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Stocks Hike with Oil Prices
Canada's main stock index rose on Friday, led by energy stocks as oil prices gained after the Organization of the Petroleum Exporting Countries producers and allies promised to meet supply cut commitments, while signs of improving fuel demand further bolstered sentiment.
The S&P/TSX Composite Index added 122.42 points to greet Friday noon at 15,602.25.
The Canadian dollar inched up 0.01 cents at 73.56 cents U.S.
The largest percentage gainer on the TSX was First Quantum Minerals, which jumped 76 cents, or 8.5%, to $9.62, after Jefferies hiked its target price for the stock, followed by Baytex Energy, which rose a penny, or 1.5%, to 66 cents.
Pot producer Hexo fell three cents, or 2.9%, the most on the TSX, to $1.02, followed by Bombardier, down two cents, or 4.8%, to 47 cents.
On the economic blotter, Statistics Canada reported retail sales were down by 26.4% in April to $34.7 billion. Motor vehicle and parts dealers took the largest hit, while online sales surged to a record high, representing 9.5% of the total retail market in April.
ON BAYSTREET
The TSX Venture Exchange heightened 6.53 points, or 1.2%, to 564.80.
All but three of the 12 subgroups were higher midday, with gold ahead 3.8%, materials soaring 3.2%, and consumer staples, jumping 1.4%.
The three laggards were real-estate, down 1%, health-care, sliding 0.5%. and industrials, off 0.1%.
ON WALLSTREET
Stocks rose on Friday, adding to this week’s strong gains, amid a report by Bloomberg News that China was set to up its purchases of U.S. farm products to comply with phase one trade deal.
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The Dow Jones Industrials hiked 127.47 points, off its highs of the morning, to stop for lunch at 26,207.57.
The S&P 500 added 14.04 points to 3,129.38.
The NASDAQ grew 68.84 points to 10,011.89, on the way to its sixth consecutive gain.
The report eased concerns about U.S.-China trade relations as the two countries exchange heated rhetoric regarding the coronavirus.
Stocks tied to the reopening of the economy gained. United Airlines rose 1.7%, while Kohl’s gained 1.6%. Oil and energy stocks were among the biggest gainers, with Devon Energy jumping 3.2%.
For the week, the major averages were on pace to post their fourth weekly gains in five. The Dow and S&P 500 were each up at least 3% week to date while the NASDAQ has risen 4.7%. Those gains came after a record surge in U.S. retail sales and the Federal Reserve announcing it will buy individual corporate bonds
Prices for the 10-Year Treasury gained back lost ground, reducing yields to Thursday’s 0.71%. Treasury prices and yields move in opposite directions.
Oil prices prospered a dollar to $39.84 U.S. a barrel.
Gold prices jumped $25.60 to $1,756.70 U.S. an ounce.