Canadian stocks continued their resurgence, extending the longest rally in almost a year to seven days as raw-materials jumped after gold cruised into a bull market.
The S&P/TSX Composite Index leaped 88.85 points to conclude the day and week at 13,212.50, yet another 2016 high
The Canadian dollar muscled 0.47 cents higher to 74.97 cents U.S.
The benchmark equity index has surged 3.7% in those past seven sessions, headed for the longest winning streak since April.
B2Gold Corp. rose 12 cents, or 7.6%, to $1.69, to lead gold producers higher. Gold is up more than 20% since a December low.
First Quantum Minerals Ltd. added 40 cents, or 6%, to $7.04, to lead base metals higher with copper.
Canadian Natural Resources Ltd., Canada’s largest heavy- crude producer, added $1.55, 4.7%, to $34.40, to extend a six-day rally, leading energy producers higher.
Canadian energy stocks have soared more than 20% after bottoming out to a decade low in January, rapidly returning to a bull market as producers cut costs to weather the slide in crude prices over the past year.
Among beleaguered health-care issues, Valeant Pharmaceuticals International Inc. fell $5.27, or 6.1%, to $81.64, for a second day of losses, extending a 2013 low.
Shares of Valeant have plunged 75%from an August high amid intense scrutiny from investors and lawmakers over its pricing practices.
On the economic front, Statistics Canada reported that this country’s imports increased 1.1% in January to $46.7 billion. Exports totaled $46.0 billion, up 1.0% from December. Consequently, Canada's merchandise trade deficit with the world widened from $631 million in December to $655 million in January.
Moreover, Western University in London, Ontario reported that its seasonally-adjusted Ivey Purchasing Manager's Index for February stood at 53.4, indicating that purchases were less than the previous month. That compares with to 66 in January, and with 49.7 in February 2015
ON BAYSTREET
The TSX Venture Exchange picked up 9.36 points to 562.26
Nine of the 13 TSX subgroups were higher, as metals and mining hiked 5%, energy, up 2.9%, and industrials, ahead 1.3%.
The four laggards were weighed by information technology, down 2.4%, health-care, off 1.3%, and gold, dulling 1.2%
ON WALLSTREET
U.S. stocks ended Friday’s session with gains, helped by a rise in oil prices and a jobs report that showed economic growth without necessarily inducing the Fed to raise rates earlier.
The Dow Jones Industrial average gained 62.87 points to 17,006.77, with Caterpillar the top gainer and Microsoft the greatest laggard.
The big board closed up about 63 points on the week, and above the psychologically key 17,000 level for the first time since Jan. 5.
The S&P 500 strengthened 6.39 points to 1,999.79, with materials leading all 10 sectors higher.
The NASDAQ index moved into positive territory 9.6 points to 4,717.02
The major averages ended the week up more than 2% and posting their first three-week win streak of the year so far.
With Friday afternoon's gains, the NASDAQ traded within 10% of its 52-week intraday high, out of correction territory on an intraday basis. The Dow traded about 7% below its intraday highs, the S&P 500 about 6% below, and out of correction territory.
The non-farm payrolls report released ahead of the open Friday showed creation of 242,000 jobs in February, substantially topping expectations. The unemployment rate unchanged at 4.9%, while labour force participation was 62.9%
A 0.1% monthly drop in average hourly earnings lowered the year-on-year gain in earnings to 2.2%
Prices for the 10-year Treasury dipped, raising yields to 1.88% from Thursday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.39 a barrel to $35.96 U.S.
Gold prices docked $2.20 to $1,262.05 U.S. an ounce.
