Equities in Canada’s largest market rose on Friday as crude oil prices rallied and after U.S. retail sales data provided encouragement.
The S&P/TSX composite index rocketed 147 points, or 1.2%, to begin the last session of a turbulent week at 12,234.37
Stock markets will be closed Monday throughout North America, Toronto for Family Day, and the U.S. for Presidents Day.
Cenovus Energy Inc said on Friday it would sell up to $5 billion of stock, debt and other securities in one or more tranches, a day after it cuts its dividend, to shore up cash amid a slump in oil prices.
National Bank, meanwhile, raised the rating on Cenovus to outperform from sector perform
Cenovus shares started out Friday up 26 cents, or 1.9%, to $14.21.
TMX Group Ltd, which owns and operates the Toronto Stock Exchange, reported a lower-than-expected fourth-quarter profit as sustained low commodity prices hurt a large portion of its resource-based issuers.
TMX shares, which trade under the symbol “X”, hiked $1.60, or 4.4%, to $37.72.
Canaccord Genuity cut the rating on Telus to hold from buy. Telus shares faded 52 cents, or 1.3%, to $39.17.
UAE Energy Minister Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) was willing to talk with other exporters about cutting output. He said cheap oil was already forcing some output reductions, which would help rebalance the market.
ON BAYSTREET
The TSX Venture Exchange 1.19 points to 509.48
All but two of the 13 TSX subgroups were higher in the first hour of trade, as metals and mining solidified 6.4%, energy strengthened 2.1%, and financials were better by 1.9%.
The two laggards proved to be telecoms, down 0.5%, and gold stocks, off 0.05%.
ON WALLSTREET
U.S. equities traded higher on Friday as European bank stocks — as well as oil prices — bounced sharply, while investors digested U.S. economic data.
The Dow Jones industrial average added 94.99 points to 15,755.17, as Goldman Sachs and JPMorgan Chase contributed the most gains.
The S&P 500 jumped 13.09 points to 1,842.17, as financials rose 2%.
The NASDAQ index advanced 11.33 points to 4,278.16
Shares of Deutsche Bank rose nearly 10% after the bank said it was buying back over $5 billion U.S. in bonds, while Commerzbank's stock gained about 17% amid a strong earnings report.
Investors also digested U.S. retail sales, which rose 0.2% in January, above the 0.1% expected gain. Import prices in the U.S. fell 1.1 percent, less than expected.
Prices for the 10-year Treasury dipped, raising yields to 1.68% from Thursday’s 1.65%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.90 a barrel to $28.11 U.S.
Gold prices waned $7.19 to $1,239.51 U.S. an ounce.
