Stocks End Rough Week With Modest Gain -- Canadian Commentary

(RTTNews) - Canadian stocks were slightly higher Friday, edging up from 6-month lows. Concerns about a rate hike from the Bank of Canada and the nation's housing bubble prevented a stronger rally.

The TSX Composite Index was up 31.97 points to 15,192. Energy stocks rose 0.75 percent. The energy sector was under heavy pressure this week as crude oil prices slipped to their lowest since last November.

WTI oil prices posted a weekly loss of 2.4%, down a 4th week in a row. July WTI oil gained 28 cents, or 0.6%, to settle at $44.74/bbl today.

Baker Hughes said the U.S. rig count rose by 6 to 747, the most since April 2015.

Amazon (AMZN) Friday said it has agreed to buy grocery chain Whole Foods Market Inc. (WFM) for $13.4 billion, as the online retailing giant aims to dominate supermarket industry as well. Canadian grocery stocks were little changed.

Teck Resources (TCK.B.TO) forecast lower steel prices. The stock tumbled 8.5 percent.

Leon's Furniture Limited (LNF.TO) has launched a direct-to-consumer installation and service, using live booking board technology, which enables customers to view the availability of a technician in their local area and book an appointment on a day of their choice.

In economic news, foreign investment in Canadian securities totalled $10.6 billion in April, mainly acquisitions of government debt instruments. At the same time, Canadian investors reduced their holdings of foreign securities by $9.9 billion, the largest divestment since January 2016.