Canada's main index the S&P/TSX Composite Index dipped slightly, closing down on Friday on the back of weakness from the energy and financials sector.
Canada’s main index was down 0.3% at 16,102 points at Friday's close, while the TSX Venture perked up 0.68% at 626.9 points.
Energy shares were down around 0.5% despite an increase in oil prices, while the financials sector was also down 0.5%.
The Canadian Securities Exchange rose 0.2% to 881 points.
Movers on the CSE were Sproutly Canada Inc (CSE:SPR), up over 24.3% to C$0.87 as talks continue about a potential CBD beverage deal, while Miramount Resources Corp (CSE:MONT) fell 25% to C$0.12 after releasing lukewarm drill results from its Peru projects.
US market close up
US markets finished out the week and the quarter on a high note as traders responded well to promising trade news out of Beijing.
Treasury Secretary Steve Mnuchin called his ongoing talks with Chinese officials “constructive” and said they shared a productive working dinner.
Chinese officials made unprecedented proposals, Reuters reported overnight Wednesday, including a willingness to move on the issue of forced technology transfer, a practice in which US companies are made to share trade secrets in order to sell in China.
Lyft (NASDAQ:LYFT) began trading Friday at $87.24, 20% higher than its IPO price. The ride-sharing giant receded slightly as the day went on, closing at $78.29.
The Dow Jones Industrial Average climbed 0.8%, 210 points, to 25,928.1, the Nasdaq grew 0.8% to 7,729.3 and the S&P 500 – on pace for its best opening quarter since 1998, per CNBC – finished up 0.7% to 2,834.4.
The small caps lagged slightly behind, as the Russell 2000 picked up 0.2% to 1,538.3.
1:30 pm: Canadian markets remain flat as energy and financial shares lag
The TSX was flat at midday Friday amid losses from financial and energy stocks.
Canada’s main index was at 16,132 points around 1pm Friday, while the TSX Venture settled around 623 points.
Energy shares were down around 0.4% despite an increase in oil prices, while financial stocks were also down 0.4%.
The CSE rose 0.2% to 881 points.
Midday movers on the CSE were Sproutly Canada Inc (CSE:SPR), up over 7% to C$0.75 as talks continue about a potential CBD beverage deal, while Miramount Resources Corp (CSE:MONT) fell nearly 19% to C$0.13 after releasing lukewarm drill results from its Peru projects.
10:20am: Canadian markets open lower despite higher-than-expected economic growth figures
The bleak outlook for Canada’s economic growth may be more optimistic than expected thanks to new data showing higher growth figures for the month of January.
Statistics Canada said that real gross domestic product grew 0.3% in January after contracting in November and December of 2018.
Almost all of the industrial sectors – 18 out of 20 – posted increased growth figures in January.
Economists had expected, on average, zero growth for the month.
Even so, investors may be adopting a wait-and-see approach as the TSX opened slightly lower on Friday at 16,143. The TSX Venture Exchange did see modest gains in the morning, settling around 625 points at the time of writing.
The CSE was down nearly a percent to trade around 872 on Friday.
The biggest early gainer on the TSX was BlackBerry Ltd (TSE:BB) (NYSE:BB), which saw its fourth-quarter earnings beat analyst expectations by a significant margin. Shares soared nearly 13% Friday morning to $13.27.
On the flip side, precious metals shares took a hit on Friday. Guyana Goldfields Inc (TSE:GUY), Seabridge Gold Inc (TSE:SEA) and Alexco Resource Corp (TSE:ASR) were both down around 5%.
Oil prices recovered yesterday’s losses to start Friday at US$60.18. Gold prices were also up but still short of the US$1,300 to trade at $1,299 mid-morning.
The Canadian dollar was at US$0.75 in the morning.
Global Markets: US stocks in bid to end month on a high; Lyft IPO the talk of the town
US stocks are poised to open the last day of the trading week and month firmer after gains in Europe and Asia.
It comes on the back of renewed optimism on trade talk progress between the US and China and as float watchers will be keen to see the market debut of ride hailing app and Uber rival Lyft Inc.
U.S. Treasury Secretary Steven Mnuchin tweeted on Friday that discussions in Beijing had concluded and were "constructive".
Lyft will make its IPO (initial public offering) later today after it priced shares at $72 each yesterday, valuing the so-called 'tech unicorn', which is yet to make a profit, at an eye-watering $24 billion.
Wall Street shares closed higher. The Dow Jones Industrial Average finished ahead by around 91 at 25,717 , while the Nasdaq closed around 25 higher at 7,669. The broader-based S&P 500 gained around ten points to close at 2,815.
In Europe, Brexit is still the only story in town and things are getting tight. Today, MPs vote for the third time on the Prime Minister's Brexit deal - at least the withdrawal part of it, and if that goes through, it could mark the start of the exit process.
FTSE 100 is keeping its head above water at the time of writing, up by around 26 points at 7,260. The German DAX is up around 97 at 11,525 and the French CAC 40 is ahead by nearly 43.
In Asia overnight, the Nikkei 225 added around 172 at 21,205, while in China, the Shanghai Composite Index added around 95 at 3,090.
Giles Gwinnett also contributed to this report
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas