Canadian stocks were moving higher Friday morning despite concerns about the state of the U.S. economy and uncertainty over the prospects of the Fed winding down its bond-buying program. Earlier today, data from Eurostat showed euro zone construction output continued its decline for the fifth month in a row in March.
Meanwhile, Canada reported soft inflation data for the month of April, mainly due to a fall in gasoline prices.
The S&P/TSX Composite Index rose 44.50 points or 0.36 percent to 12,552.10, after adding around 0.25 percent in the previous session.
The price of crude oil was ticking higher Friday morning, with the US dollar trading steady versus a basket of currencies. Crude for June added $0.04 to $95.20a barrel.
In the oil patch, Bonterra Energy (BNE.TO) and Suncor Energy (SU.TO) were up nearly 2 percent each.
Technology company LX Ventures (LXV.V) rose over 3 percent after announcing that its subsidiary successfully closed the acquisition of Mobio Technologies Inc, in exchange of its 2,000,000 common shares.
Meanwhile, gold stocks were moving lower amid a fall in bullion prices. The price of gold was extending losses for a seventh straight session Friday morning, with the US dollar trading firm versus a basket of currencies after San Francisco Federal Reserve President John Williams indicated that the Fed may slow the pace of its asset purchases as early as this summer if labor market indicators continue to improve. Gold for June lost $22.60 to $1,364.30 an ounce.
Detour Gold (DGC.TO) shed close to 9 percent. Yamana Gold (YRI.TO), Seabridge Gold (SEA.TO) and Allied Nevada Gold (ANV.TO lost around 4 percent each. Agnico-Eagle Mines (AEM.TO) and , Goldcorp. (G.TO) lost around 2 percent each.
Retailer Sears Canada Inc. (SCC.TO) eased 0.20 percent after it said it launched its latest Hometown concept store in Orillia, with a new 25,000 square-foot location.
In economic news, a report from the Statistics Canada revealed that the Consumer Price Index rose 0.4 percent year-on-year in April, following a 1.0 percent increase in March. Price decreases were largely due to a fall in gasoline prices and the purchase of passenger vehicles. Economists expected 0.6 percent growth in the CPI. On a seasonally adjusted monthly basis, the CPI decreased 0.4 percent in April, after posting no change in March. The decrease in April was the largest decline since October 2008. Meanwhile, the Bank of Canada's core index rose 1.1 percent in the 12 months to April, following a 1.4 percent increase in March.
Separately, the agency said wholesale sales advanced by 0.3 percent in March to $49.1 billion, falling short of a 0.4 percent growth expected by economists. The increase was mainly due to higher sales in the motor vehicle industry. Since May 2012, wholesale sales have been relatively flat. In volume terms, wholesale sales were up 0.1 percent in March.
Elsewhere, euro zone construction output continued its decline for the fifth month in a row in March, Eurostat reported. Production in construction fell at a faster pace of 1.7 percent, following a 0.3 percent drop in February. Building construction and civil engineering slid 1.4 percent and 2.4 percent, respectively. On a yearly basis, overall construction output plunged 7.9 percent, reversing last month's 1.7 percent increase.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.