Aphria, Cenovus stand out
Equities in Canada’s largest market opened higher on Friday, tracking global equity markets, which bounced back after a sharp selloff this week.
The S&P/TSX Composite Index regained 97.79 points to begin the last session of a brutal week at 15,414.92
The Canadian dollar gained 0.08 cents to 76.83 centsU.S.
Air Transat officials said the carrier could expand a partnership deal with the airline arm of British tourism group Thomas Cook to include codesharing and interlining. Transat shares took on seven cents, or 1%, to $7.09.
Enbridge on Thursday said a 30-inch natural gas pipeline in northern British Columbia has become operational after being shut down due to a fire in an adjacent line, which led to supply disruptions in the U.S. state of Washington.
Enbridge hiked 42 cents, or 1%, to $41.91.
Cannabis producer Aphria Inc posted a 41% rise in quarterly profit, boosted by gains from its investments in Liberty Health Sciences and Hiku Brands Co. Aphria shares dipped seven cents to $19.63.
Morgan Stanley cut the target price on Cenovus Energy to $17.00 from $18.00. Cenovus shares docked three cents to $11.66.
Raymond James raised the rating on Element Fleet Management to strong buy from outperform. Element Fleet shares gained 38 cents, or 4.7%, to $8.49.
The TSX Venture Exchange recovered 4.11 points to 695.57
All but two of the 12 subgroups burst into positive territory in Friday’s first hour, led by health-care, up 2.4%, information technology, up 1.8%, and consumer discretionary, better by 1.3%.
The two laggards were gold, down 1.9%, and materials, scaling back 0.3%.
Stocks surged on Friday as worries over rising rates subsided and tech shares rebounded from steep losses earlier this week.
The Dow Jones Industrial Average recovered 337.97 points, or 1.4%, to begin Friday at 25,390.80, as Visa surged 4.5%.
On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points.
The S&P 500 resurfaced 44.63 points, or 1.6%, to 2,772.80, with the tech sector surging 2.5%.
The NASDAQ picked up 178.59 points, or 2.4%, to 7,507.65, climbing more than 2%.
Netflix zipped 5.1% higher, while Amazon improved 4.4%, and Apple gained 3%. Facebook rose 1.4% and Alphabet advanced 2.5%.
Stocks have also fallen this week as tech — the biggest S&P 500 sector by market cap weight — has lost nearly 6.8% through Thursday’s close. These losses have sent the major indexes down more than 5%, on pace for their biggest weekly declines since March.
Sentiment was also lifted by stronger-than-expected third-quarter results from J.P. Morgan Chase and Citigroup, which sent their stocks up by more than 1% each. Wells Fargo also reported a better-than-forecast profit.
Expectations for this earnings season are high. Analysts polled by FactSet expected S&P 500 earnings to grow by 19%.
Prices for the benchmark for the 10-year U.S.Treasury fell back, raising yields to 3.17% from Thursday’s 3.15%. Treasury prices and yields move in opposite directions.
Oil prices regained 50 cents at $71.47U.S. a barrel.
Gold prices dropped $1.30 to $1,226.30U.S. an ounce.
This article provided by NewsEdge.