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TSX Inches up At Open

Baystreet.ca
Canada's main stock index opened higher on Friday, lifted by an increase in oil and base metal prices ...

Canada's main stock index opened higher on Friday, lifted by an increase in oil and base metal prices and receding fears of a trade war with the U.S.

The S&P/TSX Composite Index added 13.94 points to start the week’s last session at 15,552.64

The Canadian dollar eked forward 0.25 cents to 77.79 cents U.S.

Berenberg started coverage on Endeavour Mining with a buy rating and a target price of $28.33. Endeavour shares gained 10 cents to $24.63.

CIBC raised the price target on Spin Master to $63.00 from $58.00. Spin Master dropped $1.27, or 2.2%, to $57.88.

Canada on Thursday hailed the news it would not immediately be subject to U.S. tariffs on steel and aluminum while promising to continue lobbying Washington until the threat of duties had disappeared.

Statistics Canada reported that the Canadian economy created only 15,000 jobs during February, but enough to lower the unemployment rate by 0.1% to 5.8%. Canadian employment growth was expected to have gained 20,000 jobs in February after losing 88,000 jobs in the month before.

ON BAYSTREET

The TSX Venture Exchange was down 0.16 points early Friday to 829.31

Seven of the 12 TSX subgroups started Friday stronger, with energy surging 0.7%, materials up 0.4%, and industrials better by 0.3%.

The five laggards were held down mostly by telecoms, sliding 0.7%, while information technology and gold sank 0.4%.

ON WALLSTREET

U.S. stocks traded higher on Friday after the release of stronger-than-expected employment data.

The Dow Jones Industrials hiked 214.71 points to 25,109.92, with Intel as the best-performing stock in the index.

The S&P 500 gained 24.39 points to 2,763.36, with energy as the best-performing sector. Friday also marked the nine-year anniversary of the bull market. On March 9, 2009, the S&P 500 closed at 676.53. Since then, the S&P 500 is up around 300%.

The NASDAQ composite Index popped 68.27 points to 7,496.21.

President Donald Trump signed two declarations on Thursday, which would implement tariffs on steel and aluminum imports. The tariffs are expected to take effect in 15 days and will put a 25% charge on steel, and 10% on aluminum. Canada and Mexico, however, are exempt.

The U.S. economy added 313,000 jobs in February, according to the U.S. Bureau of Labor Statistics. Economists had expected a mere gain of 200,000.

Wages, meanwhile, grew less than expected, rising 2.6% on an annualized basis. Stronger-than-expected wage growth helped spark a market correction in the previous month.

Prices for the benchmark 10-year Treasury note sagged, raising yields to 2.90% from Thursday’s 2.86%. Treasury prices and yields move in opposite directions.

Oil prices added a dollar a barrel to $61.12 U.S.

Gold prices drooped 40 cents to $1,321.30 U.S. an ounce.