Stocks in Canada’s largest centre rose slightly on Friday as higher oil prices supported energy stocks, while the shares of a major health-care stock also rose.
The S&P/TSX Composite Index recovered 24.79 points to open Friday at 13,905.99
The Canadian dollar gained 0.55 cents to 79.08 cents U.S.
Valeant Pharmaceuticals International is seeking to appoint Perrigo Co Plc's boss Joseph Papa as its new chief executive.
Shares in Valeant rocketed $3.07, or 7.2%, to $45.54.
Shares of Concordia Healthcare Corp surged $1.05, or 5.1% on Friday to $40.60, after Bloomberg reported that U.S. private equity firm Blackstone Group LP is considering a takeover.
Canada’s largest private sector union says a $1-billion federal aid package for Bombardier should not be delayed over fears that the plane-and-train maker could outsource jobs to Mexico or China.
Bombardier shares ducked half a cent to $1.715.
RBC cut the target price on Altagas Ltd. to $33.00 from $36.00, with a sector perform rating. Altagas stock fell 55 cents, or 1.8%, to $30.17.
CIBC initiates coverage on First Quantum Minerals with an outperform rating, and $10.00 target price. First Quantum shares galloped 48 cents, or 5.6%, to $9.08.
Barclays raised target on Teck Resources to $7.00 from $5.00 and an underweight rating. Teck shares gained 23 cents, or 1.7%, to $13.63.
On the economic slate, Statistics Canada reported that inflation moved up in March. The consumer price index rose 1.3% in the 12 months to March, after increasing 1.4% in February. Excluding gasoline, the CPI rose 1.9% year over year in March, matching the increase in February.
Meanwhile, March’s retail trade figures rose for the second consecutive month, advancing 0.4% to $44.2 billion in February. The agency said gains were reported in nine of 11 sub-sectors, representing 89% of total retail trade.
ON BAYSTREET
The TSX Venture Exchange inched up 0.81 points to 659.19.
Seven of the 13 TSX subgroups were positive at the outset, as metals and mining hiked 3.2%, health-care was better 2.9%, and energy was 1.7% more energetic.
The half-dozen laggards were weighed most by consumer staples, off 0.8%, gold, falling 0.7%, and information technology, down 0.6%.
ON WALLSTREET
U.S. stocks traded mixed Friday, with tech stocks leading declines after major earnings in the sector disappointed.
The Dow Jones Industrials regained 22.63 points to 18,005.15, as gains in IBM, Goldman Sachs and McDonald's offset declines in Microsoft and Visa.
The S&P 500 recovered 0.83 points to 2,092.31. Information technology traded about 1.4% lower to lead declines in the index. Energy and financials were the top advancers in morning trade.
The NASDAQ index staggered 39.65 points to 4,906.23
Google's parent Alphabet reported earnings that missed on both the top and bottom line as the firm increased its investments in new projects.
Microsoft posted earnings a touch below estimates, with revenue essentially in-line, as continued weakness in the personal computing market weighed.
McDonald's reported earnings that beat on both the top and bottom line, and gave comparable same-store sales that topped expectations.
Starbucks earnings matched estimates, while revenue was a touch lower. Global comparable same-store sales missed expectations.
In economic news, the Markit flash U.S. manufacturing PMI fell to 50.8 in April from 51.5 in March.
Prices for the 10-year Treasury sagged, raising yields to 1.9% from Thursday’s 1.87%. Treasury prices and yields move in opposite directions.
Oil prices recouped 76 cents a barrel to $43.94 U.S.
Gold prices lost $3.61 to $1,244.44 U.S. an ounce.
