Financial stocks led Toronto's main index higher on Friday afternoon as the market heads towards a sixth straight positive finish. The S&P/TSX Composite Index added 131.66 or 1.5% to 8,885.43.
The Financial Index soared 4.9% in afternoon trading. Canadian Imperial Bank (CM.TO) surged 6.7% to lead the big six banks higher. The Bank of Nova Scotia (BNS.TO) soared 6.1%, the National Bank of Canada jumped 5% and Toronto-Dominion (TD.TO) added 4.4%.
Industial stocks climbed 3.1%, the Consumer Discretionary Index jumped 2/9%, the Information Technologies Index added 2.3% and Healthcare stocks climbed 2.2%.
Resource stocks saw little change. Mining stocks added 1%, while gold stocks added 0.3%. Materials stocks were slightly lower. Metal-related stocks had seen sharp gains in recent days on the Chinese interest rate cut.
Energy stocks were up about a half-percent in afternoon deals. Petro-Canada (PCA.TO) soared 3.8% and Encana (ECA.TO) surged 3.7%. Crude oil closed at $54.43 on Friday, down 1 cent.
Cameco (CCO.TO) dropped 2.1% after announcing it has temporarily suspended uranium hexafluoride production at its Port Hope plant in Canada after a dispute over supplies used in the production of nuclear fuel.
In other corporate news on Friday, Jean Coutu Group (PJC.A.TO) climbed 3.75% after the drugstore chain was upgraded to Outperform from Neutral by Credit Suisse.
On the economic front, Statistics Canada said Friday morning that Canada's current account surplus dropped with the rest of the world in the third quarter. The surplus was a seasonally-adjusted $5.6 billion, compared to the $6.8 billion in the second quarter.
Meanwhile, Bank of Canada Deputy Governor Pierre Duguay said another interest rate may be required to boost the economy's growth. Governor Mark Carney made similar comments earlier this month. A 25-basis point cut is expected on Dec. 9.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.