Canada's main stock index rose on Friday as higher bond yields boosted financials, while shares of Rogers Communications jumped after the telecommunications company reported profits that beat estimates. The Toronto Stock Exchange's S&P/TSX composite index closed up 29.9 points, or 0.19 percent, at 15,484.32. For the week, the index rose 1.4 percent. Financials, which account for more than one-third of the weight of the TSX, rose 0.5 percent.
Canada's 10-year yield reached its highest intraday since Feb. 21 at 2.357 percent. Higher bond yields reduce the value of insurance companies' liabilities and increase net interest margins of banks. Rogers Communications climbed 5.9 percent to C$61.34. First-quarter results, reported by the cable and telecom company after the bell on Thursday, showed that more wireless postpaid and internet customers had been signed up.
Six of the index's 10 main groups ended higher. Energy fell 0.6 percent. The price of oil recovered after an earlier slide driven by US President Donald Trump's criticism of Opec's role in pushing up global oil prices. US crude oil futures CLc1 settled 0.1 perceent higher at $68.38 a barrel The TSX posted three new 52-week highs and three new lows.
The largest percentage gainer on the TSX was Nexgen Energy Ltd, which rose 6.2 percent, while the largest decliner was Cascades Inc, down 5.0 percent. Among the most active Canadian stocks by volume were Cenovus Energy, down 3.3 percent to C$12.28 and Baytex Energy Co, up 2.3 percent to C$4.90.
Comments
Comments are closed for this article.