The Toronto stock market headed for a flat open Friday, with investors inclined to do little going into the weekend amid questions about whether the U.S. economic recovery has weakened to a point where the Federal Reserve will launch another round of stimulus measures.
The S&P/TSX Composite index dipped 56.48 points to finish Thursday at 12,062.51
The Canadian dollar eked up 0.09 cents Friday morning to 100.69 cents U.S.
The Saputo family's Jolina Capital is selling about half of its stake in Montreal-based TransForce Inc. for $148.4 million, leaving Jolina with 8.4% of the parcel delivery company's common stock. Jolina, which has been the largest shareholder in TransForce, is a holding company controlled by Emanuele (Lino) Saputo, founder of the Montreal-based cheese, dairy and bakery company that bears the family name.
Resolute Forest Products Inc. will restart its paper mill in Dolbeau-Mistassini, Que. The company, formerly known as AbitibiBowater, says the decision to resume operations at the mill follows approval of electricity sales from Resolute's Mistassini cogeneration plant to Hydro-Quebec, the government-owned provincial power grid.
ON BAYSTREET
The TSX Venture Exchange eked up 2.42 points to 1,248.08. The Nasdaq Canada gained 3.05 points to 351.15.
ON WALLSTREET
U.S. stocks were poised for a weak open Friday, as investors remain uncertain over whether the Federal Reserve will take steps to stimulate the economy amid rising concerns about global growth.
Futures for the Dow Jones Industrials lost 14 points, or 0.1%, to 13,025, about 30 minutes before the opening bell.
Futures for the S&P 500 dipped 1.7 points, or 0.1% to 1,398.30, and for the Nasdaq, futures gave back five points, or 0.2%, to 2,756.
Europe was also in focus as Greek Prime Minister Antonis Samaras wrapped up a meeting with German Chancellor Angela Merkel in Berlin.
Merkel reiterated her support for Greece to stay in the euro-zone, but said that the debt-strapped country needs to meet its reform targets, and that she will wait for the report by the European Union, International Monetary Fund and European Central Bank, known as the troika, which is due next month. Samaras will meet with French President Francois Hollande Saturday.
In the United States, trading volume is likely to remain light, which is typical in August. Little is expected to shake markets until the Federal Reserve's annual symposium next week in Jackson Hole, Wyo.
Economically speaking, U.S. durable goods order rose 4.2% in July, more than the 2.5% increases analysts were expecting.
But excluding transportation good, orders unexpectedly fell 0.4% last month, according to the Census Bureau.
European stocks were lower in afternoon trading Friday. Britain's FTSE 100 slipped 0.4%, the DAX in Germany declined 0.5%, and France's CAC 40 shed 0.5%.
Asian markets ended in the red. The Shanghai Composite lost 1%, the Hang Seng in Hong Kong dropped 1.3%, and Japan's Nikkei fell 1.2%.
Oil for October delivery fell 34 cents to $95.92 U.S. a barrel.
Gold futures for December delivery dropped $2.90 to $1,669.90 U.S. an ounce.
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