Toronto’s main stock index remained in positive territory Friday noon as jumps in gold and energy prices more than offset a slide in information technology.
The S&P/TSX composite index added 28.18 points to approach noon Friday at 12,437.43
The Canadian dollar took on 0.12 cents to 102.49 cents U.S.
Gold stocks like Barrick gained 0.4%, while Allied Nevada Gold leaped 0.9%. Energy stocks like Talisman gained 0.7%, while Precision Drilling ballooned 1.6%
Research in Motion Ltd. sustained another setback Friday, with service problems in Europe, the Middle East and Africa. For several hours before service was restored, customers there couldn't send or receive emails. The company didn't provide a reason for the outage.
Cnooc Ltd.'s planned $15.1-billion takeover of Nexen Inc. received Alberta court approval just hours after Nexen shareholders overwhelmingly approved the deal Thursday. A number of regulatory approvals remain.
MacDonald Dettwiler & Associates Ltd. said the U.S. Committee on Foreign Investment has cleared its purchase of Loral Space & Communications Inc.'s satellite manufacturing unit after determining there are no unresolved national security concerns. Earlier this month, the U.S. Department of Justice requested additional information for its review of the deal.
Air Canada is beefing up hiring over the next 12 months as it prepares for the launch of a low-cost carrier next year. It also announced an interline agreement with Aer Lingus, marking the first step to a full code-sharing deal to provide year-round service to Ireland.
Gluskin Sheff + Associates Inc. declared a special dividend of six cents a share and said it will raise its quarterly dividend effective with the fiscal 2013 first-quarter dividend. It also said fourth-quarter earnings fell to eight cents a share from 75 cents.
On the economic slate, Statistics Canada told us that inflation gained less than many experts projected last month. The Consumer Price Index rose 1.2% in the 12 months to August, following a 1.3% increase in July.
The agency also said that, on a seasonally adjusted monthly basis, the Consumer Price Index increased 0.4% in August after decreasing 0.1% in July.
What’s more, wholesale sales fell 0.6% to $49.5 billion in July, following a 0.3% decline in June. Among the seven sub-sectors, five sub-sectors, representing 85% of total sales, reported declines.
ON BAYSTREET
The TSX Venture Exchange gained 9.20 points to 1,344.09, off its highs of the morning.
Nine of the 14 Toronto subgroups were higher at lunch time. Gold gained 0.8%, while energy and materials shares zoomed 0.7% each.
The five laggards were cautioned by a 0.9% loss by information technology stocks, while real-estate fell 0.4% and industrials dipped 0.3%.
ON WALLSTREET
U.S. stocks advanced Friday, with the Nasdaq hitting a 12-year high, as investors kept tabs on the global economy and the iPhone 5 launch.
The Dow Jones Industrial average gained 27.72 points by midday to 13,624.70
The S&P 500 index added 3.81 points, to 1,464.07, and the Nasdaq Composite Index jumped 12.46 points to 3,188.42
The market remains on pace for a third straight up week, but the gains are modest as a string of reports signal slowing growth have kept investors on edge. The Dow and Nasdaq are up about 0.3% for the week, while the S&P 500 is up less than 0.1%.
All three major indexes are at multi-year highs. The Nasdaq is at its highest level since November 2000, and the Dow is at a five-year high. The S&P 500 is just shy of its highest level since December 2007.
Apple's iPhone 5 went on sale around the world Friday and is almost sure to be the company's best seller yet. Apple shares rose to an all-time high of $704.50 U.S.
KB Home shares rose after the home builder reported quarterly earnings of four cents U.S. per share that were contrary to anticipated losses.
Shares of Darden Restaurants which operates chains including Red Lobster and Olive Garden, gained ground after it reported earnings of 85 cents U.S. per share, near expectations.
Shares of business software maker Oracle rose a day after the company reported quarterly earnings in line with expectations.
McDonald's shares were also slightly higher Friday, a day after the fast-food restaurateur promised to raise its dividend 10% for the fourth quarter.
It's been a sluggish week as investors worry about a global growth slowdown. Trading activity has been largely muted as a string of reports signal slowing growth in all parts of the world.
Early Friday, World Trade Organization economists scaled back their forecasts for world trade expansion, though recent moves by central banks around the world to take action were cheered.
In the United States, Friday also marks "quadruple witching," when four types of contracts expire -- market index futures, market index options, stock options and stock futures. While many traders settle out those contracts in the days leading up the expiration, there is still some volatility on the actual day.
The price on the benchmark 10-year U.S. Treasury was unchanged, keeping yields at Thursday’s 1.78%.
Oil prices gained 64 cents a barrel to $93.06 U.S.
Gold futures for December delivery rose $15.60 to $1,785.80 U.S. an ounce.
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