Stocks in Toronto enjoyed early gains Friday, led by modest hikes in large financial stocks and strength in mining shares as gold prices rallied.
The S&P/TSX composite index inched up 15.44 points to open Friday at 13,489.27. The index is on track for a 3.2% gain on the week.
The Canadian dollar moved forward 0.02 cents at 75.31 cents U.S.
Metals and mining ruled the board in Friday’s first hour, as Teck Resources improved eight cents, or 1.3%, to $6.14, while First Quantum Minerals gained 0.2% to $5.30.
Gold stocks did well, with Alamos Gold holding steady at $4.20, Nevsun Resources marched up 1.1% to $3.62.
Among financials, TD climbed 0.4% to $54.83, while Scotiabank jumped 0.4% to $60.99.
In the health-care field, Valeant Pharmaceuticals moved forward 0.2% to $112.03.
On matters economic, Statistics Canada reported this morning that the Consumer Price Index gathered 1.0% in the 12 months to October, matching the increase in September. Monthly, the Consumer Price Index rose 0.2% in October, following a 0.2% decrease in September.
Meantime, retail sales dipped 0.5% in September, to $43.3 billion, after four months of rises. Sales were down in eight of 11 sub-sectors, representing 60% of retail trade.
ON BAYSTREET
The TSX Venture Exchange rebounded 3.25 points to 521.60.
All 13 TSX subgroups were higher, with metals and mining up 2.4%, materials better by 0.7%, and gold shining 0.5% brighter.
ON WALLSTREET
U.S. stocks blew out of the starting blocks Friday, helped by gains in retail issues, as investors digested dovish comments by the head of the European Central Bank.
The Dow Jones industrial average ballooned 164.06 points to open Friday at 17,896.81, as Nike briefly jumped more than 5%. In intraday trade, the index joined the S&P 500 and Nasdaq composite in positive territory for the year.
The S&P 500 gained 13.64 points to 2,094.88, on gains in consumer discretionary stocks, helped by gains in Ross Stores and other major retailers, after some encouraging earnings reports from the sector.
The NASDAQ index grew 27.37 points to 5,101.01,
Disappointing results from Macy's and Nordstrom last week weighed on stocks.
Nike, the athletic wear maker, hiked its dividend after the close Thursday by 14%, declared a two-for-one stock split, and announced a $12-billion U.S. stock buyback program.
Foot Locker earnings came in five cents above forecasts with adjusted quarterly profit of $1.00 per share. Revenue also beat estimates
Abercrombie & Fitch earned 37 cents U.S. per share for its latest quarter, well above estimates of 22 cents. Revenue also exceeded estimates, and although Abercrombie's same-store sales fell 1% during the quarter, that was smaller than the 2.3% drop anticipated by analysts.
Ross Stores came in three cents above estimates with quarterly profit of 53 cents U.S. per share, with revenue very slightly above forecasts and comparable store sales rising 3%.
Ahead of the open, ECB President Mario Draghi said his bank stands ready to raise inflation in Europe if it decides current policy isn't stimulating the sluggish euro-zone economy.
Prices for 10-year U.S. Treasuries were static, keeping yields at Thursday’s 2.24%.
Oil prices declined 33 cents a barrel to $40.21 U.S.
Gold prices fell $1.41 to $1,080.80 U.S. an ounce.
