Stocks in Toronto gained strength Friday as energy stocks staged a comeback
The S&P/TSX Composite boosted 62.31 points to open Friday's session at 13,944.72
The Canadian dollar repaired 0.67 cents to 77.77 cents U.S.
Canaccord Genuity raised the target price on Gran Tierra Energy to $5 from $4.50. Gran Tierra gained eight cents, or 2%, to $4.08.
RBC cut the target price on West Fraser Timber Co to $40.00 from $54.00. West Fraser shares doffed $1.32, or 3.4%, to $38.22.
Economically speaking, Statistics Canada reported that inflation increased 1.5% on a year-over-year basis in May, after increasing 1.7% in April. The agency adds that, on a seasonally-adjusted monthly basis, the Consumer Price Index increased 0.2% in May, matching the gain in April.
ON BAYSTREET
The TSX Venture Exchange recovered 4.32 points to 713.73
All but three of the 13 TSX subgroups were higher, as energy soared 1.9%, metals and mining climbed 1.8%, and materials gathered 1.7%.
The three laggards were information technology, down 0.4%, and the consumer staples and telecom sector, each trailing by 0.3% Thursday’s close.
ON WALLSTREET
U.S. stocks traded lower Friday amid continued uncertainty ahead of next week's scheduled U.K. vote on whether to leave the European Union.
The Dow Jones Industrials faded 15.99 points to open Friday at 17,717.11, with Apple leading decliners and Caterpillar the top advancer.
The S&P 500 dropped 3.27 points at 2,074.72, with consumer discretionary leading eight sectors lower and energy and materials the only advancers.
The NASDAQ slid 24.21 points to 4,820.70
As of the close Thursday, the major U.S. stock indexes were pacing for a weekly decline of nearly 1% or more.
Apple traded about 1.5% lower, amid reports intellectual property regulators in Beijing barred the tech company from selling models of the iPhone 6 and 6 Plus in the city, citing strong similarity to an existing Chinese phone. For now, all Apple products are for sale in China
Housing starts declined 0.3% in May, while building permits rose 0.7%
Prices for the 10-year Treasury fell, raising yields to 1.61% from Thursday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.07 a barrel to $47.28 U.S.
Gold prices moved lower $2.40 to $1,296 U.S. an ounce.
