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Canadian Market Wrap

Canadian shares rise, led by financials

The S&P/TSX Composite Index gains 0.6% at midday in Toronto.

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Seven out of the ten main share groups were in positive territory as of 12 noon.

Canadian shares rose on Friday, aided by gains in financial shares, which account for approximately 36% of the main measure.

The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.6% to 13,916.71 at 12:01 p.m. in Toronto. Seven out of the 10 main share groups were in positive territory.

The financial group rose 0.6%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, increased 1.1% to C$74.21. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, gained 0.8% to C$52.57.

The energy sector, the main index's second most heavily weighted group, skidded 0.1% as prices recovered some ground on Friday.

Suncor Energy (TSE:SU), Canada's biggest energy company, increased 0.6% to C$36.98. Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, jumped 1% to C$30.93.

Brent futures for December delivery rose 0.2% to $49.82 a barrel. U.S. crude rose 0.7% to $46.68 per barrel.

The materials sub-index, which includes mining shares, slipped 0.6% as gold eased on Friday.

Goldcorp (TSE:G), Canada’s largest gold miner by market value, fell 0.3% to C$20.03. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, sank 2.7% to C$10.19.

Spot gold was down 0.1% at $1,181.66 an ounce, while U.S. gold futures for December delivery were down $5.40 an ounce at $1,182.10.
 
In economic news, Canadian factory sales dropped by 0.2% in August, and the first slump in four months was smaller than economists forecast.

 

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