TSX Higher As Jitters Go Away -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Friday for a second session, rebounding from recent multi-month lows on renewed strength among bank and energy stocks.

The TSX Composite Index added 44.98 points to 15,452.64. Stocks were in positive territory for most of today's quiet session, a change from the volatility that gripped markets for the past few weeks.

Enbridge Inc. (ENB.TO) Q4 earnings were C$1.01 billion, or C$0.61 per share. This was up from C$522 million, or C$0.56 per share, in last year's fourth quarter. The company will reportedly double its asset sales. Shares fell fractionally.

Air Canada (AC.TO) beat earnings expectations on rising traffic. Shares rose 1.2 percent.

Kinder Morgan (KML.TO) has been allowed to start work on its controversial TransMountain project. Shares rose 4.4 percent.

Fairfax Financial (FFH.TO) reported a big loss for the fourth quarter due to its bet on a market correction.

WTI light sweet oil was up 21 cents at $61.55 a barrel.

On the economic front, Canada's manufacturing sales declined 0.3% to $55.5 billion in December, following a revised increase of 3.8% in November.

The Trump administration on Friday recommended higher tariffs on imports of steel and aluminum from China and other nations including Canada.

Crude oil futures rose Friday, even as the U.S. oil rig count jumped for a fourth straight week.

Baker Hughes said U.S. drillers added 16 rigs to bring the count to 798. The U.S. shale book has offset OPEC's supply quota plan that was intended to end the global oil surplus.

West Texas Intermediate crude for March delivery rose 34 cents, or 0.6%, to end at $61.68 a barrel. For the week, prices rose 4.2% and moved back toward January's 4-year highs.