Equities in Canada’s largest market edged higher on Friday as gains for resource stocks offset a decline in the shares of plane and train maker Bombardier Inc following news it will cut jobs for the second time this year.
The S&P/TSX Composite moved higher 11.94 points to open the week’s last session at 14,859.86
The Canadian dollar plummeted 0.63 cents to 74.96 cents U.S.
Precision Drilling reported its net loss narrowed to $47.4 million, or 16 cents per share, from $86.7 million, or 30 cents per share, a year earlier.
Precision shares moved up eight cents, or 1.3%, to $6.23.
Bombardier will shed jobs for the second time this year, cutting about 10% of its global workforce over two years as it deepens turnaround efforts at its rail division.
Bombardier shares sank two cents, or 1.1%, to $1.76.
CIBC raised the target price on Altagas to $35.00 from $34.00, citing the company’s project development momentum and third-quarter results beat.
Altagas dipped 18 cents to $34.78.
CIBC also raised the target price on Mullen Group to $20 from $19.50, after the company completed three small tuck-in acquisitions during the quarter.
Mullen Group shares spiked 68 cents, or 3.7%, to $18.91.
On the economic beat, Statistics Canada reported its Consumer Price Index rose 1.3% on a year-over-year basis in September, following a 1.1% increase in August.
The agency went on to say that, on a seasonally-adjusted monthly basis, CPI was up 0.2% in September, after decreasing 0.1% in August.
Moreover, retail sales edged down 0.1% to $44.0 billion in August. StatsCan reported that lower sales at motor vehicle and parts dealers, and general merchandise stores were the main contributors to the decline. Excluding these two sub-sectors, retail sales were up 0.2%
ON BAYSTREET
The TSX Venture Exchange inched higher 1.07 points to 787.05
Seven of the 12 TSX subgroups were lower, particularly consumer staples, down 0.9%, consumer discretionary issues, off 0.5%, industrials, sliding 0.3%.
The five gainers were led by information technology, up 0.5%, energy, up 0.4%, and materials, creeping up 0.2%.
ON WALLSTREET
U.S. equities mostly fell on Friday, pressured by mixed quarterly reports and a rising dollar, as investors set their sights on commentary from two key Federal Reserve officials.
The Dow Jones Industrials moved lower 98.34 points to 18,064.01, with 3M and Travelers Companies contributing the most losses, offsetting gains from McDonalds and Microsoft.
The S&P 500 dropped 7.72 points to 2,133.62, after opening marginally higher, with energy and telecoms falling 1% to lead decliners.
The NASDAQ composite index slipped 1.58 points to 5,240.25
Dow component General Electric reported mixed results Friday before the open, beating estimates on earnings but missing on revenues. The industrial giant also narrowed its 2016 earnings per share guidance.
Meanwhile, Microsoft, another Dow component, posted better-than-expected results across the board on Thursday.
In all, data collected during earnings season reveals that 80% of the 116 S&P components that had reported as of Friday morning had beaten Wall Street's earnings estimates, while 65% had beaten revenue estimates.
Prices for the 10-year Treasury inched ahead, lowering yields to 1.74% from Thursday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices lost 22 cents at $50.41 U.S. a barrel
Gold prices eased 50 cents to $1,267.00 U.S. an ounce.
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