Stocks in Toronto scraped through the breakeven point on Friday as economic data and energy earnings highlighted the damage done by a massive wildfire that hit oil sands production starting in May, with the index headed for its first weekly decline since mid-June.
The S&P/TSX Composite regained 7.57 points to greet noon at 14,560.29. The index is on track for a 0.6% weekly decline, after four straight weeks of gains.
The Canadian dollar gained 0.68 cents to 76.69 cents U.S.
Among the most influential decliners were pipeline operator Enbridge, which fell 0.5% to $51.17, and Imperial Oil, which lost 1.2% to $39.90.
Both companies reported earnings that were negatively impacted by massive wildfires in northern Alberta, which at one point cut Canada's crude output by more than a million barrels a day.
The energy group retreated as Suncor Energy fell 1.2% to $34.78. It reported a loss earlier this week.
Among gold concerns, Barrick Gold Corp added 1.4% to $28.43 and Goldcorp gained 0.8% to $23.55.
On the economic beat, Statistics Canada reported that real gross domestic product fell 0.6% in May, the largest monthly decline since March 2009.
The decrease in May was primarily due to lower non-conventional oil extraction, as a result of the Fort McMurray wildfire and evacuation
The agency industrial product price index came in 0.6% higher in June, mainly due to higher prices for energy and petroleum products.
Its raw materials price index jumped 1.8%, as a result of higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange gained 7.99 points to 792.94
Eight of the 13 subgroups were lower midday, with health-care down 1.2%, industrials off 0.5%, and consumer discretionary stocks sliding 0.4%.
The five gainers were led by gold, better by 1.6%, materials, up 1%, and metals and mining, up 0.4%.
ON WALLSTREET
U.S. stocks traded mostly higher Friday, the last trading day of the month, as investors eyed oil prices, mixed earnings reports and a disappointing Gross Domestic Product print.
The Dow Jones Industrials remained negative 14.86 points to 18,441.49.
The S&P 500 recovered 3.95 points to 2,174.02, a fresh all-time intraday high in late-morning trade, with telecommunications and utilities leading advancers.
The NASDAQ Composite regained 13.05 points to 5,168.04, helped by gains of more than 4% in shares of Alphabet and 1.5% in Amazon.com after both firms reported earnings Thursday that beat on both the top and bottom line.
As of midday trade, the S&P 500 was on pace to end the week little changed to a touch higher, while the Dow was pacing for weekly declines of more than 0.5%. The NASDAQ composite was on pace for a weekly return of more than 1%.
Exxon Mobil posted earnings that badly missed expectations. The stock traded 2% lower for the greatest negative impact on the Dow.
In late-morning trade, Chevron came well off session lows to trade a touch lower. The firm reported a second-quarter loss of 78 cents U.S. a share as it reported $2.8 billion in impairments. The same period last year, the firm reported profit of 30 cents a share. Ex-items, adjusted earnings per share topped expectations by three cents at 35 cents a share.
Advance read on second-quarter GDP showed a 1.2% annualized growth rate, well below expectations for 2.6%. Consumer spending, which accounted for most of the GDP rebound in the second quarter, increased at a 4.2% rate, the fastest since the fourth quarter of 2014. Consumer spending accounts for more than two-thirds of U.S. economic activity,
In other economic news, the employment cost index rose 0.6% on a seasonally-adjusted basis, for the three-month period ending June of this year.
Chicago PMI came in at 55.8 in July versus 56.8 in June. Consumer sentiment and two Federal Reserve speakers are also on the calendar Friday.
Prices for the 10-year Treasury gained ground, lowering yields to 1.48% from Thursday’s 1.5%. Treasury prices and yields move in opposite directions.
Oil prices inched up 16 cents a barrel to $41.30 U.S.
Gold prices hiked $15.30 to $1,356.50 U.S. an ounce.
