Canada's main stock index rose to a four-month high on Friday, driven by energy shares on the back of crude prices, which rose on renewed hopes that the United States and China could resolve their ongoing trade dispute.
The S&P/TSX Composite Index acquired 57.87 points to greet noon at 16,058.73
The Canadian dollar added 0.19 cents at 75.8 cents U.S.
The largest percentage gainers on the TSX were oil and gas companies Keyera -- which surged $2.21, or 7.8%, to $30.72 -- and Enerplus, which rose 56 cents, or 5%, to $11.81. Both companies posted their quarterly results.
Magna International rose $2.80, or 4%, to $72.28, after quarterly profit beat analysts' estimates as the auto parts maker assembled more vehicles, benefiting from new launches by car makers Jaguar Land Rover and Daimler AG.
Altus Group fell $1.84, or 7.2%, the most on the TSX, to $23.79, while the second biggest decliner was Lucara Diamond, down nine cents, or 5%, to $1.70.
On the economic calendar, Statistics Canada reported retail sales as edged down 0.1% to $50.4 billion in December. Lower sales at gasoline stations were partly offset by higher sales at motor vehicle and parts dealers. Excluding gasoline stations, retail sales increased 0.4%
ON BAYSTREET
The TSX Venture Exchange poked up 0.19 points to 621.80
All but two of the 12 TSX subgroups were higher midday, as gold jumped 1.1%, while consumer discretionary and material stocks each obtained 1%.
The lone laggard was in health-care, down 1.5%, while industrials were unchanged.
ON WALLSTREET
Stocks rose on Friday as another round of trade talks between the U.S. and China wrapped up with investors increasingly more hopeful a deal will be struck.
The Dow Jones Industrials rocketed 186.9 points to 26,037.53, as Intel outperformed.
The S&P 500 strengthened 15.74 points to 2,790.62, led by gains in the tech sector.
The NASDAQ Composite recouped 57.22 points to 7,516.92, as shares of Facebook, Amazon, Netflix and Alphabet all traded higher.
The Dow and NASDAQ were on pace to extend their weekly winning streaks to nine. The S&P 500 was also on track to post a weekly gain.
Intel shares rose more than 2.5% on Friday after Morgan Stanley upgraded the stock to overweight from equal weight, noting Intel could get a boost now that Bob Swan is the full-time CEO.
Shares of Kraft Heinz plummeted 28.1% after the consumer products company disclosed an SEC subpoena from an investigation into its accounting practices. The company also disclosed a $15.4-billion writedown.
President Donald Trump is scheduled to meet with Chinese Vice Premier Liu He later on Friday. The meeting comes after a U.S. delegation met with Chinese President Xi Jinping last week.
Optimism has risen over the chances of both countries securing a deal to end their protracted trade war, but some experts say the most difficult part is yet to come as high level talks continue into Friday.
Meanwhile, trade tensions between the U.S. and Europe are increasing. The European Union is preparing to target heavy machines made by U.S. companies like Caterpillar if the U.S. slaps tariffs on cars made in the E.U.. Shares of Caterpillar dipped before the bell on the report, but traded slightly higher after the open.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.65% from Thursday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 38 cents to $57.34 U.S. a barrel.
Gold prices grew $6.10 to $1,333.90 U.S. an ounce.
