Equities in Canada’s biggest centre bounced higher on Friday, with its oil and gas stocks leading a broad rally as oil prices surged, while banks, industrial and consumer stocks also rose.
The S&P/TSX composite index popped 265 points, or 2.2%, to greet noon Friday at 12,300.86
The Canadian dollar hiked 0.54 cents to 70.63 cents U.S.
The energy sector climbed, with Suncor Energy Inc up 5.2% to $31.31 and Canadian Natural Resources advancing 5% to $26.07.
The most influential movers also included Canadian Pacific Railway, which rose 10% to $164.87 one day after reporting a profit below expectations on lower freight volumes.
Heavyweight bank other financial stocks were influential, with Toronto-Dominion Bank adding 1.8% to $51.09 and insurer Manulife Financial up 2.1% to $18.65.
Royal Bank of Canada added 2.3% to $67.57. It sold its general insurance arm to Aviva on Thursday.
On the economic beat, Statistics Canada reported that Canada’s Consumer Price Index rose 1.6% in the 12 months to December, after increasing 1.4% in November. On a seasonally-adjusted monthly basis, inflation advanced 0.1% in December, after increasing 0.2% in November.
The agency also reported that following flat sales in October, retail sales rose 1.7% in November to $44.3 billion. The agency attributes much of the gain to higher sales at new car dealers. With the exception of gasoline stations, all sub-sectors showed an increase in sales, representing 90% of retail trade.
ON BAYSTREET
The TSX Venture Exchange rocketed 7.94 points, or 1.7%, to 482.99.
All but one of the 13 TSX subgroups were positive noon time Friday, as energy gushed 4.3%, industrials rumbled ahead 4% and utilities clicked 2.8% higher.
Only gold was negative, dulling 1.4%.
ON WALLSTREET
U.S. stocks traded higher Friday, attempting further recovery from a sharply lower start to the year, helped by a bounce in oil from multi-year lows and hopes of stimulus in the euro-zone and Japan.
The Dow Jones industrial average remained positive 131.08 points to pause for lunch at 16,013.76, with Caterpillar leading advancers and GE and American Express the only decliners.
The S&P 500 picked up 25.58 points, or 1.4%, to 1,894.57, with energy temporarily rising 4% to lead advancers.
The NASDAQ index bolted higher 86.28 points, or 1.9%, to 4,558.33, with Apple shooting up 3%.
As of Thursday's close, the major U.S. averages were down more than 8.5% for the year so far and on pace for a mild weekly decline.
General Electric reported earnings that beat by three cents, but revenue missed, pressured by a strong dollar and a delay in some shipments in power and renewables to 2016 from 2015.
The January U.S. Markit Flash Manufacturing PMI came in at 52.7, above the final December print of 51.2.
December U.S. leading indicators fell 0.2%.
The National Association of Realtors said Friday existing home sales in December jumped a record 14.7% to an annual rate of 5.46 million units, after being temporarily held back by the introduction of new mortgage disclosure rules, which had caused delays in the closing of contracts in November.
The Chicago Fed December National Activity Index came in at minus 0.22, versus November's negative 0.36 read.
Prices for the 10-year Treasury fell, raising yields to 2.06% from Thursday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices spiked $2.01 a barrel to $31.54 U.S.
Gold prices eased $2.38 to $1,098.22 U.S. an ounce.
