Canada's main stock index rose on Friday, after economic data showed the country's domestic economy unexpectedly grew in April despite effects of bad weather.
The S&P/TSX Composite Index was off its highs of the morning, but still positive 86.49 points to greet noon at 16,266.38
The Canadian dollar ballooned 0.61 cents at 76.04 cents U.S.
Markets in Canada will be closed Monday for the Canada Day holiday
Top percentage gainer on the TSX were shares of First Quantum Minerals which jumped $1.41, or 7.8%, to $19.61 after sources told media outlets that the copper miner could be a takeover target of global miner Rio Tinto Plc
Next-biggest percentage gainer proved to be shares of Enbridge,
which rose $2.73, or 6.2%, to $46.63, after the Minnesota regulator approved the rebuilding of its Line 3 oil pipeline.
Novagold Resources crept out of the basement to gain three cents to $5.82, and the second-biggest decliner was while Russel Metals docked 23 cents to $26.84.
On the economic front, Statistics Canada reported that real gross domestic product edged up 0.1% in April as 12 of 20 industrial sectors increased.
After a decline in January, GDP has risen every month since the beginning of 2018.
The agency’s Industrial Product Price Index increased 1.0% in May, mainly due to higher prices for energy and petroleum products.
The Raw Materials Price Index rose 3.8% in May, primarily due to higher prices for crude energy products.
Elsewhere, sources say Canada will hit back against U.S. tariffs on its steel and aluminum by offering affected companies and workers up to $800 million in aid.
As well, Bank of Canada Governor Stephen Poloz on Wednesday kept markets guessing as to whether rates would rise next week and said economic data would decide the next move. The central bank has hiked rates three times since July 2017.
ON BAYSTREET
The TSX Venture Exchange demurred 1.27 points to 736.14
Eight of the 12 TSX subgroups were higher midday, as materials surged 1.6%, gold shone 1.2% brighter, and energy strengthened 0.9%
The three laggards were health-care, sagging 2.7%, telecoms, fading 0.4%, and consumer staples, off 0.3%. Consumer discretionary stocks were unchanged at noon hour.
ON WALLSTREET
Stocks jumped on Friday, boosted by gains in banks and Nike, but were still headed for weekly losses as the underlying market sentiment was soured by anxiety over global trade frictions.
The Dow Jones Industrials climbed 236.75 points, or 1%, to pause for lunch at 24,452.80, with Nike outperforming.
The S&P 500 gained 21.46 points to 2,737.77, as financials jumped 17%
The NASDAQ popped 45.24 points to 7,548.92
Bank shares moved higher after announcing buybacks and dividend hikes following the Federal Reserve's annual stress test. Bank of America, Citigroup and J.P. Morgan Chase all rose at least 1.5%. Wells Fargo surged more than 5.5%
Despite the gains, the major indexes were on track to close lower for the week as initial U.S. and Chinese tariffs are due to take effect next week. The Dow and S&P 500 have fallen at least 0.3% on the week, while the NASDAQ has slumped 1.5%
President Donald Trump’s administration is set to activate tariffs on Chinese goods worth around $34 billion on July 6, which is then widely expected to trigger a tit-for-tat response from Beijing.
Axios reported on Friday that Trump has repeatedly told top White House officials that he wants the U.S. to withdraw from the World Trade Organization.
Prices for the benchmark for the 10-year U.S. Treasury gained back lost ground lowering yields to Thursday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices gained 53 cents to $73.98 U.S. a barrel.
Gold prices took on $2.90 to $1,253.90 U.S. an ounce.
