Canada's main stock index opened higher on Friday, extending gains for a fifth straight day, boosted by financial shares and after data showed the Canadian economy expanded at a surprisingly strong rate during the second quarter.
The S&P/TSX Composite added 19.99 points to open Friday at 16,404.48
The Canadian dollar increased 0.15 cents to 75.40 cents U.S.
TD Securities raises target price on Canadian Western Bank to $34.00 from $33.00. CWB shares shed 10 cents to $31.20
Scotiabank cut the target price on Toronto-Dominion Bank to $80.00 from $83.00. TD lost 39 cents to $71.48.
Scotiabank cut the target price on West Fraser Timber to $60.00 from $65.00. West Fraser shares vaulted 35 cents to $46.76.
On the economic front, Statistics Canada says June’s gross domestic product grew 0.9% in the second quarter, after edging up 0.1% in each of the previous two quarters. This growth was led by a 3.2% rise in export volumes.
Prices for products manufactured in Canada were down 0.3% in July. Widespread commodity price declines, led by pork, were partially offset by higher prices for motor gasoline and precious metals.
The agency also said prices for raw materials purchased by manufacturers operating in Canada were up 1.2%, mainly as a result of higher crude energy products prices.
ON BAYSTREET
The TSX Venture Exchange restocked 1.92 points to 583.07
Seven of the 12 Toronto subgroups were better off in the first hour of trade, as health-care stocks were haler 0.6%, industrials up 0.5%, consumer discretionary gained 0.4%.
The five laggards were weighed most by gold, down 0.6%, energy, reversing 0.5%, and consumer staples, off 0.3%.
ON WALLSTREET
Stocks rose on Friday as the world’s two largest economies showed a willingness to resolve their long-running trade dispute. Wall Street also wrapped up a month filled with volatility.
The Dow Jones Industrial Average gained 81.83 points, to start Friday at 26,444.08.
The S&P 500 nicked higher 9.4 points to 2,933.98
The NASDAQ eked higher 4.73 points to 7,978.12
Chip stocks Micron Technology gathered 1.4%, and Broadcom gained 0.6%. Apple advanced 0.5%.
China’s Foreign Ministry said on Friday that U.S. and Chinese negotiators are maintaining "effective communication" as the two countries try to strike a trade deal.
The report follows comments from the Chinese Ministry of Commerce on Thursday that hinted China will not escalate for now the trade war with the U.S. President Donald Trump also said that some trade discussions had taken place on Thursday, with more scheduled over the coming weeks.
Recent U.S. economic data has been strong. U.S. consumer spending rose 0.6% in July, the Commerce Department said Friday, topping an economist estimate of 0.5%. Meanwhile, consumer confidence remains near its highest level in nearly 20 years.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 1.51% from Thursday’s 1.50%. Treasury prices and yields move in opposite directions
Oil prices removed 69 cents to $56.02 U.S. a barrel.
Gold prices picked up 60 cents to $1,537.50 U.S. an ounce.
Dow Springs as Trade Situation Cools
