Another Positive Open for TSX

TC in Focus

Canada’s maiu stock index did not deviate from its upward path, though taking only small steps, as energy grabbed the reins and led subgroups north.

The TSX Composite Index acquired 12.16 points to begin Friday at 16,984.34

The Canadian dollar surged 0.09 cents to 75.57 cents U.S.

The Organization of the Petroleum Exporting Countries said on Thursday it expected demand for its oil to fall in 2020 as rivals pumped more despite a smaller surplus of crude in the global market, building a case for the group to maintain supply curbs when it meets to discuss policy next month.

Montana lawmakers representing Native American tribal members called on the state’s congressional delegation and the U.S. State Department on Thursday to extend the public comment period for the environmental review of the Keystone XL pipeline, saying tribes were not properly consulted.

TC Energy, the company with the biggest stake in Keystone, started the session up five cents to $67.58.

CIBC cut the price target on Canopy Growth to $30.00 from $45.00. Canopy shares retreated 35 cents, or 1.7%, to $20.61.

CIBC raised the price target on Freshii to $$3.00 from $2.75. Freshii shares gained five cents, or 1.9%, to $2.75.

On the economic front, Statistics Canada said foreign investors acquired $4.8 billion of Canadian securities in September, all corporate securities. At the same time, Canadian investors reduced their holdings of foreign securities by $2.4 billion, led by a divestment in U.S. instruments.

Meanwhile, the Canadian Real Estate Association declared home selling activity was up 12.9% year-over-year (y-o-y). The number of newly listed properties declined by 1.8% month-on-month. The MLS® Home Price Index advanced by 0.6% m-o-m and 1.8% y-o-y.

ON BAYSTREET

The TSX Venture Exchange dropped 0.53 points at 526.62

All but three of the 12 Toronto subgroups were positive, with energy ahead 1.1%, consumer staples advancing 0.4%, and information technology nosing up 0.1%.

The three laggards were health-care, ailing 1.9%, gold, duller in price by 0.5%, and financials, 0.1% poorer.

ON WALLSTREET

The Dow Jones Industrial Average hit a fresh record high on Friday after White House economic advisor Larry Kudlow said China and the U.S. were getting close to reaching a trade deal.

The blue-chip index pointed higher 88.49 points to 27,870.45.

The S&P 500 jumped 8.62 points to another record, at 3,105.25

The NASDAQ vaulted 28.83 points to 8,507.85, also an all-time high.

The S&P 500 has gained 3.4%, and Dow is up 2.8%, over the past month through Thursday’s close. The NASDAQ has gained 4.1% in that time.

Trade-sensitive names such as Caterpillar, Boeing, Apple and Micron Technology all rose at least 0.5%. Gold, meanwhile, fell 0.4% to $1,467.60 per ounce as safe-haven assets pulled back broadly.

Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing. His comments came after multiple reports suggested both sides were at loggerheads over the terms of a phase-one trade agreement.

Investors also digested mixed data on the U.S. consumer. Retail sales grew by 0.3% in October, topping an estimate of 0.2%. However, the data also showed big-ticket purchases dropped last month.

Prices for the 10-Year U.S. Treasury lost ground, raising yields to 1.83% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions

Oil prices took on 13 cents to $56.90 U.S. a barrel.

Gold prices fell $7.10 to $1,456.30 U.S. an ounce.