(MENAFN- Baystreet.ca)
Stocks Gain, But Fear Worst Week in 2 Mos.
Tilray, Teck in Focus
Equities in Toronto made their way higher by noon EDT on Friday, boosted by the gains in commodity-linked stocks but the benchmark index was set for its biggest weekly drop in more than two months, after a number of the country's top lenders reported disappointing results.
The TSX gained 120.47 points to break for lunch Friday at 19,894.55.
The Canadian dollar nicked higher 0.07 cents to 73.35 cents U.S.
Canadian Western Bank shed 4.9% after saying it no longer expected to meet its annual pre-tax, pre-provision income and was targeting lower annual growth than it had previously expected. Western Bank shares were punished $1.24, or 5.1%, to $23.18.
Anaergia shed 4.7% after the waste treatment firm said that one of its units, Rialto Bioenergy Facility, initiated restructuring proceedings. Anaergia shares capsized four cents, or 4.7%, to 81 cents.
Tilray Brands tanked 64 cents, or 20.1%, to $2.54, on word of its $150-million refinancing plans.
Silvercorp Metals blundered 33 cents, or 7.3%, to $4.11, after the miner missed analyst expectations on quarterly earnings and sales.
Teck Resources added 69 cents, or 1.4%, to $51.82, after Nippon Steel Corp said it was still in talks with the miner, as Japan's top steelmaker remained eager to take a stake in Teck's high-grade coking coal asset, despite Glencore's bid for the miner.
ON BAYSTREET
The TSX Venture Exchange recovered 1.8 points to 604.14.
All but two of the 12 TSX subgroups were higher into Friday afternoon, with information technology climbing 1.7%, consumer discretionary stocks up 1.3%, and financials climbing 0.8%.
The two laggards were health-care fading 4.1%, and utilities, off 0.04%. .
ON WALLSTREET
Stocks rose Friday as optimism around a potential U.S. debt ceiling deal increased.
The Dow Jones Industrials leaped 301.58 points midday Friday to 33,066.23.
The S&P 500 gained 48.42 points, or 1.2%, to 4,199.70.
The NASDAQ popped 251.15 points, or 2%, to 12,949.25.
The corporate earnings season is drawing to a close, but a handful of stocks were moving in response to their reports after the bell. Retailer Gap galloped more than 9% and semiconductor stock Marvell Technology rose more than 26%, while Ulta Beauty tumbled 12%.
Debt ceiling negotiations weighed on market sentiment this week. The S&P 500 entered Friday's session down about 1% week to date, while the Dow lost nearly 2% in that time. The NASDAQ was higher by 0.3%.
House Speaker Kevin McCarthy left the Capitol Thursday night saying a deal had not been reached yet. However, sources told news outlets that the White House and McCarthy are close to reaching an agreement that would raise the U.S. debt ceiling for two years.
Treasury Secretary Janet Yellen has warned that the U.S. could default on its debt as soon as June 1 if the debt ceiling is not raised.
New data out Friday morning showed inflation rose more than expected in April. The personal consumption expenditures index, the Federal Reserve's preferred gauge of price pressures, increased 0.4% last month and 4.7% from a year earlier.
Prices for the 10-year Treasury slumped a bit, raising yields to 3.84% from Thursday's 3.82%. Treasury prices and yields move in opposite directions.
Oil prices recovered 65 cents to $72.48 U.S. a barrel.
Gold prices fought their way higher 20 cents to $1,943.90 U.S. an ounce.
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