Canada's main index eked higher on Friday, as oil moved lower at the end of a torrid week that saw U.S. crude prices fall into negative territory.
The S&P/TSX Composite Index remained in the green a mere 8.1 points by noon to 14,259.19.
The Canadian dollar scaled back 0.12 cents to 70.94 cents U.S.
Torex Gold Resources, fell backward seven cents to $19.04, after BMO began coverage on stock with an "outperform" rating. Torex shares
Baytex Energy ducked back 1.5 cents, or 3.9%, to 37 cents.
Helping the main index was Barrick Gold Corp, which rose 59 cents, or 1.6%, to $38.24. Papua New Guinea's government will take control of the Porgera gold mine after refusing to extend Barrick's lease over the facility, citing environmental concerns
ON BAYSTREET
The TSX Venture Exchange stayed north of breakeven 0.72 points to 457.23
Eight of 12 TSX subgroups were positive, with consumer discretionary and communications each forging ahead 0.9%, while information technology gained 0.8%.
Energy stocks slid 1.8%, while financials dawdled 0.4%, and real-estate stocks fell 0.2%.
ON WALLSTREET
Stocks gave up earlier gains on Friday as investors wrapped up another volatile week that featured unprecedented moves in the oil market.
The Dow Jones Industrial Average gave up earlier gains and shed 36.64 points by noon EDT to 23,478.62
The S&P 500 nosed up 1.08 points to 2,798.88.
The NASDAQ Composite regained 11.48 points to 8,506.23.
The major stock averages were on track to post modest weekly losses due to a steep sell-off earlier in the week triggered by the collapse in oil markets. The Dow was down 2.8% for the week, while the S&P 500 fell 2.6%.
Stocks were taken for a wild ride on Thursday after The Financial Times reported — citing documents accidentally published by the World Health Organization — that Gilead Sciences’ drug remdesivir did not improve coronavirus patients’ condition. The documents cited by the FT referred to a Chinese clinical trial.
Gilead noted that study was "terminated early due to low enrollment," leaving it "underpowered to enable statistically meaningful conclusions. As such, the study results are inconclusive."
More than 2.6 million cases have been confirmed worldwide, according to data from Johns Hopkins University. In the U.S., over 800,000 cases have been confirmed. However, a decline in new daily cases has boosted equities from their lows reached on March 23.
U.S. crude futures were up for a third straight day on Friday, rising 0.8% to $16.64 per barrel. However, West Texas Intermediate was well off its session highs. Earlier in the day, WTI rallied more than 5%. Oil was headed for steep weekly losses as demand concerns weigh on oil’s outlook amid the coronavirus pandemic. WTI futures have lost over 31% for the week.
Prices for the 10-Year Treasury slid a bit, raising yields to 0.60% from Thursday’s 0.59%. Treasury prices and yields move in opposite directions.
Oil prices gained 70 cents to $17.20 U.S. a barrel.
Gold prices dipped $15.50 to $1,719.90 U.S. an ounce.
