Equity markets in Canada`s biggest centre were flat on Friday but was on track for its fourth straight weekly gain as losses for materials stocks and Valeant Pharmaceuticals International were offset by rising telecom, railway and banking stocks.
The S&P/TSX Composite trekked higher 10.77 points to greet noon at 14,576.
The Canadian dollar dropped 0.53 cents to 75.88 cents U.S.
Valeant declined 3.3% to $30.96 after U.S. regulators raised concerns about a new eye drop the company manufactures.
The materials group, which includes precious and base metals miners and fertilizer companies, lost 1% with Barrick Gold down 0.8% to $26.50, Tahoe Resources off 2.8% to $19.48, and Yamana Gold losing 2.3% to $7.13.
Telecoms climbed, with Rogers Communications Inc extending post-earnings gains with a 1.4% advance to $56.44.
Its rivals, which have not yet reported second-quarter numbers, also gained, with BCE up 0.5% to $63.09 and Telus adding 0.9% to $43.67.
Celestica, a contract manufacturer, jumped 7.9% to $14.23 after reporting earnings after the bell on Thursday.
Husky Energy advanced 0.2% to $15.45 after company reported a smaller-than-expected quarterly loss as a focus on fewer, more efficient resource plays helped reduce production costs.
That followed the beginning of oil and gas earnings season on Thursday with Encana and Precision Drilling planning to boost activity.
On the economic slate, Statistics Canada reported that consumer price index figures rose 1.5% in the 12 months to June, matching the gain in May. On a seasonally-adjusted monthly basis, the CPI increased 0.2% in June, matching the gain in May.
Moreover, retail sales rose 0.2% to $44.3 billion in May, following a 0.9% increase in April. Sales were up in six of 11 sub-sectors, representing 51% of retail trade
ON BAYSTREET
The TSX Venture Exchange prospered 2.51 points to 768.71
Eight of the 13 subgroups were higher, with telecoms up 1%, utilities hiking 0.6%, and consumer discretionary, up 0.5%.
The five laggards were weighed by health-care, down 1.5%, metals and mining, down 1.2%, and materials, off 0.3%.
ON WALLSTREET
Equities traded slightly higher Friday as investors wade through mixed earnings reports.
The Dow Jones Industrials recovered 24.69 points to 18,541.92, after snapping its nine-day winning streak a day earlier, as Boeing had the most negative dollar-impact and IBM added the most gains.
General Electric was the biggest laggard on the Dow, after the company beat estimates but reported a 2% drop in orders for the second quarter.
The S&P 500 gathered 7.57 points to 2,172.74, with telecom and utilities leading nine sectors higher. Industrials proved the only sector in the red, sent lower by GE.
The NASDAQ hiked 29.35 points to 5,103.25
GE, often looked at as a bellwether for the overall economy, posted earnings five cents a share above estimates and revenue was up 15% from a year ago, the company said in a statement. Earnings were helped by its aviation, health-care and power businesses, but GE said the current business environment is being affected by a "volatile and slow growth economy."
American Airlines was among the biggest gainers on the S&P, leading transports higher after meeting second-quarter estimates.
Honeywell, Stanley Black & Decker, and Whirlpool also topped estimates, while Starbucks, Chipotle, and Skechers were among the misses.
Financials turned out to be one of the worst performing sectors of the year, but is trending positive for the week and up 3% on the month to date after the increased expectations and strong bank earnings.
Morgan Stanley joined Goldman Sachs, Citigroup, JPMorgan Chase, and Bank of America on the list of U.S. financial institutions topping second-quarter profit forecasts this week.
Prices for the 10-year Treasury gained ground, lowering yields back to Thursday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 84 cents a barrel to $43.91 U.S.
Gold prices subtracted $8.50 to $1,322.50 U.S. an ounce.
