Equities in Canada’s biggest market rose early on Friday as miners, financials and railways broadly gained, while Tahoe Resources Inc plunged after a Guatemalan court upheld the suspension of its license to operate one of the world’s largest silver mines.
The S&P/TSX Composite Index gained 20.15 points to open the week’s last session at 15,096.31
The Canadian dollar inched up 0.03 cents to 79.93 cents U.S.
The hurricane, which may become the biggest storm to hit the U.S. mainland in more than a decade, is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston - both important oil refining centres.
Unifor and the United Auto Workers said they will meet Foreign Affairs Minister Chrystia Freeland to discuss plans about the next round of North American Free Trade Agreement renegotiations in Mexico.
Tahoe, for its part, declined $1.31, or 19.1%, to $5.55.
Canaccord Genuity cut the price target on Canadian Imperial Bank of Commerce to $116.00 from $117.00, with a buy rating
CIBC shares began the day up 51 cents to $106.08.
PI Financial cut the target price on Corby Spirit and Wine to $24.00 from $25.50. Corby shares dipped 23 cents, or 1.1%, to $21.22
ON BAYSTREET
The TSX Venture Exchange moved higher 0.55 points to 766.51.
Seven of the 12 TSX subgroups were lower, as gold slumped 0.3%, with materials and consumer staples each off 0.2%.
The five gainers were led by industrials, up 0.4%, while financials and consumer discretionaries each climbed 0.3%.
ON WALLSTREET
U.S. stocks traded higher on new hopes of tax reform and amid a speech from Federal Reserve Chair Janet Yellen, where she described a sound financial system.
The Dow Jones Industrials zoomed 106.25 points to open at 21,889.65, with Caterpiller and Home Depot contributing the most to the gains.
The S&P 500 moved up 13 points to 2,451.97, with energy and telecommunications leading gainers.
The NASDAQ was ahead 26.67 points to 6,297.99.
On Wall Street, markets have rebounded so far this week after two consecutive weekly declines. The S&P 500 is up 0.6% through Thursday while the Dow Jones industrial average has climbed for a net gain of 108.89 points.
European Central Bank President Mario Draghi is set to speak later in the day.
Ahead of market open, technology stocks were poised for a modest bump, with Adobe, eBay, and Biogen all up about 1% in pre-market trade.
President Donald Trump will start publicly campaigning for highly-anticipated tax reform next week, according to his chief economic advisor, Gary Cohn. In an interview with the Financial Times, Cohn said that the president will begin calling for long-awaited reform next Wednesday when he visits Missouri.
On the data front, orders for durable goods tumbled 6.8% last month as bookings for transportation equipment plunged 19%. The drop in orders was the biggest since August 2014 and followed a 6.4% increase in June.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.18% from Thursday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices picked up 40 cents to $47.83 U.S. a barrel
Gold prices picked up a dollar to $1,293.00 U.S. an ounce.
