(MENAFN- Baystreet.ca)
TSX Maintains Upward Momentum
Shopify, Aurora Cannabis in Focus
Canada's main stock index rose on Friday, putting it on track for its best weekly performance in more than three months, aided by gains in technology and cyclical shares amid an upbeat mood in global equities.
The S&P/TSX hiked 155.69 points to move into noon hour Friday at 20,687.87
The Canadian dollar gained 0.2 cents to 78.48 cents U.S.
Technology stocks rose with e-commerce company Shopify up $17.64, or 3.9%, to $466.39.
Aurora Cannabis fell $1.33, or 38.3% to the bottom of the index at $2.14 per share, after it upsized its previously announced bought deal financing.
Canopy Growth shed $1.01, or 14.2%, to $6.11, after it reported a larger adjusted core loss for the fourth quarter, as demand for cannabis fell from COVID-19 lockdown-induced highs.
The financials sector gained with National Bank of Canada up $2.26, or 2.4%, to $97/14, leading gains after its second-quarter profit beat estimates on lower-than-expected provisions for credit losses.
ON BAYSTREET
The TSX Venture Exchange picked up 7.15 points, or 1%, to 721.81.
Eight of the 12 TSX subgroups were positive by midday, as information technology hiked 1.7%, real-estate grabbed 1.4%, while consumer discretionary stocks improved 1.3%.
The four laggards were weighed most by health-care, plummeting 5.5%, gold, dumping 0.5%, and utilities, down 0.4%.
ON WALLSTREET
Stocks were higher Friday as the Dow Jones Industrial Average was on pace to snap an eight-week losing streak.
The 30-stock index surged 361.48 points, or 1.1%, to 32,998.67.
The S&P 500 jumped 77.03 points, or 1.8%, to 4,130.87
The NASDAQ Composite popped 26301.51 points, or 2.6%, to 12,042.16.
The Dow, S&P 500 and NASDAQ Composite are on track to close the week higher. The Dow is up 5.2% and on track to snap its longest losing streak since 1923. The S&P 500 is 5.2% higher and the NASDAQ is up 5.2% on the week.
A report showing inflation slowing a bit helped give stocks a boost on Friday. The core personal consumption expenditures price index rose 4.9% in April, down from the 5.2% pace seen the previous month. This particular report is watched closely by the Federal Reserve when setting policy.
Investors on Friday also continued to parse through retail earnings. Ulta Beauty shares were up about 9% after the company reported better-than-expected quarterly results, while Gap sunk 8% after slashing its profit guidance.
Tech stocks were among the top gainers in the S&P 500. Software company Autodesk rose 7.4% after reporting strong earnings for its most recent quarter.
Dell Technologies jumped 13.6% on earnings and chipmaker Marvell advanced 3%. Crowdstrike and Datadog were also higher Friday, each up more than 5%.
Treasury prices edged upward, lowering yields to 2.74% from Thursday's 2.75%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 56 cents to $114.65 U.S. a barrel.
Gold prices gained $4.20 to $1,851.80 U.S. an ounce.
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