Equities in Canada’s largest centre finished in the green on Friday, driven by shares of precious metal miners as demand for gold, a safe-haven asset, rose due to concerns on global economic growth and political uncertainties. However, health-care issues led the parade of gainers
The S&P/TSX Composite Index gained 85.27 points to end Friday at 15,370.27 – better than 1,000 points above where it closed on New Year’s Eve.
The Canadian dollar soared 0.72 cents to 75.62 cents U.S.
In the health-care sector, Canopy Growth zoomed $4.98, or 8.4%, to $64.00, while Aurora Cannabis picked up three cents to $8.87.
Gold stocks climbed, primarily, Goldcorp, up 28 cents, or 2%, to $14.27. Barrick Gold jumped 38 cents, or 2.4%, to $16.20.
In the materials, First Quantum Minerals popped 47 cents, or 3.8%, to $12.98, while Agnico Eagle Mines sprinted $1.58, or 3%, to $54.50.
Communications issues went down, however, as Rogers dived $1.35, or 1.9%, to $69.59, while Shaw gave back 15 cents to $26.25.
In consumer staples, another lagging subgroup, Saputo docked six cents to $38.53, while Metro dropped 21 cents to $48.93.
ON BAYSTREET
The TSX Venture Exchange climbed 11.18 points, or 1.9%, to 604.56
Eight of the 12 TSX subgroups were positive on the day, as health-care proved 2.8% haler, gold shone 2.2% brighter, and materials were stronger 2.1%.
The four laggards were co-led by communications and consumer staples, each sliding 0.6%, and financials, dipping 0.04%
ON WALLSTREET
U.S. stocks rose on Friday as investors looked past a poor Intel earnings report, instead focusing on a partial government shutdown solution.
The Dow Jones Industrials roared higher 183.96 points – off its highs of the day -- to end the day and the week at 24,737.20, for a gain of more than 1,400 on the year so far.
The 30-stock index squeaked out a weekly gain of 0.1% for the week, its fifth straight positive week as investors continued to buy after the market’s big December drop. That five-week win streak was the Dow’s longest since August.
The S&P 500 hiked 22.43 points to 2,664.76
The NASDAQ Composite hiked 91.4 points, or 1.3%, to 7,164.86, as constituent Starbucks gained on strong earnings.
Apple, Amazon Alphabet and Facebook led the gains as investors got back into a risk-taking mood with the shutdown ending, buying their favorite technology names. Apple jumped 3.3%.
Intel reported fourth-quarter earnings which beat Wall Street expectations but missed on revenue. The company’s 2019 forecast showed revenue growth of just 1%, with Intel expecting to report first-quarter earnings of 87 cents a share – 14 cents below Wall Street expectations.
Intel continues to search for a new CEO, seven months after Brian Krzanich was forced out. The stock was down more than 7% in trading, but other chip stocks were holding steady.
Starbucks stock gained as the company reported strong sales and earnings growth for its first-quarter report. The coffee giant saw revenue climb 9% compared to the same period last year.
President Donald Trump announced that he reached a continuing resolution deal with Congress to reopen the U.S. government. The temporary deal will fund the government for three weeks until Feb. 15.
The Wall Street Journal reported that the Federal Reserve is closer than expected to ending its balance sheet unwind. The Fed’s decision is a key consideration for investors as they gauge the extent to which the central bank will tighten its monetary policy.
Treasury Secretary Steven Mnuchin also projected confidence about the status trade negotiations between the U.S. and China in comments to Reuters. Mnuchin said both sides were "making a lot of progress" in the talks.
Prices for the benchmark for the 10-year U.S. Treasury lost ground, boosting yields to 2.75% from Thursday’s 2.71%. Treasury prices and yields move in opposite directions.
Oil prices improved 43 cents to $53.56 U.S. a barrel.
Gold prices spiked $20.00 to $1,299.80 U.S. an ounce.
