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Stocks Flat to Begin June
Canada's main stock index opened flat on Friday, weighed down by losses in financials and materials stocks.
The S&P/TSX Composite Index rose a slight 28.58 points to open Friday at 16,090.08
The Canadian dollar demurred 0.12 cents at 77.15 cents U.S.
In Italy, anti-establishment parties revived coalition plans on Thursday, while in Spain Socialist Pedro Sanchez took over as prime minister on Friday, after outgoing leader Mariano Rajoy lost a confidence vote.
Canada decided to impose retaliatory tariffs on $16.6 billion worth of U.S. exports and challenge U.S. steel and aluminum tariffs under the North American Free Trade Agreement and the World Trade Organization, Foreign Minister Chrystia Freeland said on Thursday.
Bank of Nova Scotia said on Thursday it would buy MD Financial Management, a financial services company for Canadian doctors, in a $2.59-billion all-cash deal. Scotiabank shares collapsed 96 cents, or 1.2%, to $77.28
IA Securities raised the rating Dollarama Inc. to buy from hold. Dollarama shares gained 77 cents to $150.42.
Markit's seasonally-adjusted manufacturing Purchasing Managers Index data came in for May at 56.2, up from 55.5 in April, pointing to the strongest overall improvement in business conditions since April 2011.
ON BAYSTREET
The TSX Venture gained back 0.58 points to 763.75
All but three of the 12 TSX subgroups were higher, as consumer staples jumped 0.8%, while information technology and energy each gathered 0.6%,
The three laggards were gold and utilities, each down 0.2%, and financials, off 0.1%.
ON WALLSTREET
A stronger-than-expected jobs report pushed stocks higher on Friday as Wall Street recovered some of the losses seen in the previous session.
The Dow Jones Industrials surged 214.11 points to 24,629.95, with J.P. Morgan Chase as the best-performing stock in the index.
The S&P 500 leaped 25.83 points to 2,731.10, as financials rose more than 1%.
The NASDAQ hiked 82.25 points, or 1.1%, to 7,524.37
Bank stocks followed rates higher. J.P. Morgan Chase, Goldman Sachs, Morgan Stanley and Bank of America all rose more than 1%.
Friday's gains come as stocks fell Thursday after Trump slapped tariffs on the European Union, Mexico and Canada. The E.U. followed up the U.S. announcement by saying it would impose countermeasures of its own, while Canada’s Foreign Minister Chrystia Freeland said the country plans to slap dollar-for-dollar tariffs on the U.S.
The U.S. economy added 223,000 jobs in May, while economists expected a gain of 188,000. Average hourly earnings, meanwhile, rose 0.3% last month while the unemployment rate ticked down to 3.8%.
Prices for the benchmark for the 10-year U.S. Treasury dropped, raising yields to 2.91% from Thursday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices faded 56 cents at $66.48 U.S. a barrel.
Gold prices faded six dollars to $1,303.80 U.S. an ounce.
