The Toronto stock market advanced Friday as traders bought up stocks beaten down by three straight days of losses triggered by another round of concern about the pace of the global recovery.
The S&P/TSX Composite Index approached noon higher by 60.23 points to 12,399.59
The Canadian dollar backtracked 0.20 cents to 100.13 cents U.S.
Research In Motion Ltd. shares were up 67 cents to $14.36 after its chief executive said the BlackBerry maker needs substantial change after posting a $125-million U.S. quarterly loss.
RIM’s revenue fell $1.4 billion to $4.2 billion as the company loses market share to Apple’s iPhone and devices using Google’s Android operating system.
The TSX energy sector rose as Canadian Natural Resources climbed 47 cents to $32.93.
The base metals sector was higher while copper rose four cents to $3.84 U.S. a pound after losing over nine cents earlier in the week. Teck Resources climbed 49 cents to $35.19.
The gold sector gained ground Goldcorp Inc. moved 51 cents higher to $44.82.
Yukon-Nevada Gold Corp. shares were to after it said its fourth-quarter net loss narrowed to $7.5 million, largely due to an improvement in gross margins from operations and a favourable warrant liability revision. Its shares moved half a cent higher to 34 cents
Financials were also supportive with TD Bank ahead 71 cents to $85.10.
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 acquired 5.65 points to 1,555.41, while the Nasdaq Canada index gained 5.78 points to 417.14
All 14 Toronto subgroups were up by noon. Information technology climbed 2.5%, while materials strengthened 0.9%, and health-care issues took on 0.7%.
ON WALLSTREET
In New York, stocks were modestly higher Friday, the final trading day of a strong quarter, as investors weighed mixed economic reports and a boost in the euro-zone bailout fund.
The Dow Jones Industrials gained 50.82 points to 13,196.60.
The S&P 500 inched higher by 4.81 points to 1,408.09, while the Nasdaq gained 1.79 points to 3,097.15
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 on Monday and remains near that mark. The S&P 500 and the Dow are close to setting fresh multi-year highs.
Stocks opened higher as investors focused on personal spending data and news that euro-zone finance officials agreed to raise their financial firewall to €700 billion.
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 one director left its board.
Gold futures for April delivery rose $9.60 to $1,661.80 U.S. an ounce.
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 fell to 62.2, down from 64 in February and below expectations of 63. Any reading above 50 indicates expansion.
The March edition of the University of Michigan Consumer Sentiment Index rose to 76.2, from 74.3 in February. Analysts were expecting the index to remain flat.
The price on the benchmark 10-year U.S. Treasury was higher, driving yields down to 2.15% from Thursday’s 2.16%.
Oil for May delivery pumped 41 cents higher to $103.19 U.S. a barrel.
Gold futures for April delivery rose $9.60 to $1,661.80 U.S. an ounce.
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