Stocks in Canada’s biggest market rose slightly at Friday’s open, with heavyweight energy and financials sectors slipping as oil prices lost ground and U.S. gross domestic product data supported the expectation of a U.S. Federal Reserve rate hike this year
The S&P/TSX Composite progressed 26.56 points to begin the week’s last session at 14,860.31
The Canadian dollar subtracted 0.02 cents to 74.68 cents U.S.
Bank of Montreal announced changes to its management team with Darryl White appointed chief operating officer, replacing Frank Techar who becomes vice-chair. The changes will take effect on Nov. 1.
BMO shares gave back $1.59, or 1.8%, to $85.35.
Chinese state-owned miners considering buying into Barrick Gold’s operations in Argentina would take on assets that are under regulatory scrutiny and entangled in lawsuits and investigations. China's Zijin Mining Group Co and Shandong Gold Mining Co have held separate talks to buy a 50% stake in the Veladero gold mine, one of Barrick's core mines, sources told the media this week.
Barrick shares gained 35 cents, or 1.6%, to $22.90.
CIBC cut the target price on Calfrac Well Services to $4.25 from $4.50, after the company posted negative operating margins in the U.S. and Latin America.
Calfrac shares docked eight cents, or 2.8%, to $2.80.
Canaccord Genuity cut the target price on Eldorado Gold to $6.00 from $6.25, considering the political risk overhang and possibly investor fatigue.
Eldorado shares took on seven cents, or 1.6%, to $4.52.
Berenberg raised the target price on Lundin Mining to $5.10 from $5.00, to reflect the company’s improved operating cost control and better commodity price environment.
Lundin shares gained five cents, or 1%, to $5.31.
CIBC raised the target price on Teck Resources to $33.00 from $31.00, after the company’s revenue beat expectations, mostly attributable to outperformance in the coal business.
Teck shares gained 34 cents, or 1.2%, to $28.28.
ON BAYSTREET
The TSX Venture Exchange regained 0.83 points to 776.02
All but three of the 12 TSX subgroups were higher, with materials soaring 1%, while industrials and gold each improved 0.8%
The three laggards were health-care and real-estate, each down 0.3%, while energy sagged 0.1%.
ON WALLSTREET
U.S. equities traded mixed as health-care led decliners, following the release of key economic data while a number of major companies posted quarterly results.
The Dow Jones Industrials poked up 0.27 points to 18,169.95, with Chevron contributing the most gains, offsetting losses in ExxonMobil and Merck
The S&P 500 fell 2.01 points at 2,131.03, with health care falling 1.7%.
The NASDAQ composite index dropped 5.97 points to 5,210.01, as losses in biotech and Amazon weighed.
Earlier, the S&P and the NASDAQ traded above the flatline before retreating. The two indexes were on track to post weekly losses, while the Dow eyed slight gains for the week.
Meanwhile, the corporate earnings season continued on Friday, with energy behemoths Chevron and ExxonMobil both posting mixed quarterly results. Other firms that reported on Friday include AbbVie, Hershey and Goodyear Tire.
On Thursday afternoon, Amazon posted mixed quarterly results, with sales eking above consensus and profits falling well short of estimates. In the early trade Friday, Amazon shares were down about 4%
Companies scheduled to report quarterly results include Kellogg, Pfizer, Gilead Sciences, Herbalife and Alibaba.
The Commerce Department reported this morning that U.S. economy grew at an annualized rate of 2.9% in the third quarter, the fastest economic growth in two years.
Economists had forecast gross domestic product rising at a 2.5% annual rate in the third quarter.
Despite the moderation in consumer spending, the third-quarter rise in growth could help dispel any lingering fears the economy was at risk of stalling. Over the first half of the year, growth had averaged just 1.1%.
Prices for the 10-year Treasury were flat, keeping yields at Thursday’s 1.85%.
Oil prices were lower 47 cents to $49.25 U.S. a barrel
Gold prices poked up $4.50 to $1,274.00 U.S. an ounce.
