Canada’s resources-heavy main stock index rose for the first time in three sessions on Friday as commodity prices soared against a weaker dollar, while Yamana Gold surged on receiving a takeover bid.
The TSX Composite came off its highs of the morning, but remained buoyant 91.47 points, by noon EDT at 19,332.69.
The Canadian dollar hurtled 1.16 cents to 73.93 cents U.S.
Yamana took the top spot on the TSX, up 85 cents, or 15.2%, to $6.43, after it received an unsolicited near $5-billion takeover offer
from Agnico Eagle Mines and Pan American Silver. Agnico gained 60 cents, or 1.1%, to $57.07, while Pan American docked $1.76, or 8.4%, to $19.17.
Enbridge gained 41 cents to $54.03, after it sanctioned an expansion of the southern segment of its British Columbia pipeline system.
On the economic slate, Statistics Canada reported the economy created 108,000 jobs, or 0.6%, in October, keeping the unemployment rate steady at 5.2%.
Moreover, Western University’s IVEY School of Business’ PMI registered at 50.1 in October, much lower than its 59.5 reading in September, and way off its 59.3 level from October 2021.
ON BAYSTREET
The TSX Venture Exchange took on 9.35 points, or 1.6%, to 594.38.
Seven of the 12 TSX subgroups made headway by noon, with gold triumphing 5.8%, materials up 4.7%, and financials better by 1.2%.
The five laggards were weighed most by information technology, down 4.1%, health-care off 1.7%, and energy, worse off by 0.8%.
ON WALLSTREET
Stocks rose slightly Friday, but all the major averages were on pace for weekly declines, as investors drew conflicting conclusions about what the latest payroll numbers mean for the future Federal Reserve rate hikes.
The Dow Jones Industrials came off its peaks of the morning, but still stayed green 115.42 points to 32,116.67.
The S&P 500 had gained 15.1 points to 3,734.99
The NASDAQ was positive 27.37 points to 10,370.31.
A better-than-expected October non-farm payrolls report on Friday further fueled some concerns that the Fed will persist with its tightening campaign. The report showed 261,000 payrolls added in October, surpassing a Dow Jones estimate of 205,000 additions. However, the unemployment rate came in at 3.7%, slightly above the expected 3.5%.
China stocks higher Friday, although the government hasn’t formally announced a pivot. Pinduoduo, JD.com and Alibaba shares surged.
Corporate earnings season continued, with mobile payment company Block surging 17% after beating expectations. Carvana shared dropped 20% as it posted a wider-than-expected loss, while Twilio and Atlassian both plummeted on disappointing guidance.
Despite Friday’s gains, all the major averages are on track to close out the week with losses, with the Dow down 2% set to end four weeks of gains.
The S&P lost 4.1%, and the NASDAQ is down 6.6%, on pace to break two-week winning streaks. The tech-heavy NASDAQ is also on course for its worst weekly performance since January 2022.
Treasury prices gave up its gains, raising yields to 4.17% from Thursday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.97 to $91.14 U.S. a barrel.
Gold prices hiked $42.40 to $1,673.20 U.S. an ounce.