Nov 20 Canada’s main stock index rose early Friday, led by modest gains in large financial stocks and strength in mining shares as gold prices rallied. Even so, the index is considered on track for a 3% gain on the week. Energy and raw-materials producers retreated at least 0.5 percent Friday, as oil headed for a third weekly loss.
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Encana Corporation dropped 4.5% to $10.25, while Suncor Energy was down 1.1% at $36.69.
On commodity markets, the January contract for benchmark crude oil was up 63 cents at US$42.35 a barrel, while December natural gas plunged 14 cents to US$2.14 per mmBtu.
The materials group dropped 1.3 percent, including a pullback in gold stocks. A deal announced last month saw the Quebec government invest US$1 billion for a stake in the CSeries program. December gold gave back $1.50 to US$1,076.40 an ounce, while December copper shed two cents to US$2.05 a pound.
At mid-afternoon, the S&P/TSX composite index was up 44.24 points at 13,444.21, adding to an nearly 120-point advance on Wednesday.
The Canadian dollar was down 0.11 of a cent at 75.09 cents U.S.
BCE Inc improved 0.6% to $58.76 following news it is expanding its control of HBO content in Canada.
The Toronto Stock Exchange edged higher in late morning trading as USA markets posted a triple-digit gain.
Foot Locker earnings came in five cents above forecasts with adjusted quarterly profit of $1 per share. (TSX:BBD.B) finished unchanged at $1.28 on the TSX following news that the Caisse de depot et placement du Quebec has agreed to invest US$1.5 billion in the company for a 30 per cent minority stake in its rail business.
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Canadian retail sales unexpectedly fell by 0.5 per cent in September, pointing to soft growth heading into the fourth quarter.
