Wholesale trade rises and Canada-U.S. talks progress
Domestic wholesale trade grew by 2.8% in June from May driven by higher sales in the machinery, equipment and supplies sub-sector, Statistics Canada said on Friday.
Separately, a Canadian government source directly familiar with trade negotiations with the U.S. said on Thursday talks were progressing well and that Washington also wanted an agreement before a new U.S. tariff deadline on August 19.
Materials and energy outperform while technology lags
The materials .GSPTTMT index, which includes metal miners, was up 1.9%, tracking gains in precious metals. Miners Seabridge Gold SEA.TO, Endeavour Silver EDR.TO and First Majestic Silver AG.TO advanced more than 4% each.
Heavyweight energy shares .SPTTEN added 1.1% as crude oil rose after the U.S. threatened an indefinite naval blockade of Iran, raising concerns about disruptions to global oil supplies. O/R
Technology shares .SPTTTK, which have gained more than 11% quarter-to-date, shed 1.9%.
Of the 10 major sectors on the TSX, only energy and materials were in the green.
TSX hits another intraday record as miners lift the index
August 14 (Reuters) - Canada's commodity-heavy stock index notched a fresh intraday high on Friday, lifted by miners as gold advanced on a weaker dollar, while investors also assessed corporate earnings and stalled talks to end the Middle East conflict.
The S&P/TSX Composite Index .GSPTSE rose 0.1% to 36,813.74 points by 10:12 a.m., after hitting an intraday record of 36,844.73 points earlier in the day. The benchmark was on track for its sixth straight day of gains — its longest daily winning streak since April.
Bird Construction jumps on earnings beat and Air Canada sees record revenue period
Bird Construction's BDT.TO shares jumped 6.3% after the company beat second-quarter profit estimates, prompting at least three brokerages to raise their price targets on the stock.
"Investors have been focusing on earnings growth, and we've had pretty robust earnings growth," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James.
In company news, Air Canada's AC.TO revenue for September and October is likely to break records for the two months, a senior executive said on Friday. Its shares were little changed.
EWC•
