The S&P/TSX Composite Index jumped 240 points higher in mid-morning trade Friday, with base metals, boosted by higher precious metals prices, up 4%.
The utilities and information technology sectors were down 0.6% and 0.8%, respectively.
In economic news, retail sales in Canada rose 0.6% month-on-month in June, ahead of Statistics Canada's advance estimate of 0.4%, the agency reported this morning. Sales were up in seven of nine subsectors, led by increases at general merchandise retailers.
The sole decrease in core retail sales in June came from food and beverage retailers (-0.4%), StatsCan said.
In other news, President Trump's 50% tariffs are set to take effect after midnight. Both Canada and the US have said they are "very close" to an agreement, several media outlets have reported. Several premiers have also publicly stated that Prime Minister Mark Carney asked all provinces and territories to put US alcohol back on their shelves.
In stocks, clothing retailer Roots (ROOT.TO) said Friday that it will be acquired by Marquee Brands for C$4.10 per share in cash. The offer price is a 36% premium to the closing price as of March 2, before Roots announced that it was embarking on a strategic review process.