Gains for TSX Before Long Weekend
May 21, 2021 at 09:50 AM EDT
Friday, May 21, 2021 08:50 AM EST Gains for TSX Before Long Weekend Bombardier, ATS in Focus Futures for Canada's main stock index rose on Friday, drawing support from a rise in crude oil prices as vaccine rollouts in the United States and parts of Europe raise summer demand hopes. The TSX muscled up 125.92 points to conclude Thursday at 19,547.95. The Canadian dollar inched up 0.13 cents Friday to 83.03 cents U.S. June futures gained 0.3% Friday. Markets in Canada will be shuttered for Victoria Day. Citigroup raised the target price on Bombardier to $1.20 from $0.73. Acumen Capital cut the target price on Computer Modelling Group to $6.75 from $7.50 Scotiabank raised the target price on ATS Automation Tooling Systems to $44 from $35.5 On the economic beat, Statistics Canada said retail sales were up 3.6% to $57.6 billion in March, led by higher sales at building material and garden equipment and supplies dealers, and clothing and clothing accessories stores. ON BAYSTREET The TSX Venture Exchange picked up 12.12 points, or 1.3%, Thursday to 948.73. ON WALLSTREET Stock futures rose for a second day on Friday as major averages attempt to claw back their losses from earlier in the week. Futures for the Dow Jones Industrials jumped 146 points, or 0.4%, to 34,174. Futures for the S&P 500 added 16.25 points, or 0.4%, to 4,170.50. Futures for the NASDAQ Composite index sprang 47 points, or 0.4%, to 13,533. Despite Thursday’s rebound, the Dow is down 0.9% in the past week, on track to see its fourth negative week out of the past five weeks. The S&P 500 is 0.4% lower on the week, on pace for its second negative week in a row. The NASDAQ is up 0.8%, positioned to break a four-week losing streak. Gains were broad across sectors early Friday. Cruise lines gained after Carnival said some brands would resume cruises in July. Carnival added 1% in pre-market trading. Ford, which said Thursday it has 20,000 reservations for its new electric F-150 pickup, gained 1.7% in early trading. Home Depot shares rose 0.7% after the retailer announced a new $20 billion share buyback program. In another sign of market confidence, new IPO Oatly, which jumped 18% on Thursday in its Nasdaq debut, was up 6% in premarket trading on Friday. Shares of Tesla and other speculative parts of the market bounced back as bitcoin prices recovered after a rollercoaster session Wednesday. A new pandemic-low in jobless claims also helped sentiment on Thursday. Bitcoin, which shook markets earlier in the week with a 30% collapse, was stable for a second day around the $40,000 range. Major technology shares were set to continue their rebound. Tesla was higher by 2% in pre-market trading. Overseas, in Japan, the Nikkei 225 acquired 0.8%, while in Hong Kong, the Hang Seng index eked up just more than eight points. Oil prices regained $1.22 to $63.16 U.S. a barrel. Gold prices dipped $2.10 to $1,879.90 U.S.