The Canadian benchmark S&P/TSX Composite Index hit fresh record high as stocks extended gains on Friday with traders creating fresh positions amid continued optimism about growth following the signing of a phase one trade deal by the U.S. and China.
Energy stocks are a bit weak, but gains in consumer discretionary, information technology and financial sections lifted the market.
The S&P/TSX Composite Index was up 81.70 points, or 0.47%, at 17,566.47 a few minutes past noon. The index touched a new high of 17,569.79.
Consumer discretionary shares Aritzia (ATZ.TO) and Martinrea International (MRE.TO) gained about 3.2% each. Brp Inc. (DOO.TO), Great Canadian Gaming Corporation (GC.TO), Canada Goose Holdings (GOOS.TO) and Restaurant Brands International (QSR.TO) were up 1.3 to 2% at noon.
Information technology shares Shopify Inc. (SHOP.TO) and Descartes Systems Group (DSG.TO) gained 1.6% and 1.1%, respectively. CGI Group (GIB.A.TO) advanced 0.75%.
Among the stocks in the financial space, Manulife Financial Inc. (MFC.TO), TMX Group (X.TO), CI Financial Corp (CIX.TO), Laurentian Bank (LB.TO), National Bank of Canada (NA.TO), Power Corporation of Canada (POW.TO) and Sun Life Financial (SLF.TO) gained 0.5 to 1.2%.
MEG Energy (MEG.TO), the most prominent loser in the energy index, was down more than 4%. Encana Corp (ECA.TO), Tourmaline Oil Corp (TOU.TO) and Crescent Point Energy (CPG.TO) were down 1.6 to 2.5%.
In the materials section, Norbord Inc. (OSB.TO) surged up 8.5% and Interfor Corp (IFP.TO) gained 7.5%, while West Fraser Timber (WFT.TO) and Hudbay Minerals (HBM.TO) were both up nearly 6%. Iamgold (IMG.TO), Eldorado Gold (ELD.TO), Yamana Gold (YRI.TO) and Kinross Gold (K.TO) declined sharply.
Cannabis stock Hexo Corp (HEXO.TO) declined more than 8%. Aurora Cannabis (ACB.TO) was down 1.4%, while Cronos Group (CRON.TO), Aphria Inc. (APHA.TO) and Canopy Growth Corporation (WEED.TO) gained 2.75%, 1.7% and 1.5%, respectively.
Data released by Statistics Canada this morning said Canadian investors increased their holdings in foreign securities to $5.5 billion in November as Canadian investors resumed their purchases of foreign equities.
Foreign investors reduced their holdings of Canadian securities by $1.8 billion, the first decline in four months.
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