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Stocks in Toronto began November at a one-month high, as energy stocks sprouted Friday morning.
The TSX Composite Index hiked 108.81 points to begin Friday at 16,591.97
The Canadian dollar sank 0.03 cents to 75.91 cents U.S.
An estimated 9,120 barrels of oil have spilled from TC Energy Corp’s Keystone crude pipeline in North Dakota, state authorities said on Thursday, a major leak at a time of increased regulatory scrutiny of oil pipeline expansions.
TC climbed $1.44, or 2.2%, to $67.83.
Hudson’s Bay Co shareholder Catalyst Capital Group has opposed an agreed deal by the struggling Canadian department store operator with a group led by executive chairman Richard Baker to be taken private. Bay shares crept up three cents to $10.01.
Enbridge on Thursday won backing from a Michigan state court to permit a 66-year-old crude oil pipeline to continue to run under a state waterway, pushing back authorities’ efforts to have the pipeline decommissioned. Enbridge shares acquired 41 cents to $48.38.
CIBC cut the target price on Bombardier to $3.00 from $3.25. Bombardier gained three cents, or 1.8%, to $1.69.
CIBC then raised the target price on SNC-Lavalin Group to $29.00 from $25.00. SNC shares popped $1.41, or 5.9%, to $25.22.
In the economic docket, the IHS Markit Canada Manufacturing Purchasing Managers’ index, a measure of manufacturing business conditions, rose to a seasonally adjusted 51.2 in October, its highest level since February, from 51.0 in September. A reading above 50 shows expansion in the sector.
ON BAYSTREET
The TSX Venture Exchange hiked 1.24 at 539.61
All but two of the 12 Toronto subgroups jumped in the first hour, with energy gushing 1.9%, information technology clicking 1.4%, and industrials up 0.9%.
The two laggards were gold, sliding 0.6%, and materials, weaker by 0.2%.
ON WALLSTREET
Stocks rose on Friday as investor sentiment got a lift from much stronger-than-expected U.S. jobs data.
READ: 5 Stocks To Watch As Gold Prices Soar
The Dow Jones Industrial Average jumped 232.83 points to 27,279.06
The S&P 500 spiked 24 points to 3,061.56, to a fresh record high
The NASDAQ Composite Index sprang up 73.16 points to 8,365.52
Exxon Mobil was the best-performing stock in the Dow on the back of stronger-than-forecast quarterly results. The stock gained 1.2%. The industrials and financials sectors both rose around 1%.
U.S. Steel shares rose around 5% after the company posted Thursday afternoon a smaller-than-expected quarterly loss. Qorvo also reported better-than-expected results and issued strong guidance for the current quarter, sending its stock up more than 17%.
Around 70% of S&P 500 companies have reported quarterly numbers thus far, according to FactSet. Of those companies 75% have reported better-than-expected earnings.
The U.S. economy added 128,000 jobs in October, the Labor Department said Friday. Economists polled by Dow Jones expected a gain of 75,000 jobs for the previous month. October jobs growth easily beat estimates despite a decline of 42,000 jobs in the autos sector due to a General Motors strike that has now been settled.
Jobs growth data for September and August was also revised substantially higher. September’s number was revised up to 180,000 from 136,000. August jobs growth was revised to 219,000 from 168,000.
Other data released Friday included the Institute for Supply Management’s reading on October U.S. manufacturing. The ISM’s manufacturing PMI came in at 48.3, representing a bigger-than-expected contraction in the sector.
However, some of the survey’s internal components showed improvement, stemming offsetting the disappointing headline number. U.S. manufacturing fell to its lowest level in a decade in September amid lingering worries around U.S.-China trade talks.
Prices for the benchmark 10-year U.S. Treasury sagged, raising yields to 1.71% from Thursday’s 1.68%. Treasury prices and yields move in opposite directions.
Oil prices restored 97 cents to $55.15 U.S. a barrel.
Gold prices dropped $1.40 to $1,513.40 U.S. an ounce.
