Equities in Canada’s largest centre opened higher on Friday, as energy stocks tracked stronger crude prices, while government data showed the nation added more jobs than expected in June.
TSX Composite index rebounded 149.29 points to open the week’s final trading session at 20,210.50.
The Canadian dollar hiked 0.28 cents to 80.08 cents U.S.
Star Diamond Corp on Thursday said it objected to Rio Tinto’s “predatory and coercive” actions after the global miner called a meeting for a joint venture the Canadian company says does not yet exist. Star stock gave back half a cent to 20 cents in the first hour of trading.
Canaccord Genuity cut the target price on Dye & Durham to $60.00 from $65.00. Shares in Dye & Durham docked eight cents to $47.00.
National Bank of Canada raised the price target on Richelieu Hardware to $44.50 from $43.50. Richelieu shares gained $1.25, or 3.1%, to $42.04.
JP Morgan cut the target price on Suncor Energy to $34.00 from $35.00. Suncor shares picked up 24 cents to $29.10.
Statistics Canada reported employment rose by 231,000 (or 1.2%) in June, following a cumulative decline of 275,000 over the previous two months.
ON BAYSTREET
The TSX Venture Exchange recovered 6.2 points to 928.50.
All but two of the 12 TSX subgroups gained ground in the first hour, with materials mightier by 1.4%, while consumer discretionary and financial stocks each rose 1.2%.
The two laggards were utilities, down 0.3%, and health-care, off 0.1%.
ON WALLSTREET
The Dow Jones Industrials popped 385.78 points, or 1.1%, to 34,807.71, moving the average into positive territory for the week.
The S&P 500 spiked 35.52 points to 4,356.34, also putting the index in the green for the week.
The NASDAQ acquired 53.89 points to 14,613.67.
Shares of GM gained 3.5% after Wedbush said the stock is a buy and could jump more than 50% as investors realize the extent of its tech and electric vehicle evolution.
Big Tech stocks were weaker on Friday as President Biden was set to sign a new executive order aimed at the competitive practices by the sector’s giants. Amazon was down about 0.7% after hitting a new all-time high on Thursday.
Prices for 10-Year Treasurys sagged, raising yields to 1.35% from Thursday’s 1.29%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.59 to $74.53 U.S. a barrel.
Gold prices brightened $7.80 to $1,808 U.S. an ounce.