TSX Finishes Positive

Canada’s main stock index ended the week with healthy gains, lifted mostly by the energy sector after the Organization of the Petroleum Exporting Countries agreed on a modest increase in oil production.

The S&P/TSX Composite Index popped 114.99 points to finish Friday at 16,450.14, another all-time record close.

The Canadian dollar regrouped 0.23 cents to 75.33 centsU.S.

The rally was fired by shares of Suncor Energy, climbing $1.14, or 2.2%, to $53.33, and Canadian Natural Resources, gaining $2.12, or 5%, to $44.06

Among resource stocks, Agnico Eagle Mines hurtled higher 86 cents, or 1.5%, to $59.52, while First Quantum Minerals acquired 15 cents to $20.42.

In the gold sector, Barrick Gold climbed 24 cents, or 1.4%, to $17.34, while Goldcorp popped 32 cents, or 1.8%, to $18.23.

Health-care was the worst off among subgroups, as Valeant Pharmaceuticals lost 68 cents, or 2.1%, to $32.18, while Aphria surrendered 39 cents, or 3%, to $12.72.

Among tech issues, BlackBerry plummeted $1.43, or 9.2%, to $14.18, while Constellation Software lost $1.72 to $1,049.26.

Another big percentage loser was The Stars Group, down $2.20, or 4.2%, to $49.54, after launching a senior notes offering.

On the economic slate, Statistics Canada reported Friday that the consumer price index for May rose 2.2% on a year-over-year basis, matching the increase in April. On a seasonally-adjusted monthly basis, CPI was up 0.1% in May.

Elsewhere, following three consecutive monthly increases, retail sales in April declined 1.2% to $49.5 billion. The decrease was primarily due to lower sales at motor vehicle and parts dealers.

The decline in retail sales in April, combined with flat inflation figures for May, drove the Canadian dollar to a year-long low and cut expectations of an interest rate increase next month.

ON BAYSTREET

The TSX Venture Exchange regained 0.91 points to 756.24

Eight of the 12 TSX subgroups were positive, with energy gushing 3.4%, while materials climbed 1.4% and gold shone brighter 1.3%,

The four laggards were weighed most by health-care, down 3.8%, information technology, off 1%, and real-estate, lower by 0.2%.

ON WALLSTREET

Stocks traded higher on Friday as investors tried to shake off jitters concerning trade tensions between the U.S. and China, with energy shares rising.

The Dow Jones Industrials gained 119.19 points to 24,580.89, with Chevron and Exxon Mobil among the best-performing stocks in the index. Friday’s close marked the first gain for the 30-stock index in nine sessions, snapping its longest losing streak since March 2017.

The S&P 500 recovered 5.12 points to 2,754.88, with energy, materials and telecommunications outperforming.

The NASDAQ fell 20.14 points to 7,692.82, as tech shares gave way.

Markets around the globe have been on a roller-coaster ride this week as tensions surrounding a tit-for-tat trade dispute between the U.S. and China continue to escalate.

Entering Friday’s session, the Dow, S&P 500 and NASDAQ were all down for the week. Shares of General Motors, Caterpillar and Boeing — all companies that do a lot of business outside of the U.S. — rose by at least 0.4%.

OPEC ministers struck a deal regarding oil production levels in their countries, according to a source, sending crude prices higher. Some media reported the cartel agreed to boost output by one million barrels per day.

However, analysts say the increase will likely fall between 600,000 and 800,000 barrels per day as some OPEC members will not be able to sufficiently ramp up crude production.

Energy stocks Chevron and Exxon Mobil both rose more than 2%.

On Monday, President Donald Trump requested the United States Trade Representative identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10%. Those tariffs followed levies announced by both nations last week. Consequently, Beijing stated that it would deliver its own set of counter measures, if required.

But media reports circulated Friday that some White House officials are trying to restart talks with China in order to avoid a full-blown trade war.

Prices for the benchmark for the 10-year U.S.Treasury regained lost ground, lowering yields to Thursday’s 2.9%. Treasury prices and yields move in opposite directions.

Oil prices picked up $3.67 to $69.21U.S. a barrel.

Gold prices improved $1.40 to $1,271.90U.S. an ounce.

This article provided by NewsEdge.