Equities in Toronto rose on Friday to its highest close in a week as oil prices gained and Federal Reserve Chair Janet Yellen pointed to a U.S. interest rate hike this month, while investors embraced recent strengthening of the Canadian economy.
The S&P/TSX Composite shot higher 71.85 points to close the day and the week at 15,608.50
The Canadian dollar eked higher 0.07 cents at 74.75 cents U.S.
The most influential movers on the day included Canadian Natural Resources Ltd, which added 3.2% to $41.81, extending Thursday's sharp jump after posting stronger-than-expected earnings.
The financials group gained, with Bank of Nova Scotia up 1.6% to $79.96 and Toronto-Dominion Bank adding 0.9% to $69.26. TD reported earnings this week that beat forecasts. Its U.S. exposure is seen as a positive.
TransAlta Corp advanced 6.1% to $7.48 after the utility reported quarterly earnings.
Among gold stocks, Iamgold jumped 4.7% to $5.08, while Barrick Gold rallied 1.3% to $24.43.
Materials were solid, too, as First Quantum Minerals thundered ahead 3.5% to $15.26.
ON BAYSTREET
The TSX Venture Exchange leaped 8.59 points, or 1.1%, to 818.46
All but two of the 12 TSX subgroups ended the day stronger, as gold leaped 1.8%, materials were better 1.3%, and energy gained 0.8%
The two laggards were health-care, off 0.6%, and real-estate, doffing 0.4%.
ON WALLSTREET
Stocks stateside posted weekly gains Friday, while Federal Reserve Chair Janet Yellen put an exclamation point on the possibility of a rate hike this month.
The Dow Jones Industrials nicked up 2.74 points to 21,005.71, with Nike contributing the most losses and Goldman Sachs the most gains.
The S&P 500 inched up 1.2 points to 2,383.12, with financials and health care leading advancers.
The NASDAQ moved higher 9.53 points to 5,870.75.
While leaving just enough wiggle room in case conditions should change, the central bank leader said economic improvements of late will be a big part of the discussion at the March 14-15 Federal Open Market Committee meeting
Experts opined that market expectations for a March rate hike have skyrocketed to 81% on the back of hawkish rhetoric and solid economic data.
Data released Friday included the IHS Markit Sevices Purchasing Managers’ Index, which hit a five-month low and the Institute for Supply Management’s non-manufacturing index, which came in at 57.6 for February.
Prices for the benchmark 10-year Treasury note backtracked slightly, raising yields to 2.48% from Thursday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices gained 60 cents to $53.21 U.S. a barrel
Gold prices gained two dollars to $1,234.90 U.S. an ounce.
