Equities in Canada's largest market set their sights on a fifth straight positive session on Friday, aided by gains in the financial sector and data on strong growth in the Canadian economy during the second quarter.
The S&P/TSX Composite held onto morning gains of 14.83 points to greet noon at 16,399.32
The Canadian dollar faded 0.04 cents to 75.21 cents U.S.
The largest percentage gainers on the TSX were shares of CAE that jumped $1.15, or 3.4% to $34.55, after Scotiabank upgraded the civil aviation training company's shares to "sector outperform" from "sector perform".
CannTrust Holdings fell 4.5 cents, or 1.9%, to $2.32, along with declines in shares of Peyto Exploration & Development, which were down 24 cents, or 7%, to $3.12.
The most heavily traded shares by volume were Sherritt International, up 7.6%,
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 poked higher 3.7 points to 584.85
Seven of the 12 Toronto subgroups remained green midday, as materials picked up 0.8%, gold, brighter 0.7%, and industrials, climbing 0.5%.
The five laggards were weighed most by energy, reversing 1.4%, information technology, sliding 1.2%, and health-care, off 0.7%.
ON WALLSTREET
Stocks fell on Friday, erasing earlier gains, as Wall Street concluded a volatile month.
The Dow Jones Industrial Average had squandered all of its gains, returning to Thursday’s close of 26,361.89. The 30-stock Dow rallied more than 150 points earlier in the day amid optimism around U.S.-China trade relations.
The S&P 500 dipped 1.88 points to 2,922.70
The NASDAQ slumped 30.3 points to 7,943.09
The back and forth between China and the U.S. on the trade front has led to a volatile month on Wall Street. Entering Friday’s session — the last one for August — the Dow and S&P 500 were both down nearly 2% while the NASDAQ Composite had lost around 2.5%.
Among the firms declaring earnings today, Jinko Solar gained 67 cents, or 3.3%, to $20.86.
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 1.52% from Thursday’s 1.50%. Treasury prices and yields move in opposite directions
Oil prices faded $1.68 to $55.03 U.S. a barrel.
Gold prices fell 80 cents to $1,536.10 U.S. an ounce.
