Canada’s main stock index dawdled by noon, though set to post its fifth straight week of gains, the energy sector pushing things upward, as supply concerns sparked by Russia’s invasion of Ukraine underpinned crude prices.
The S&P/TSX Composite Index settled 12.03 points to pause for lunch Friday at 21,925.86.
The Canadian dollar gained 0.35 cents to 79.91 cents U.S.
The technology group fell with e-commerce company Shopify down $43.21, or 4.9%, to $839.38, tracking weakness in the NASDAQ. Elsewhere in the sector, HUT 8 Mining lost 27 cents, or 3.5%, to $7.36.
Energy, however, proved a stalwart, as Cenovus gained 73 cents, or 3.6%, to $20.88, while Vermilion Energy climbed $1.83, or 6.6%, to $29.46.
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 subtracted 3.9 points to 889.80.
All but three subgroups were in the red, as information technology dove 2.6%, gold was off 0.8% and materials slid 0.6%.
The three gainers were energy, up 2.3%, communication, up 0.8%, and financials, better by 0.2%.
ON WALLSTREET
U.S. stocks dipped Friday as rates surged, but the S&P 500 and NASDAQ were on track for their second winning week in a row.
The Dow Jones Industrials gave up some of its gains of the morning, but remained above breakeven 13.33 points midday to 34,721.27.
The S&P 500 handed over 4.41 points to 4,515.75.
The S&P 500 is now about 3% higher in March, more than erasing its losses since Russia invaded Ukraine late last month.
The NASDAQ Composite slumped 134.7 points, or 1%, to 14,057.14.
For the week, the S&P 500 and NASDAQ are each up more than 1%. The Dow is marginally higher week to date.
Financial stocks rose Friday as the 10-year yield jumped. Bank of America and Wells Fargo each rose more than 1%.
On the downside, technology stocks eased, weighing on the NASDAQ. Fortinet lost more than 2% and Micron lost more than 1%.
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.
Treasury prices slumbered, raising yields to 2.48% from Thursday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.16 to $113.50 U.S. a barrel.
Gold prices stayed negative $2.20 to $1,960.00 U.S. an ounce.