Equities in Canada’s biggest market finished the week on a high note, with industrials and resource stocks lending a mighty push to indices by the end of the session.
The S&P/TSX Composite Index jumped 107.93 points to close the day and the week at 15,729.40
The Canadian dollar eased 0.07 cents to 77.75 cents U.S.
The largest percentage gainer on the TSX was Martinrea International, which rose $1.57, or 10.2%, to $17.02, after the company posted first-quarter results that were above analysts' expectations.
Bombardier gained 12 cents, or 3%, to $4.12
Helping the energy sector was Pembina Pipeline, up $2.56, or 6.2%, to $43.63, after the company on Thursday reported higher quarterly revenue, expansion of its Peace Pipeline system and an increase to its monthly dividend.
Enbridge on Thursday agreed to pay $1.86 million in penalties for an alleged failure in inspecting certain lines within its Lakehead pipeline system. Shares of the pipeline operator gained 62 cents, or 1.6%, to $40.37.
In the materials sector, First Quantum Minerals added 43 cents, or 2.2%, to $20.06, while Agnico Eagle Mines gained 38 cents to $55.01.
On the economic front, Western University’s IVEY School’s Purchasing Manager's Index (seasonally adjusted) for April stands at 71.5, indicating that purchases were greater than the previous month. That compares with 59.8 in March, and with 62.4 in April
ON BAYSTREET
The TSX Venture Exchange gained 0.99 points to 772.24
All 12 TSX subgroups were positive, as industrials hiked 1.4%, and materials popped 0.8%, and energy gushed 0.7%.
ON WALLSTREET
U.S. stocks closed sharply higher Friday as Wall Street shrugged off lackluster numbers in the government's monthly jobs report while shares of Apple hit an all-time high to lead the technology sector higher.
The Dow Jones Industrial Average rocketed 332.36 points, or 1.4%, to 24,262.51, thanks to a 3.9% rally in Apple's stock, which jumped after famed investor Warren Buffett revealed that he bought millions of shares of the iPhone maker in recent months. By the closing bell,
Apple had posted a gain of 13.45 percent for the week, its best since October 2011.
The S&P 500 added 33.69 points, or 1.3%, to 2,663.42, buoyed by a nearly 2% gain in tech, which led all 11 sectors for gains.
The NASDAQ jumped 121.47 points, or 1.7%, to 7,209.62, its first positive day in the last three sessions. The index was led higher by the aforementioned rally in Apple, a 1.4% gain in Facebook and a 2.4% boost in Google-parent Alphabet.
The positive numbers on Friday, however, were not enough to offset weekly losses for the Dow and S&P 500, each down roughly 0.2% since Monday.
Leading the strong numbers in stocks Friday, Apple jumped sharply after billionaire investor Warren Buffett revealed that he bought 75 million shares during the first quarter, which added to the conglomerate's already massive stake in the tech giant.
Buffett estimated that Berkshire Hathaway's cash position dipped to "a little over" $100 billion because of lots of stock buying in the first three months of the year.
Also carrying tech higher was a 4.5% bump in Activision Blizzard, which reported adjusted earnings and revenue that beat Wall Street expectations Thursday. The company reported its official numbers after Dow Jones reported a few incorrect headlines about its financial report earlier on Thursday.
Economically speaking, the U.S. Labor Department reported that the economy added 164,000 jobs in the month of April, lower than the 195,000 expected by economists. Average hourly earnings growth also missed, rising only 0.15% against expectations of a 0.2% gain.
Despite the miss in the number of jobs added, the government said the unemployment rate fell to 3.9%, an 18-year low.
Prices for the benchmark 10-year Treasury note lost ground, raising yields back to Thursday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.33 a barrel to $69.76 U.S.
Gold prices regained $2.60 to $1,315.30 U.S. an ounce.
