Equities in Canada’s largest market opened higher on Friday and was on track for its fifth straight weekly gain, driven by a surge in cannabis producers.
The S&P/TSX Composite Index lost 5.3 points to begin the week’s last session at 21,932.59.
The Canadian dollar gained 0.35 cents to 79.90 cents U.S.
CIBC cut the target price on Boyd Group Services to $180.00 from $230.00. Shares in Boyd slid $1.55 to $162.54.
As mentioned, cannabis shares ruled the roost Friday, with Tilray sprinting $1.21, or 13.8%, to $10.00, while Canopy Growth soared 60 cents, or 6%, to $10.53.
Canada will continue to increase its defense spending, Prime Minister Justin Trudeau said on Thursday, as he announced new sanctions against Russia over its invasion of Ukraine.
Federal Energy Minister Jonathan Wilkinson says Canada has capacity to increase oil and gas exports by up to 300,000 barrels per day by the end of 2022 to help improve global energy security following Russia’s invasion of Ukraine.
ON BAYSTREET
The TSX Venture Exchange added four points to start Friday at 887.70.
Seven of the 12 TSX subgroups were higher in the first hour, with health-care jumping 4.5%, energy gushing 0.7%, and communications clicking higher 0.6%.
The five laggards were weighed most by information technology, sinking 0.9%, gold, off 0.7%, and industrials, 0.7% to the bad.
ON WALLSTREET
The S&P 500 was steady Friday as the benchmark index looked to close out its second consecutive positive week.
The Dow Jones Industrials moved up 139.74 points to 34,847,68.
The S&P 500 took on 6.34 points to 4,526.50
The NASDAQ Composite slumped 59.04 points to 14,132.80.
For the week, the S&P 500 and NASDAQ are each up more than 1%. The Dow is marginally higher week to date.
The S&P 500 is now up more than 3% in March, more than erasing its losses since Russia invaded Ukraine late last month.
The rebound has come even as the war in Ukraine continues and the Federal Reserve is set to hike interest rates several more times this year.
Financial stocks rose Friday as the 10-year yield jumped, comprising the top-performing S&P 500 sector. Bank of America and Wells Fargo each rose more than 1%.
Airlines were also among the top gainers Friday. American Airlines rose more than 3% and United Airlines added more than 2%.
Treasury prices slumbered, raising yields to 2.43% from Thursday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.84 to $110.50 U.S. a barrel.
Gold prices blundered $11.10 to $1,951.10 U.S. an ounce.