Stocks opened flat on Friday, with little in the way of big news driving markets -- no doubt driving concerns about whether the rally of 2012 is sputtering.
The S&P TSX Composite Index moved higher by 17.78 points to kick off Friday at 12,749.06
The Canadian dollar shaved off 0.05 cents to 100.21 U.S. cents
Suncor Energy Inc. rose 0.8% in price after the price of crude oil rose.
It is a light morning for earnings news.
Eldorado Gold Corp. said profits nearly doubled to $88.8 million in the fourth quarter as the company benefited from higher prices. Revenues grew to $303.3 million from $213 million.
After the markets closed Thursday, Iamgold Corp. on Thursday reported an 8% jump in profits for the fourth quarter of 2011 on the back of higher gold prices.
Net earnings were $133.6 million, or 36 cents, compared to $124.1 million, or 33 cents during the same 2010 period. Revenues were $481.6 million, an increase from $440.9 million during the last three months of 2010, primarily due to a 19% rise in realized gold prices to $1,638 U.S. per ounce.
Magna International Inc. reported its quarterly results after markets closed on Thursday, with earnings that topped expectations. The auto parts maker also raised its 2012 sales outlook.
ON BAYSTREET
The TSX Venture Exchange docked 0.67 points to 1,693.46, while the Nasdaq Canada index added 6.11 points to 429.44
In all, 10 of the 14 Toronto subgroups started out positive, led by consumer discretionary stocks, up 1.1%, health-care stocks, ahead 0.8%, and information technology, gaining 0.7%.
The four laggards were weighed by gold, off 0.5%, materials, shedding 0.2%, and utilities, 0.1% weaker.
ON WALLSTREET
In New York, stocks opened slightly higher Friday, as investors awaited another round of economic data and corporate results
The Dow Jones Industrials were positive 6.50 points to begin the day at 12,991.20
The S&P 500 added 4.30 points to 1,367.76, while the Nasdaq marched doggedly ahead 3.94 points to 2,960.92
Economic reports on tap for Friday include consumer sentiment and new-home sales, where investors hope for continued signs of momentum in the U.S. economy.
While a number of economic indicators have looked positive lately, the housing market remains a troubled sector.
The National Association of Realtors reported Wednesday that home prices fell to their lowest point in more than a decade in January. But on Thursday, the 30-year fixed mortgage rate rose off its all-time lows -- giving the housing sector a slight vote of confidence.
J.C. Penney shares slipped after the department store chain beat earnings estimates but fell short of sales expectations for the fourth quarter.
Shares of AIG jumped after the company said late Thursday that its fourth-quarter profit surged to $19.8 billion U.S., thanks to an accounting change.
Salesforce.com's stock also popped after the company topped earnings and sales expectations late Thursday, as customer billings surged 57% during the quarter -- a sign of robust future sales growth.
Shares of Crocs tumbled after the shoemaker issued a downbeat outlook for the first quarter of 2012.
Gap's stock fell after the retailer missed earnings and sales expectations for the fourth quarter. Gap also announced a $1-billion U.S. share buyback program and an 11% boost to its annual dividend.
Citigroup sold its stake in Mumbai-based Housing Development Finance Corporation. Citigroup said the sale should result in a pre-tax gain of $1.1 billion U.S., and an after-tax gain of approximately $722 million U.S.
Bank of America announced plans late Thursday to freeze pension plans, effective in July, and increase its 401(k) contributions instead.
Procter & Gamble said Thursday that it will cut 5,700 positions globally by June of next year.
Economically speaking, analysts surveyed by Briefing.com expect the annual rate of new-home sales for January to increase to 315,000, from December's 307,000.
February's installment of the University of Michigan Consumer Sentiment Index is expected to come in at 73.0, up from 72.5 in the month prior.
Investors will also be listening for any notable remarks from regional Federal Reserve bank heads during the 2012 U.S. Monetary Policy Forum in New York.
Treasury prices for the 10-year note were static, keeping yields at Thursday’s 1.98%.
Oil for February delivery tacked on another 81 cents to $108.64 U.S. a barrel.
Gold futures for April delivery fell $10.50 to $1,775.80 U.S. an ounce.
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