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Equities Rally to Another Peak

Equity markets in Canada opened at another record high in a broad-based rally on Friday, with energy shares outperforming as they continue to track gains in oil prices.

The S&P/TSX hurtled higher 80.53 points to open Friday at 16,938.88

The Canadian dollar lopped off 0.19 cents at 75.24 cents U.S.

Bloomberg reported Thursday that First Quantum Minerals is drawing preliminary takeover interest from global miners after losing half its value over the past five years.

First Quantum shares climbed 92 cents, or 8.2%, to $12.12.

TD Securities raised the price target on AGF Management to $7.00 from $5.50. AGF shares gained 13 cents, or 2.1%, to $6.28.

RBC raised the target price on Cenovus Energy to $17.00 from $14.00. Cenovus shares picked up 13 cents, or 1%, to $13.33.

Cormark cut the rating on Baylin Technologies to market perform from buy. Baylin shares retreated 13 cents, or 5.2%, to $2.39.

On the economic front, Statistics Canada reported retail sales advanced for the first time in three months, increasing 0.4% in July to $51.5 billion. Higher sales were reported in six of 11 sub-sectors representing 71% of retail trade.

ON BAYSTREET

The TSX Venture Exchange recovered 1.82 points to 586.04

All but one of the 12 Toronto subgroups began the week's last session on the march, with gold brighter 1%, while information technology and consumer discretionary stocks each up 0.9%.

Only health-care missed the party, trudging 0.9% lower.

ON WALLSTREET

Stocks rose slightly on Friday, pushing Wall Street closer to record highs set earlier this year.

The Dow Jones Industrials regained 91.47 points to 27,186.26,

The S&P 500 progressed 8.6 points to 3,015.39,

The NASDAQ Composite added 14.56 points to 8,197.44

The Dow came into Friday's session 1.1% removed from its all-time high while the S&P 500 was 0.7% below its record mark from late July. The NASDAQ remained 1.9% away from its record.

The moves come after deputy trade negotiators from the U.S. and China resumed face-to-face talks for the first time in almost two months. The deputy-level trade talks are expected to help lay the groundwork for high-level negotiations early next month.

Prices for the benchmark 10-year U.S. Treasury inched up, lowering yields to 1.78% from Thursday's 1.79%. Treasury prices and yields move in opposite directions

Oil prices obtained 39 cents to $58.52 U.S. a barrel.

Gold prices picked up $3.10 to $1,509.30 U.S. an ounce.

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