Canadian stocks moved into positive territory again on Friday morning, adding to a multi-month high. Strength in the heavily-weighted financial and energy sectors has led the way.
The S&P/TSX Composite Index has added 57.42 points or 0.61% to move at 9,400.79. The index topped 9,400 for the first time since Jan. 6.
Financials are up 1.2% as Citigroup (C) reported a narrower loss per share in the first quarter. Among Canadian banks, Bank of Montreal (BMO.TO) has added 1.6% and Scotiabank (BNS.TO) is up 1.5%.
Royal Bank of Canada (RY.TO) is flat after the company said Thursday that it expects to record a goodwill impairment charge of about US$850 million for the second quarter, reflecting the impact of prolonged challenging economic conditions that have affected its International Banking reporting unit.
Energy stocks are showing a 1.2% rise as crude oil has moved above $51 on the NYMEX. Encana (ECA.TO) has added 1.7% and Suncor (SU.TO) is up 1.5%.
UTS Energy (UTS.TO) said its board rejected a sweetened takeover offer from Total S.A. of C$1.75 per share, indicating that the offer was inadequate. UTS shares are flat.
On the downside, gold stocks are down 2.3% and materials stocks have lost 1.5% as the precious metal continued its downward trail on the Comex. Eldorado (ELD.TO) has dropped 3.3%, Royal Gold (RGL.TO) is down 3.1% and Goldcorp (G.TO) has dropped 2.8%.
In other corporate news, Tundra Semiconductor Corp. (TUN.TO) has soared 15.1% after Gennum (GND.TO) increased the aggregate purchase price for the company from approximately C$86 million to about C$112 million. Gennum stock has dropped 5.7% on the news.
On the economic front, Statistics Canada reported consumer prices rose 1.2% in March, down from the 1.4% increase in February. The upward pressure on the Consumer Price Index (CPI) came primarily from two sources: higher food and shelter costs.
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