TSX Edges Higher at Open

Coke, Bank of America in Spotlight

Canada’s main stock index opened slightly higher on Friday, helped by energy stocks but concerns about slowing growth in China capped gains.

The TSX Composite Index regained 24.26 points to 16,450.56

The Canadian dollar was unchanged at 76.12 cents U.S.

CIBC cut the price target on Maple Leaf Foods to $40.00 from $41.00. Maple Leaf shares lost 15 cents to $30.02.

KeyBanc raised the rating on Waste Connections to "overweight" from "sector weight". Waste Connections saw its shares add 66 cents to $121.98.


The TSX Venture Exchange sank 1.26 points to 542.81

Seven of the 12 Toronto subgroups were positive in the first hour, as energy gained 0.6%, while materials and financials each strengthened 0.4%.

The five laggards were weighed most by consumer discretionary stocks, tumbling 2.4%, health-care, down 1%, and information technology, off 0.3%.


Stocks opened lower on Friday as investors were set to wrap up the first week of the earnings season.

The Dow Jones Industrials dumped 73.92 points to open Friday at 26,951.96

The S&P 500 fell 2.23 points to 2,995.72

The NASDAQ Composite sank 10.78 points to 8,146.08

More than 70 S&P 500 companies have reported calendar third-quarter earnings this week. Of those companies, 81% have posted better-than-expected results.

Weak data from China weighed down the market on Friday.

Some of the companies posting stronger-than-forecast results this week include Bank of America, Netflix, J.P. Morgan Chase and Morgan Stanley. Coca-Cola continued that trend on Friday, rising more than 1%. Their results helped push the major indexes higher for the week.

The Dow was up 0.8% for the week through Thursday’s close. The S&P 500 increased 0.9% and the NASDAQ grew 1.2% for the week. The major indexes are also within striking distance of their record highs.

Prices for the benchmark 10-year U.S. Treasury did not move, keeping yields at Thursday’s 1.76%.

Oil prices gained 51 cents to $54.44 U.S. a barrel.

Gold prices dipped $4.20 to $1,494.10 U.S. an ounce.