Baystreet.ca - Canada's main stock index scaled a record high on Friday, amid broader gains led by industrial shares, as investors focused on stronger-than-expected retail sales data that firmed expectations for an interest-rate cut next month.
The TSX gained 52.49 points by noon EST Friday to 25,443.17, pointing the index upward 2.2% on the week.
The Canadian dollar was unchanged at 71.50 cents U.S.
In corporate news, convenience stores operator Alimentation Couche-Tard is not considering a hostile takeover bid for Japanese retail company Seven & i, Nikkei business daily reported. Couche-Tard shares grabbed 10 cents to $78.79.
In industrials, ATS Corp (TSX:ATS)'s shares gained $1.53, or 3.8%, to $42.33.
In news economic, Statistics Canada reported its new housing price index fell 0.4% in October, the largest monthly decline since April 2009.
However, the picture was mixed across the country, as prices were down in 9 out of 27 census metropolitan areas (CMAs) surveyed, but unchanged in 11 CMAs and up in the remaining seven.
Retail sales increased 0.4% to $66.9 billion in September. Sales were up in six of nine subsectors and were led by increases at food and beverage retailers.
ON BAYSTREET
The TSX Venture Exchange dipped 0.26 points to 598.85. The index was ahead on the week, however, by 1.3%.
All but two of the 12 subgroups were higher, led by industrials, better by 0.8%, while consumer discretionary stocks gained 0.7%, and gold captured 0.5%.
The two laggards proved to be information technology, down 0.5%, and communications, off 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average advanced on Friday as the major U.S. averages headed for weekly gains.
The 30-stock index rocketed 328.22 points to 44,198.57.
The S&P 500 index gathered 17.31 points to 5,964.75.
The NASDAQ Composite slid 0.18 points to 18,972.24.
All three major averages are on track to end the week higher by more than 1%. That marks a turn from last week, when Wall Street’s postelection rally stalled.
Shares of Gap jumped more than 3% after the company beat earnings estimates and hiked its full-year sales guidance.
Elsewhere, investors kept an eye on bitcoin as it neared the long-awaited milestone of $100,000.
Prices for the 10-year Treasury regained some strength, lowering yields to 4.41% from Thursday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices gained 76 cents to $70.86 U.S. a barrel.
Prices for gold hiked $31.90 an ounce to $2,706.86 U.S.