TSX Heads for Best April Since 2020

Canada’s main stock index extended gains on Friday on a surge in industrial and energy stocks, while shares of Imperial Oil wobbled on missing cash flow estimates in its quarterly results.

The TSX advanced 120.14 points to break for lunch at 20,642.78.

The Canadian dollar jumped 0.2 cents to 73.77 cents U.S.

Imperial shares gained 14 cents to $69.64, as the petroleum giant posted a higher first-quarter profit, as higher production and refining throughput offset easing of energy prices from last year’s high levels. Its shares, however, lost 1.6%, on missing cash flow estimates.

GFL Environmental gained $3.39, or 7.4%, to $49.16, after the environmental services company beat first-quarter profit estimates.

Among other energy companies, TC Energy added 96 cents, or 1.7%, to $56.09, after beating analysts’ estimates for first-quarter profit as higher energy prices boosted demand for the pipeline operator’s services.

On the economic slate, Statistics Canada reported Gross Domestic Product edged up 0.1% in February as both services-producing industries and goods-producing contributed to the increase.

ON BAYSTREET

The TSX Venture Exchange resurfaced 0.62 points to 606.90.

Seven of the 12 TSX subgroups remained positive, led by energy, up 2.6%, industrials, better by 1%, and health-care stocks, ahead 0.8%.

The five laggards were weighed most by gold and utilities, each down 0.3%, and consumer discretionary stocks, listing lower 0.2%.

ON WALLSTREET

The Dow Jones Industrial Average rose on Friday as it moved closer to notching its best month since January.

The blue-chip index popped 219.53 points midday to 34,045.69.

The S&P 500 took on 25.26 points to 4,160.61.

The NASDAQ Composite heightened 41.6 points to 12,183.84.

With just Friday’s session left in the trading month, the Dow is on pace to finish April 2.1% higher. That would be its best monthly showing since January, when the average ended 2.8% up. The S&P 500 is poised for a 0.9% monthly gain, while the NASDAQ is on track to end the month down 0.7%.

On a weekly basis, the NASDAQ is slated for the largest gain, at 0.5%, in what has been considered Big Tech’s marquee earnings week. The Dow looks to build gains of 0.4%, while the S&P 500 could likely finish the week 0.3% higher.

Just over half of S&P 500 companies have reported earnings thus far. Of those companies, 80% have beaten expectations. That beat rate is roughly in line with a three-year average.

Also of note, shares of troubled First Republic Bank plunged more than 50% after media reports that the most likely outcome for the regional bank is the Federal Deposit Insurance Corporation taking receivership. The stock has lost more than 97% of its value since the start of the year.

Data released Friday morning showed personal consumption expenditures price index rose 0.3% in March, which was in line with economist expectations. The index is a key gauge of inflation for the Federal Reserve, which has a policy meeting scheduled for next week.

Prices for the 10-year Treasury gained ground, lowering yields to 3.44% from Thursday’s 3.52%. Treasury prices and yields move in opposite directions.

Oil prices popped $1.69 to $75.45 U.S. a barrel.

Gold prices regained $1.50 to $2,000.50 U.S. an ounce.

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