Bay Street In Party Mode After Trump Inauguration -- Canadian Commentary

(RTTNews) - Canadian stocks rose Friday as markets on both sides of the border reacted positively to Donald Trump's inaugural address.

Trump's speech focused on the his campaign "America First" promise, but the new president offered few specifics related to policy.

The S&P/TSX Composite Index was up 138.07 points, or 0.9 percent, to 15,547.88, with gains widespread across most sectors.

Energy stocks performed particularly well, as did financials.

Feb. WTI oil gained $1.05, or 2%, to settle at $52.42/bbl. Crude oil was up 0.1 percent for the week.

U.S. energy companies this week added the most oil rigs since 2013, as big oil looks to take advantage of plus-$50 oil prices.

Baker Hughes reported the number of active U.S. rigs drilling for oil jumped higher by 29 to 551 rigs this week.

The Trump inauguration overshadowed some important Canadian economic data.

Canada's Consumer Price Index rose 1.5% on a year-over-year basis in December, following a 1.2% increase in November. Economists expected a 1.7% increase.

Retail sales rose for the fourth consecutive month, edging up 0.2% to $45.2 billion in November. Higher sales at motor vehicle and parts dealers contributed.

In corporate news, Restaurant Brands International (QSR.TO), the parent company of Tim Hortons and Burger King, plans to launch a Canadian app for mobile ordering this spring.

Gaming website Amaya (AYA.TO) raised its 2016 adjusted profit forecast thanks to a strong fourth quarter. "We anticipate that 2016 will be a record year of revenues for Amaya," said CEO Rafi Ashkenazi in a statement. Shares rose 3.2 percent.

Fairfax Financial Holdings (FFH.TO) is said to be in early talks to sell 25 percent of India insurer ICICI Lombard. The deal could fetch $1 billion, Reuters reports.