The Toronto stock market looked directionless Friday, on positive earnings news, as investors digested economic news from south of the border.
The S&P/TSX Composite Index was in the green by only by 0.83 points to begin the week’s last session at 12,146.68
The Canadian dollar grew 0.32 cents, to 101.91 cents U.S.
Among Canadian stocks to watch this morning, oil and gas company BPZ Resources Inc said it formed a joint venture with Pacific Rubiales Energy Corp. to develop and explore an offshore block in Peru.
Air Canada warned on Thursday that its first-quarter results would be hurt by a $120-million charge related to the creditor protection filing of its former maintenance unit Aveos.
Inmet Mining Corp. reported a 62% increase in quarterly profit on Thursday as higher copper production outweighed a drop in zinc output and lower metal prices.
NiMin Energy Corp. said it would sell its assets in the San Joaquin Basin to Southern San Joaquin Production LLC for about $27 million in cash.
Progressive Waste Solutions said its quarterly profit fell, hurt by lower recycled fiber prices. Net income fell to $22.1 million, or 19 cents per share, from $23 million, or 19 cents per share, a year ago.
On the economic front, Statistics Canada reported that real gross domestic product grew everywhere except the Northwest Territories. Alberta, Saskatchewan, Yukon and Nunavut had the fastest growth in the country owing to exploration, mining and related construction activities. Nationally, real GDP rose 2.6% in 2011 after increasing 3.4% in 2010.
ON BAYSTREET
The TSX Venture Exchange gained 16.59 points to 1,409.83, while the Nasdaq Canada index sagged 0.07 points to 415.65
The 14 Toronto subgroups were evenly split, with the seven gainers led by gold, up 0.8%, while materials improved 0.4%, and the metals and mining group advanced 0.3%.
The seven laggards were weighed mostly by information technology, off 0.7%, with the industrials and utilities groups each down 0.4%.
ON WALLSTREET
In New York, stocks opened slightly higher Friday as investors looked past a weaker-than-expected report on economic activity and ongoing worries about Spain.
The Dow Jones Industrials edged higher 8.86 points to begin the session at 13,213.48.
The S&P 500 faded 0.82 points to 1,399.16, while the tech-heavy Nasdaq gave back 1.98 points to 3,048.63.
Ford Motor reported a 45% plunge in quarterly profit because of losses in Europe and a slight dip in sales. But the automaker still managed to beat expectations, and the stock rose in early trading.
U.S. stocks ended with gains Thursday, as hopes for more Federal Reserve stimulus and positive housing data overtook worries about the job market and mixed corporate earnings.
Dow component Procter & Gamble reported quarterly earnings of 93 cents U.S. per share, which beat expectations by one cent. Sales rose by 2% to $20.2 billion U.S.
The drug giant Merck reported that its quarterly earnings jumped 8% to 99 cents U.S. per share, excluding certain charges. But the company fell short of forecasts by Thomson One Analytics projecting earnings of $1.03 U.S. per share.
Shares of Amazon and Expedia both reported earnings that beat expectations. Amazon stock surged on news that its expansion didn't cut into profits as deeply as anticipated.
After Thursday's closing bell, the S&P announced that it was downgrading Spain's credit rating from "A" to "BBB+," citing numerous drags on growth and an ailing banking sector that might require further government support.
On Friday, the Spanish government said unemployment rose to 24.4% in the first quarter.
Economically, the U.S. government said first-quarter gross domestic product -- the broadest measure of the nation's economic health -- rose at an annual rate of 2.2%.
The report was weaker than expected. Economists forecast that GDP grew at a 2.5% rate in the first quarter, down from 3% in the fourth quarter of 2011.
April's final reading of the University of Michigan Consumer Sentiment Index was due out mid-morning. Economists at Briefing.com predict the index will hit 76.1, slightly higher than the initial April reading and nearly the same as March.
The price on the benchmark 10-year U.S. Treasury increased, lowering the yield to 1.94% from Thursday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil for May delivery slid 15 cents to $104.40 U.S. a barrel.
Gold futures for June delivery rose $3.30 to $1,663.80 U.S. an ounce.
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