrel to $52.67 U.S.
Gold prices remained higher $7.30 an ounce to $1,228.00 U.S.
