RTTNews - Bay Street stocks rose again on Friday and finished at their best level in almost two weeks. Resource stocks enjoyed a strong day behind higher commodity prices.
The S&P/TSX Composite Index added 65 points or 0.63% to settle at 10,369.42. The market the highest close Toronto's main index since June 29.
Mining stocks rose as copper enjoyed another strong day on the Comex. First Quantum (FM.TO) jumped 6.35% and Teck Resources (TCK.B.TO) added 4.6%.
Energy stocks gained as crude oil added $1.54 to settle at $63.56 per barrel. Suncor (SU.TO) gained 3.5% and Canadian Natural Resources (CNQ.TO) rose 2.35%
Materials stocks added 1.4% and gold stocks added 1% as the precious metal finished higher for a fourth time in five sessions. Goldcorp (G.TO) gained and Barrick Gold (ABX.TO) added 1.4%.
Bradmer Pharmaceuticals (BMR.TO) surged 36% after the company announced it will buy back up to 8.3 million shares of its outstanding stock at $0.20 per share.
In economic news, Canadian consumer prices data dropped 0.3% in June compared with June 2008, following a 0.1% increase in May, according to data released Friday by Statistics Canada. Excluding energy, the CPI rose 2.1% in June. The results were in line with analysts expectations.
Meanwhile, the Canadian leading index fell by 0.1% in June, after the rate of decline had slowed markedly from 1.0% in April to 0.1% in May. In June, 4 of 10 components rose, the same number as in May.
Also across the border, the U.S. Commerce Department revealed that housing starts rose 3.6 percent to an annual rate of 582,000 units in June from a revised pace of 562,000 units in the previous month.
On Monday, Canadian wholesale data for the month of May is due at 8:30 a.m. ET. At the same time, International Securities Transactions data is also due.
Canadian National Railway (CNR.TO) is expected to report quarterly earnings after the closing bell. The stock finished up 0.4% on Friday.
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