Hudson's Bay Leads Canadian Stocks to Highest in Three Weeks
(Bloomberg) -- Canadian stocks closed at their highest level in three weeks, buoyed by strength south of the border, while the loonie and bond yields jumped despite a slowdown in hiring.
The S&P/TSX Composite Index rose 1.5 percent to 14,426.62 Friday amid strong jobs growth in the U.S., bringing its gain for the holiday-shortened week to 1.4 percent. Technology stocks led the way, rising 2.7 percent after losing 5.1 percent in the previous two sessions. Shopify Inc. added 5.8 percent.
The energy sector jumped 2.5 percent as crude prices closed out their best week since June. Torc Oil & Gas Ltd. posted the biggest gain, adding 7.4 percent.
In other moves:
- Hudson’s Bay Co. jumped 16 percent, the most since early 2015. Chairman Richard Baker bought a 9.8 percent stake in the retailer from a Canadian pension fund at a 29 percent premium from Thursday’s close
- Lundin Mining Corp. added 8.4 percent as a trifecta of good news on the economy, interest rates and trade tensions boosted investor confidence in industrial metals
- Quarterhill Inc. rose 8.9 percent. A U.S. federal judge declined to overturn a jury verdict that Apple infringed two patents, but lowered the damages
- Western Canada Select crude oil traded at a $12.60 discount to WTI
- Gold fell 0.7 percent to $1,285.80 an ounce
- The Canadian dollar strengthened 0.7 percent to C$1.3394 per U.S. dollar
- The Canada 10-year government bond yield rose 10 basis points to 1.93 percent, the biggest gain since mid-2017
©2019 Bloomberg L.P.