The Toronto stock market was lower with investors opting for safety ahead of weekend developments that could set the tone for trading next week.
The S&P/TSX Composite Index slid 82.11 points to begin the day’s trading at 11,510.01
The Canadian dollar dipped 0.44 of a cent to 96.85 cents U.S.
Among Canadian stocks to watch this morning, Sprott Power Corp. raised its annual dividend by 32.5%.
Engineering firm Genivar Inc. received a green light to acquire the entire issued and to be issued ordinary share capital of the British consulting firm WSP Group Plc. Genivar on Thursday offered to acquire WSP in a cash deal valued at approximately $442 million.
On the economic ledger, Statistics Canada reported the economy cranked out about 7,700 jobs during May, better than the 5,000 that economists expected. The unemployment rate remained at 7.3%.
Elsewhere, Canada's merchandise exports declined 1.2% in April, while imports edged up 0.1%. Thus this country posted a trade deficit of $367 million in April – its first in six months -- down from a surplus of $152 million in March.
What’s more, Canada Mortgage and Housing Corporation reported this morning that housing starts slowed in May to 211,400 units, compared with 243,800 units in April. The April figure was revised down from 244,900 units reported previously.
ON BAYSTREET
The TSX Venture Exchange gave back 10.79 points to 1,285.29. The Nasdaq Canada index went lower 2.39 points to 367.02
All but two of the 14 Toronto subgroups were negative to begin Friday, weighed mostly by the metals and mining group, off 2.1%, global base metals, down 1.9%, and energy, 1.4% less robust.
The two gainers were gold, and only 0.1%, and real-estate, inching up 0.02%.
ON WALLSTREET
U.S. stocks struggled at the open Friday on investor disappointment that Federal Reserve Chairman Ben Bernanke did not signal that more stimuli was on the horizon.
The Dow Jones Industrials began the day off 26.83 points to 12,434.13
The S&P 500 was 3.42 points lower to 1,311.57. The tech-rich Nasdaq Composite Index was down 3.05 points to 2,827.97
Heading into Friday trading, the Dow Jones industrial average was up 2.9%, on track for the best week of the year. The S&P 500 index was up 2.8%, also on track for the best week of the year. The Nasdaq composite was 3% higher, on track for the best week since January.
Shares of International Game Technology were flat on Friday. The gaming firm announced late Thursday that it had received a recommendation for an online gaming license from the Nevada Gaming Control Board.
Shares of Molina Healthcare jumped 24% on Friday after the company announced late Thursday that Ohio had endorsed its bid to continue as a health care provider for the state's Medicaid beneficiaries.
Overseas markets were selling off in reaction to testimony from Bernanke to a congressional panel Thursday. He said the U.S. central bank stands ready to act, but gave no indication that additional asset purchases are imminent.
Economically speaking, the U.S. trade deficit for April came in at $50.1 billion U.S, roughly in line with forecasts of analysts by Briefing.com, and down from the revised $52.6 billion U.S. in March.
Wholesale inventories for April are expected to have increased by 0.5%, after increasing by 0.3% in the month prior.
The price on the benchmark 10-year U.S. Treasury rallied sharply, lowering yields to 1.58% from Thursday’s 1.65%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil shed another $1.87 to $82.94 U.S.
Gold futures for June delivery plunged $10.80 to $1,755.20 U.S. an ounce.
Related Stories
