Equities in Canada’s biggest market advanced a second day on Friday, as crude oil’s highest price in a month boosted energy producers and consumer shares advanced amid data showing faster-than-forecast growth in the U.S.
The S&P/TSX Composite Index ended the day up 44.19 points, to end the week at 12,797.79
The Canadian dollar recovered 0.06 cents to 73.97 cents U.S.
The index is one of the best-performing markets in the developed world this year, battling with New Zealand for the top spot and outpacing returns from markets in the U.S., U.K. and Germany.
The gauge has recovered 6.2% from a Feb. 11 low and is less than 1.7% from reversing losses for the year. The index has recouped to a loss of only 0.2% in February, trying to avoid a ninth loss in the past 10 months.
Energy companies advanced on Friday as MEG Energy Corp. increased 56 cents, or 13.5%, to $4.72, while Pengrowth Energy Corp. rose seven cents, or 7.5%, to $1.00.
Bombardier Inc. fell two cents, or 1.9%, to $1.06, as the aircraft maker’s troubled C Series program was dealt another blow after one of its largest customers, Republic Airways Holdings Inc., filed for creditor protection in New York Thursday.
Magna, the autoparts maker, increased $3.51, or 7.3%, for the biggest gain in six weeks, to close at $51.62, after fourth-quarter sales beat estimates. The company also raised its dividend.
Goldcorp plunged $2.81, or 13.1%, to $18.73, after the world’s third most valuable gold producer posted a surprise quarterly loss on asset writedowns.
ON BAYSTREET
The TSX Venture Exchange gained 3.75 points to 538.06
Eight of the 13 TSX subgroups were higher, as metals and mining strengthened 3%, consumer discretionary stocks improved 2%, and energy gained 1%
The five laggards were weighed most by gold, falling 3.6%, materials, reversing 1.7%, and health-care, off 1.3%.
ON WALLSTREET
U.S. stocks closed mixed Friday, as oil reversed and inflation data increased expectations for a rate hike in the coming year
The Dow Jones Industrial average dropped 57.32 points to 16,639.97, with DuPont leading advancers and Wal-Mart the greatest decliner.
The S&P 500 moved downward 2.14 points to 1,949.56, with materials leading five sectors higher and utilities the greatest laggard.
The NASDAQ index gained 8.27 points to 4,590.47
The major averages still ended the week more than 1.5% higher
Economically speaking, the second revision on fourth-quarter U.S. gross domestic product showed a greater increase than expected, although the 1% annual rate was still slower than the 2% reported in the third quarter.
Fourth-quarter GDP was initially reported at 0.7%, while expectations for the second revision were for 0.4%, according to economists.
Personal income in January rose 0.5%, while personal spending rose 0.5%. The Core PCE rose 0.3%.
Final consumer sentiment for February showed 91.7, down from 92.0 in January.
Speaking at the G-20 meeting of central bank governors and finance ministers that kicked off in Shanghai, China's central bank governor Zhou Xiaochuan sent a message of confidence and repeated earlier reassurances the country would not stage another devaluation of its currency to support the economy.
Prices for the 10-year Treasury sagged, lifting yields to 1.76% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices slid four cents a barrel to $33.03 U.S.
Gold prices capsized $9.73 to $1,223.18 U.S. an ounce.
