TSX Scales New Highs On Oil Rally -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Friday, with the TSX Composite Index scaling new highs after OPEC agreed to raise output but offered a murky explanation.

Despite objections from Iran, Saudi Arabia managed to get other cartel members to commit to unspecified increased in production.

WTI light sweet oil for August climbed by $3.04, or 4.6% to settle at $68.58/bbl. Prices were up 5% for the week.

Energy stocks jumped 3.6 percent. However, marijuana stocks pulled back amid profit taking after the legalization "high."

All told, the TSX Composite Index jumped 115 points to 16,450.

In economic news, Stats Canada's Consumer Price Index rose 2.2% on a year-over-year basis in May, matching the increase in April. On a seasonally adjusted monthly basis, the Consumer Price Index was up 0.1% in May.

Following three consecutive monthly increases, retail sales in April declined 1.2% to $49.5 billion. The decrease was primarily due to lower sales at motor vehicle and parts dealers.

On the corporate front, BlackBerry (BB.TO) announced a surprise quarterly profit.

BlackBerry also revealed a partnership with Bullitt Group, a British smartphone and consumer electronics maker, to develop new highly-secure connected devices that are certified as "BlackBerry Secure."

CN Rail (CN.TO) plans to spend a total of $40 million on projects in Nova Scotia and New Brunswick.