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Canadian Shares Surging Higher On Upbeat Results, Higher Oil Prices

Canadian shares are up firmly in positive territory Friday morning, with investors indulging in hectic buying in several blue chip stocks from across various sectors, amid optimism about U.S.-China trade negotiations, upbeat earnings and on higher crude oil prices.

Energy, financial, healthcare and industrials shares are moving up north. Mining, information technology stocks are a bit subdued, while consumer discretionary shares are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 159.64 points, or 1.02%, at 15,855.62.

On Thursday, the benchmark S&P/TSX Composite Index ended up 69.25 points, or 0.44%, at 15,695.98.

The Capped Energy Index is rising 2.6%. Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO) and Encana Corporation (ECA.TO) are up 3.2 to 4%. Cenovus Energy (CVE.TO), Imperial Oil (IMO.TO) and ARC Resources (ARX.TO) are gaining 1.75% - 2.25%.

The Capped Financial Index is up 1.3%. Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and Canadian Imperial Bank of Commerce (CM.TO) are gaining 1 to 1.5%, while National Bank of Canada (NA.TO) is rising 0.7%.

Manulife Financial Corporation (MFC.TO) is gaining 1.3%, Sun Life Financial Inc. (SLF.TO) is surging up 3.1% and Fairfax Financial Holdings (FFH.TO) is advancing 3.5%.

The Capped Healthcare Index is up 1.7%. Canopy Growth Corporation (WEED.TO) is gaining 2.6% after reporting net income attributable to shareholders of $67.6 million or 22 cents per basic share, up from $1.6 million or one cent per basic share a year earlier.

Bausch Health Companies (BHC.TO) is up 1.6%, Cronos Group (CRON.TO) is rising 2.3%, Aphria Inc. (APHA.TO) is gaining 3.5%, Green Organic Dutchman Holdings (TGOD.TO) is advancing 1.1% and Extendicare (EXE.TO) is up 1.35%.

The Capped Industrials Index is advancing 1.7%. Toromont Industries (TIH.TO) is surging up nearly 10% on strong results. The company reported net earnings of $84.9 million for the quarter ended December 2018, up 44% from net earnings of $59.1 million in the corresponding quarter last year.

Bombardier Inc. (BBD.B.TO) is rising nearly 8% after reporting a whopping 381% jump in adjusted net income for the quarter ended December 2018, over the year-ago quarter.

Air Canada (AC.TO) is gaining 2.5% after announcing that it recorded adjusted net income of $54 million or $0.20 per diluted share in the fourth quarter of 2018, compared to adjusted net income of $60 million or $0.22 per diluted share in the fourth quarter of 2017.

MTY Food Group Inc. (MTY.TO) shares are down more than 7% after the company said its net income attributable to shareholders decreased by 33%, to $12.9 million, or $0.34 per share in the fourth quarter, compared compared to $19.4 million, or $0.91 per share, for the same period last year.

Enbridge Inc. (ENB,ENB.TO) reported adjusted earnings of $1,166 million or $0.65 per common share for the fourth quarter of 2018 and $4,568 million or $2.65 per common share for the full year 2018, compared to $1,013 million or $0.61 per common share in the fourth quarter of 2017 and $2,982 million or $1.96 per common share for the full year 2017. The stock is modestly higher.

Among other markets, U.S. is higher amid continued optimism about trade talks between the U.S. and China after the White House said high level U.S.-China trade talks this week led to "progress between the two parties" but noted "much work remains."

The White House said the U.S. hopes to see additional progress as discussions at the ministerial and vice-ministerial levels continue in Washington next week.

Positive reaction to news that both the House and Senate passed legislation to avoid another government shutdown helped as well.

Market was also reacting positively to data from the University of Michigan that showed a bigger than expected rebound in consumer sentiment in the month of February.

European markets moved higher on trade talks optimism and some upbeat results from the region.

Asian markets ended mostly lower on Friday.

In commodities, crude oil futures for March are rising $1.03, or 1.89%, at $55.44 a barrel.

Gold futures for April are up $5.20, or 0.4%, at $1,319.10 an ounce.

Silver futures for March are rising $0.062, or 0.4%, at $15.590 an ounce, while Copper futures for March are rising $0.0130, or 0.47%, at $2.7870 per pound.

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