Equities in Canada’s largest market hiked early in Friday’s session, after a major policy announcement about how Canadian consumers get their television service.
The S&P/TSX composite index gained 69.28 points to begin Friday’s trading at 14,943.21
The Canadian dollar strengthened 0.55 cents to 79.21 cents U.S.
The Canadian Radio Television and Telecommunications Communication is ordering cable and satellite companies to offer a so-called "skinny basic" package of channels for no more than $25 a month. Consumers will also get more freedom to "pick and pay" the channels that they want.
BCE shares opened Friday down 44 cents to $53.29, while Rogers took on 14 cents to $43.68, and Quebecor nicked up eight cents to $33.02. Shares in all three companies were slightly lower Thursday as major details of the policy were reported ahead of the official announcement after markets closed.
In corporate news, Ontario-based auto parts manufacturer Martinrea International swung to a profit in the fourth quarter. Its net income was $11.9 million and adjusted income was $22.8 million or 27 cents per share, a record for the Toronto-based company and in line with analyst estimates. Its shares opened 13 cents, or nearly 1%, higher to $13.20 soon after Friday’s opening bell.
In the economic docket, Statistics Canada reported that Gross Domestic Product rose 1.0% in the 12 months to February, matching the increase in January. On a seasonally adjusted monthly basis, inflation rose 0.2% in February, following a 0.2% decrease in January.
Retail sales eased for the second straight month in January, declining 1.7% to $41.4 billion. Sales were lower in seven of 11 sub-sectors, representing 83% of retail trade.
ON BAYSTREET
The TSX Venture Exchange inched up 0.73 points to 667.09
Seven of the 14 Toronto subgroups were positive in the first hour, as metals and mining stocks hiked 3.1%, energy moved higher 1.6%, and global base metals took on 1.2%
The half-dozen laggards were co-anchored by consumer discretionary, telecom and information technology issues, each down 0.4%.
ON WALLSTREET
U.S. stocks traded sharply higher on Friday, continuing several days of alternating gains and losses as investors weighed a weaker dollar and earnings reports amid options expirations.
The Dow Jones Industrials gained back 130.49 points to 18,089.52, with Nike leading nearly all blue-chips higher
The S&P 500 revived 13.87 points to 2,103.14.
The NASDAQ index added 36.59 points to 5,028.97. Apple and Facebook gained.
Nike topped Wall Street's earnings estimates on Thursday, but sales figures came in below expectations as it struggled with the negative impacts of a stronger dollar
Tiffany reported results before the opening bell that showed 1% drop in quarterly sales, hurt by a stronger dollar and weak demand during the holiday shopping season.
Darden Restaurants reported same store sales rose 3.6% in the most recent quarter, and boosted its outlook for the full year.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 1.93% from Thursday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.70 to $45.66 U.S.
Gold prices gained six dollars to $1,175.00 U.S.
