Toronto's main stock index opened higher on Friday, looking to close the first quarter of 2012 with a flourish, buoyed by rising commodity prices and reassuring measures to prevent the euro-zone's sovereign debt crisis from flaring.
The S&P/TSX Composite Index showed signs of breaking out of its week-long funk, opening the day higher by 58 points to 12,397.36.
The Canadian dollar backtracked 0.12 cents to 100.21 cents U.S.
Research in Motion will likely take centre stage after the BlackBerry maker posted its first loss in seven years and launched a strategic review.
Elsewhere, Maple Leaf Foods Inc. said it will open a facility near Guelph, Ontario, that will operate as the company's prepared meats distribution hub for central and eastern Canada.
Royal Bank of Canada, Canada’s biggest bank, is hiring aggressively, seeking to expand its business in Asia and Latin America as well as more established markets such as the United States and Britain.
On the economic beat, Statistics Canada reported this morning that January Gross Domestic Product edged up 0.1% after increasing 0.5% in December . Gains in manufacturing were partly offset by a decline in oil and gas production in January.
ON BAYSTREET
The TSX Venture Exchange reacquired 6.03 points to 1,555.79, while the Nasdaq Canada index gained 4.21 points at 415.57
All but one of the 14 Toronto subgroups were up to begin the session. Information technology climbed 1.3%, while materials strengthened 0.7%, and global base metals took on 0.6%.
The lone naysayer was in the consumer staples sector, down 0.1%.
ON WALLSTREET
In New York, stocks opened higher Friday, the final trading day of a strong quarter, as investors digested positive economic reports and were encouraged by a boost in the euro-zone bailout fund.
The Dow Jones Industrials gained 34.20 points to 13,180.
The S&P 500 inched higher by 3.63 points to 1,406.91, while the Nasdaq gained 2.69 points to 3,098.05
While worries about a growth slowdown have kept investors sidelined lately, it's been a stellar three months for stocks, with all three major U.S. indexes on track to log solid gains. The Dow is up almost 8%, the S&P 500 is up nearly 12% and the Nasdaq has gained a whopping 19% since New Year's Day.
Each index is within striking distance of milestone levels. The Nasdaq logged its best close since 2000 earlier this week and remains near that mark. In addition, the S&P 500 and Dow are close to setting fresh multi-year highs.
Shares of Apple were slightly lower a day after a heavily anticipated report on working conditions at supplier Foxconn's China facilities was released. The report documents dozens of major labour-rights violations, including excessive overtime, unpaid wages and salaries that aren't enough to cover basic living expenses.
On Friday, retailer Finish Line said it earned 81 cents U.S. per share last quarter -- a number in line with analyst estimates. The company reported better-than-expected revenue, but shares tumbled.
Research in Motion shares were higher even after the BlackBerry-maker missed expectations on revenues and earnings. The company said it's considering strategic alternatives, and director Jim Balsillie left its board.
On the economic slate, a report released before the opening bell showed that personal spending increased 0.8% in February, topping analyst predictions of a 0.6% jump.
Meanwhile, personal income grew by 0.2%, less than the 0.3% predicted rate.
The Chicago Purchasing Managers' Index for March is expected to stand at 63, down from 64 in February. Any reading above 50 indicates expansion. The March edition of the University of Michigan Consumer Sentiment Index is projected to come in at 74.3, flat versus February.
The price on the benchmark 10-year U.S. Treasury was flat, maintaining yields at Thursday’s 2.16%.
Oil for May delivery pumped 64 cents higher to $103.42 U.S. a barrel.
Gold futures for April delivery rose $13.80 to $1,666 U.S. an ounce.
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