Major North American markets climbed higher, boosted by weak USA retail sales data that traders took as a sign the Federal Reserve may delay raising interest rates this month.
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Much of the optimism came from the latest retail sales figures from the U.S. Commerce Department, which reported that shoppers had cut back on spending in August.
The S&P/TSX composite index was up 103.53 points at 14,469.99 on a broad-based rally.
The U.S. economy looks set to accelerate over the rest of the year, a senior Bank of Canada official said on Wednesday, a potentially encouraging sign for Canada just a week after the central bank warned of risks to domestic growth.
The heavyweight financial sector gained 0.8 percent, with Manulife Financial Corp up 1.5 percent to C$18.03.
TD Bank (TD.TO) has sold its home improvement financing business to Financeit and Concentra. Its 0.96 percent gain was the largest since July 4.
All 10 of the index’s main groups ended higher on Thursday.
TORONTO, Sept 16 Canada’s main stock index lost ground on Friday as heavyweight banks, energy and mining stocks all weighed with lower oil prices and uncertainty about when the Federal Reserve might raise USA interest rates. CIBC raised its price target on the diversified miner’s stock to C$28 from C$23.
The financials group fell 0.9 percent, with Toronto-Dominion Bank down 1.1 percent to C$57.33 and Bank of Nova Scotia declining 1.4 percent to C$68.64.
The materials group, which includes precious and base metals miners and fertilizer companies, rose 0.7 percent.
Teck Resources Ltd advanced 3.7 per cent to C$22.05.
Sales of existing Canadian homes fell 3.1 percent in August from July, the fourth straight monthly decline and the largest drop in almost two years.
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Canadian household debt as a share of income hit a record high in the second quarter, Statistics Canada data showed in a report likely to reinforce concerns of overborrowing by consumers.
