TSX Finds New Heights

Hudbay, Enghouse in Focus

Equities leaped midday Friday, as energy stocks gained on higher crude prices and upbeat economic data bolstered optimism over an economic
rebound.

The TSX Composite index strengthened 98.3 points to reach noon hour EDT Friday at 20,147.77, another intraday record for the exchange.

The Canadian dollar erased 0.4 cents to 82.23 cents U.S.

Hudbay Minerals was up 25 cents, or 32.9%, to $8.77, while First Quantum Minerals popped 78 cents, or 2.7%, to $29.33.

Enghouse Systems fell $2.29. or 4.3%, to $51.55, after the software provider missed second quarter estimates, while NorthWest Healthcare Properties, fading 23 cents, or 1.8%, to $12.85.

The Bank of Canada said on Thursday that inflation could remain higher than projected if supply imbalances and pressures on capacity persist, which might lead it to reduce stimulus more quickly than currently expected.

ON BAYSTREET

The TSX Venture Exchange docked 0.43 points to 979.48.

All but two of the 12 TSX subgroups roared ahead midday, with energy and industrials each better by 1.2%, and consumer discretionary stocks jumping 0.9%.

The two laggards were gold, dulling 1.1%, and materials off 0.2%.

ON WALLSTREET

U.S. stocks rose slightly on Friday with the S&P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.

The Dow Jones Industrials dropped 98.46 points to 34,367.78.

The broader index slid 2.83 points to 4,236.35.

The NASDAQ improved 12.99 points to 14,033.20, with Apple, Amazon, Microsoft and Netflix all trading in the green.

For the week, the major benchmarks are mixed. The Dow is off by 0.8%, but the S&P 500 is up 0.2%, on pace for its third straight positive week. The NASDAQ is the outperformer this week with a 1.6% gain so far, poised to post its fourth winning week in a row.

Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop gained 4%. Those two suffered double-digit percent losses on Thursday as momentum in the Reddit favorites faded.

Prices for 10-Year Treasurys skidded, raising yields to 1.46% from Thursday’s 1.44%. Treasury prices and yields move in opposite directions.

Oil prices regained 61 cents to $70.90 U.S. a barrel.

Gold prices lost $14.30 to $1,882.10 U.S. an ounce.