Big Gains Mark Friday Open for TSX
Equities in Canada’s largest centre gained sharply at Friday’s open, as energy and health-care stocks exploded in the first hour.
The TSX popped 282.28 points, or 1.5%, to begin the week’s last session at 19,695.28.
The Canadian dollar moved 0.17 cents higher to 76.62 cents U.S.
On the earnings front, Dollarama is expected to show a rise in second-quarter sales as consumers looking to cut down spending amid inflation flock to discount stores for groceries and household essentials.
Shares in the discount store chain leaped $1.76, or 2.2%, to $81.26.
Baltic Power, a joint venture between Poland's PKN Orlen and Canada's Northland Power, has signed a series of deals to help build a planned wind farm in the Baltic Sea. Northland shares acquired nine cents to $44.96.
A senior Bank of Canada official left the door open to another oversized interest rate increase, saying the central bank continues to see front-loading as the best way to battle the fastest rising prices in nearly four decades.
It’s jobs day in Canada, with Statistics Canada informing investors that the economy lost 40,000 (0.2%) in August, and the unemployment rate rose by 0.5 percentage points to 5.4%.
ON BAYSTREET
The TSX Venture Exchange added 7.42 points, or 1.2%, to 644.56.
All 12 TSX subgroups were higher in the first hour, with energy soaring 2.7%, health-care clicking 2.6% higher, and information technology issues surging 2.1%.
ON WALLSTREET
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U.S. stocks rose Friday following a choppy trading session as traders considered Federal Reserve Chair Jerome Powell’s latest comments on inflation.
The Dow Jones Industrials leaped 270.12 points to start Friday at 32,044.64
The S&P 500 jumped 43.65 points, or 1.1%, to 4,049.83
The NASDAQ Composite surged 183.64 points, or 1.6%, to 12,045.77.
Those gains put all three major averages on pace to snap a three-week losing streak. Through Thursday, the Dow is up 1.5%. Meanwhile, the S&P 500 is up 2.1%, and the NASDAQ climbed 2%.
Shares of DocuSign surged more than 17% in extended trading after the electronic agreements company reported an earnings beat. The company also issued a third-quarter revenue forecast that was above expectations.
Treasury prices faded, raising yields to 3.28% from Thursday’s 3.32%. Treasury prices and yields move in opposite direction.
Oil prices gained $2.68 to $86.22 U.S. a barrel.
Gold prices recovered $7.30 to $1,727.50 U.S. an ounce.