The Toronto stock market was ahead Friday as metals prices pushed higher, while the telecom sector took a hit after regulators unveiled major changes in how consumers will get their television services.
The S&P/TSX composite index strengthened 67.62 points to conclude Friday at 14,941.55, up 210 points, or 1.4%, on the week.
The Canadian dollar powered up 0.84 cents to 79.50 cents U.S.
On the upside, the TSX mining and metals sector rose, with the May copper contract up 6.3 cents to $2.72 U.S. a pound. Teck Resources amassed $1.19, or 6.8%, to $18.80, while Sherritt International gained nine cents, or 4.4%, to $2.15
Among energy issues, Imperial Oil gained $1.18, or 2.5%, to $48.52, while Suncor took on 16 cents to $35.57
Meanwhile, the telecom and media sector was down. The CRTC revealed Thursday that it will order 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.
Rogers gained 14 cents to end the session at $43.68, while BCE shares sagged 65 cents, or 1.2%, to $53.08.
In corporate news, AutoCanada Inc. stock was down $9.14, or 21.4%, Friday to $33.60, after it provided a sobering outlook for 2015, which the national auto dealership company says will be difficult because of the troubles in Canada’s energy industry.
The Edmonton-based company’s stock traded for as little as $33.10 – approaching a 52-week low – before recovering some lost ground later Friday morning.
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 rallied 3.41 points to 670.50
Eight of the 14 Toronto subgroups were higher, as metals and mining climbed 5.9%, global base metals were mightier by 2.8%, and materials were 1.9% more solid.
The half-dozen laggards were weighed mostly by information technology, down 1%, health-care, sliding 0.8%, and consumer discretionaries, off 0.7%.
ON WALLSTREET
U.S. stocks jumped about 1% to close near highs on Friday, continuing several days of alternating gains and losses as investors weighed a weaker dollar amid options expirations.
The Dow Jones Industrials spiked 168.69 points, to 18,127.72, a rise of 378.41 points, or 2.1% on the week.
The S&P 500 gained 19.92 points to 2,109.19, just shy of its record close of 2,117.39
The NASDAQ index added 36.60 points to 5,028.98. The index approached its 15-year record closing high of 5,048.62 as biotech stocks traded higher. Apple and Facebook also 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 a 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.
Atlanta Federal Reserve President Dennis Lockhart said on Friday he sees an interest rate "lift-off" by September.
He expects the U.S. central bank to raise interest rates at either its June, July or September policy meetings, barring a significant downturn in the U.S. economy.
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 gushed $1.76 to $45.72 U.S.
Gold prices gained $12.60 to $1,181.60 U.S.
