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Equities Gain in First Hour
Canada's main stock index rose in early trading on Friday, lifted by energy stocks as oil prices bounced at the end of a torrid week.
The S&P/TSX Composite Index regained 59.58 points to kick off Friday at 14,310.67.
The Canadian dollar nicked ahead 0.06 cents to 71.13 cents U.S.
National Bank of Canada cut the target price in Absolute Software to $8.50 from $9.50. Absolute shares dipped five cents to $9.92.
CIBC raised the target price on Franco-Nevada to $195.00 from $162.00. Franco-Nevada shares jumped $3.81, or 2%, to $191.27.
CIBC raised the target price on Turquoise Hill Resources to $0.80 from $0.70. Turquoise Hill shares were flat at 71 cents.
ON BAYSTREET
The TSX Venture Exchange moved higher 4.59 points to 461.10
All but two of 12 TSX subgroups were higher, with gold brightening 2.1%, materials, better by 1.9%, and health-care, up 1.2%.
The two laggards were information technology, down 0.6%, and utilities, fading 0.2%.
ON WALLSTREET
Stocks were mostly flat on Friday as investors wrapped up another volatile week that featured unprecedented moves in the oil market.
The Dow Jones Industrial Average gained 37.71 points to start the week’s last session at 23,552.97
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The S&P 500 acquired 3.09 points to 2,800.89.
The NASDAQ Composite dished off 17.21 points to 8,477.54.
The major stock averages were on track to post modest weekly losses due to a steep selloff 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.
Oil rose for a third consecutive day, rebounding from a historic rout that saw a futures contract turn negative for the first time ever. West Texas Intermediate crude climbed 4.2% to trade above $17 per barrel amid increasing bets for a U.S. production cut, bringing its three-day rally to more than 40%.
Prices for the 10-Year Treasury slid, raising yields to 0.61% from Thursday’s 0.59%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.12 to $17.62 U.S. a barrel.
Gold prices jumped $3.50 to $1,748.90 U.S. an ounce.
