Equities in Canada’s largest market opened moderately higher on Friday, as the index's heavyweight sectors offset sharp losses in BlackBerry Ltd shares, which tumbled after first quarter sales missed expectations.
The S&P/TSX Composite Index added 30.89 points to start out Friday at 15,250.79
The Canadian dollar faded 0.31 cents to 75.25 cents U.S.
BlackBerry reported first-quarter revenue that missed analysts' estimates as the company received fewer orders from its enterprise customers.
BlackBerry shares plummeted $1.46, or nearly 10%, to $13.20.
Kinder Morgan Canada told regulators four of Canada's biggest banks are the largest providers of $5.5 billion in credit for the company’s Trans Mountain pipeline expansion project.
Kinder shares gained seven cents to $15.50.
TD Securities raised the price target on Bombardier to $2.15 from $2.05. Bombardier shares gained four cents, or 1.7%, to $2.43.
National Bank of Canada raised the rating on Home Capital Group to sector perform from underperform. Home shares ballooned 63 cents, or 3.3%, to $19.63.
Deutsche Bank cut the target price on Silver Standard Resources to $14.00 from $14.50. Silver Standard shares gained 16 cents, or 1.2%, to $13.03.
On the economic slate, Statistics Canada reported that May’s consumer price index tallied 1.3% on a year-over-year basis in May, following a 1.6% increase in April.
The agency adds that, on a seasonally-adjusted monthly basis, retail inflation was down 0.2% in May, after increasing 0.4% in April.
ON BAYSTREET
The TSX Venture Exchange regrouped 3.08 points to 774.15
Eight of the 12 TSX subgroups gained ground, as gold soared 1.5%, materials strengthened 0.8%, and energy proved 0.7% more energetic.
The four laggards were weighed most by health-care, down 1.1%, while information technology backtracked 1%, and consumer staples hesitated 0.6%.
ON WALLSTREET
U.S. stocks traded mostly lower on Friday despite the major banks passing the latest stress test from the Federal Reserve.
The Dow Jones Industrials slouched 25.41 points to open the week’s last session at 21,371.88, as shares of Caterpillar dropped 0.9 percent following a Deutsche Bank downgrade.
The S&P 500 demurred 0.07 points to 2,434.43, with consumer staples leading decliners and financials helping to cap losses.
The NASDAQ dropped 2.91 points to 6,233.77. Still, equities have managed to hold their ground this week, with the S&P and the Dow on track for slight weekly gains. The NASDAQ has risen more than 1% in the period on the back of a strong performance from health care stocks.
The consumer price index fell 0.1% in May, raising questions about whether the Fed will be able to raise rates once more this year. The next rate hike isn't fully priced in until March 2018
In other economic news, new home sales data were due out this morning, while St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester are both due to speak later on Friday.
Prices for the benchmark 10-year Treasury note dipped, raising yields to 2.16% from Thursday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices gathered 32 cents to $43.06 U.S. a barrel
Gold prices gained $7.60 to $1,257.00 U.S. an ounce.
