Markets in Toronto opened sharply higher on Friday, recouping some of this week's losses, after Federal Reserve Chair Janet Yellen on Thursday said the U.S. central bank was on track to raise interest rates.
The S&P/TSX composite index recovered 93.51 points to 13,432.18
The Canadian dollar eased 0.03 cents at 75.10 cents U.S.
BlackBerry Ltd. reported a second-quarter adjusted loss on Friday as the company's turnaround continued and it attempted to boost revenue from its software division. Excluding one-time items like a non-cash credit tied to the value of debentures and restructuring charges, the Waterloo, Ontario-based company reported a quarterly loss of $66 million, or 13 cents a share.
Including the impact of the non-cash gain, in the period ended Aug. 29, it earned a net profit of $51 million. Quarterly revenue fell 46.5% to $490 million in the period.
BlackBerry shares inched higher two cents to $9.38.
Silver Wheaton Corp. said it received reassessment notices from Canada's tax authorities, ordering the mining financing company to pay $353 million in back taxes.
The Vancouver-based company said the notices are consistent with the proposal it had received in July from the revenue agency to tax about $715 million of income earned by its foreign units between 2005 and 2010.
Silver Wheaton shares moved lower 18 cents, or 1.1%, to $16.48.
Raymond James cut the target price on Calfrac Well Services to $4.50 from $5.00 due to a slower-than expected ramp up in Argentina and some redoubled challenges in its U.S. operations.
Calfrac added nine cents, or 2.5%, to $3.77.
Vecima Networks reports Q4 earning, expecting 14 cents per share. Vecima shares climbed 45 cents, or 4.6%, to $10.35.
ON BAYSTREET
The TSX Venture Exchange recouped 0.59 points to 544.78
Nine of the 14 subgroups were higher, industrials gained 1.7%, energy stocks picked up 1.5%, and financials picked up 1%.
The five laggards were weighed by gold, down 1.1%, health-care, off 0.8%, and materials, sinking 0.2%.
ON WALLSTREET
U.S. stocks traded higher Friday, attempting to bounce from three days of selling, as investors digested Fed Chair Janet Yellen's remarks on rates.
The Dow Jones industrial average raced ahead 165.99 points, or 1%, to 16,367.31, with Nike contributing to most of the index's outperformance.
The S&P 500 recovered 13.44 points to 1,945.68, with financials leading nine sectors higher and utilities the only laggard.
The NASDAQ index gained 30.95 points to 4,765.43
On the earnings front, BlackBerry and Finish Line both posted results before the bell.
BlackBerry lost an adjusted 13 cents U.S. per share for its latest quarter, four cents wider than estimates. Its revenue was well short of forecasts, and it projected "modest" sequential quarterly revenue growth for the rest of fiscal 2016.
Finish Line matched estimates with adjusted quarterly profit of 57 cents U.S. per share. Revenue missed analyst forecasts, however, as same-store sales rose 1.5%.
On the data front, the second revision for second-quarter Gross Domestic Product was revised higher to 3.9%, boosted by stronger consumer spending and construction.
Consumer sentiment was due out later in the morning.
Prices for 10-year U.S. Treasuries slumped, raising yields to 2.17% from Thursday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.13 a barrel to $46.04 U.S.
Gold prices dipped $7.70 to $1,146.10 U.S. an ounce.
