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TSX Adds Strength by Noon

Banks, First Quantum in Vogue

Equities in Toronto trading found more momentum midday Friday as losses in technology stocks countered communications gains, while investors assessed the latest batch of economic data and the last of the big bank earnings.

The TSX Composite vaulted 110.83 points to move into noon hour EST Friday at 20,347.12.

The Canadian dollar regained 0.33 cents at 74.09 cents U.S.

National Bank of Canada gained $3.71, or 4.1%, to $93.63, after reporting higher fourth-quarter profit. Bank of Montreal missed quarterly profit estimates; shares in “The First Canadian Bank” hiked $1.52, or 3.2%, to $112.90.

First Quantum Minerals said it would suspend its current-year production outlook for the Cobre mine in Panama and has initiated international arbitration over a contested contract with the country's government. First Quantum shares picked up four cents to $11.15.

Statistics Canada says the economy created 25,000 jobs in November. The unemployment rate rose 0.1 percentage points to 5.8%, continuing an upward trend observed since April.

The Markit Manufacturing PMI in Canada decreased to 47.7 points in November from 48.6 points in October.


The TSX Venture Exchange strengthened 4.47 points to 540.85.

All but two of the 12 TSX subgroups were higher, with communications better 2.2%, industrials up 1.9%, and real-estate climbing 1.7%.

The two laggards were consumer staples, down 0.3%, and information technology, off 0.1%.


The Dow Jones Industrial Average extended its gains on Friday after it notched a new 2023 high and capped off its best month in more than a year.

The 30-stock index zoomed 210.04 points at 36,160.93, bringing its year-to-date gain to about 9%.

The S&P 500 recovered 19.78 points to 4,587.58.

The NASDAQ gathered 31.31 points, to 14,257.52.

Federal Reserve Chair Jerome Powell on Friday pushed back against the market’s expectations for interest rate cuts ahead, saying it is “premature to conclude with confidence” that monetary policy is “sufficiently restrictive.”

Data released earlier Friday showed that U.S. manufacturing remained at low levels in November, according to the Institute for Supply

Management, which said that its manufacturing PMI was unchanged at 46.7 last month. November was the 13th straight month during which the PMI came out below 50, which is an indicator of a slowdown in manufacturing.

November’s gains snapped a three-month losing streak. The S&P jumped 8.9% and the NASDAQ rallied 10.7%, to notch their best monthly performances since July 2022. The Dow surged 8.8% for its best month since October 2022.

Prices for the 10-year Treasury strode upward, lowering yields to 4.26% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices gained 28 cents to $76.24 U.S. a barrel.

Gold prices climbed $22.70 to $2,060.80.