Canada’s main stock index opened higher on Friday after a rise in prices of most metals lifted materials stocks as optimistic economic data from China boosted demand and elevated recovery hopes.
The TSX captured 46.22 points to kick off the week’s last session at 20,614.06.
The Canadian dollar settled 0.11 cents at 73.88 cents U.S.
Prime Minister Justin Trudeau on Thursday said he had summoned the country’s top grocers to help solve the surging food prices and vowed to cut federal taxes on new rental buildings as consumers battle high prices.
Shares in Metro eased five cents to $72.70, while those for Loblaw Companies shed $1.16, or 1%, to $116.52, and shares in Empire Company galloped 57 cents, or 1.6%, to $36.84.
On the economic schedule, Statistics Canada said foreign investment in Canadian securities totaled $11.6 billion in July, a fourth consecutive month of strong investment. Meanwhile, Canadian investors acquired $2.6 billion of foreign securities, down from a $14.4-billion investment in June.
New motor vehicle sales totaled 147,401 in July, compared to 168,590 in the prior-year month.
The Canadian Real Estate Association said national home sales declined 4.1% month-over-month in August. Actual (not seasonally-adjusted) monthly activity came in 5.3% above August 2022.
The TSX Venture Exchange grew 3.68 points to 591.76.
Eight of the 12 TSX subgroups were positive, led by gold, brighter 2%, materials, up 1.6%, and health-care, surging 1.1%.
The four laggards were weighed most by information technology, down 0.5%, real-estate, sagging 0.3%, and consumer staples, off 0.1%.
Stocks fell Friday, but Wall Street is heading for a winning week.
The 30-stock index skidded 102.23 points to begin Friday at 34,804.64.
The S&P 500 index sank 26.35 points to 4,478.75.
The NASDAQ index plunged 134.63 points to 13,791.53.
The newly debuted Arm Holdings traded 6% higher. Adobe fell more than 3% even after posting better-than-expected quarterly results. Lennar slid more than 4% despite a top-and-bottom line beat.
Auto stocks Ford Motor, General Motors and Stellantis N.V. were higher Friday. Thousands of members of the United Auto Workers went on strike after failing to reach a deal with the automakers Thursday night.
Stocks are headed for a winning week, with the Dow on pace for a near-1% gain and its second positive week in three. The S&P has progressed 1.1%, and the NASDAQ has jumped about 1.2%, putting them on track for their third positive weeks in four.
Prices for the 10-year Treasury declined, raising yields to 4.32% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices eked up six cents to $90.22 U.S. a barrel.
Gold prices shone brighter $17.50 to $1,950.30 U.S. an ounce.