The Toronto stock market was slightly higher as worse than expected results from Apple Inc. were tempered amid data showing U.S. economic growth in the third quarter was stronger than expected.
The S&P/TSX composite approached noon Friday up 20.93 points to 12,321.16
The Canadian dollar eased back 0.37 cents to 100.15 cents U.S.
The base metals sector gained as metal prices improved with December copper reversing early losses to gain one cent to $3.56 U.S. a pound. Copper, viewed as an economic barometer, has tumbled almost 20 cents in the past week on worries about a slowing global economy. Taseko Mines rose four cents to $2.76.
The energy sector rose while Cenovus Energy climbed 50 cents to $34.90.
Among gold plays, Eldorado Gold Corp. said its profits attributable to shareholders fell by 26% to $75.8 million U.S. in the third quarter on lower volumes and prices of gold sold.
The Vancouver-based gold miner is maintaining its guidance to sell 660,000 ounces of gold at cash operating costs of about $465 U.S. per ounce this year and its shares edged up six cents to $14.10.
The financial sector was also positive with National Bank ahead 30 cents to $76.75.
On Thursday after the close, financial services company Fairfax Financial Holdings Ltd. reported that its third-quarter profits plummeted more than 96% to $34.6 million or 90 cents a share as it faced losses on its equity hedges. Its shares were $4.04 lower to $365.73.
Elsewhere on the earnings front, power generator TransAlta Corp. said Friday that net income attributable to common shareholders in the third quarter was $56 million or 24 cents per diluted share. That compared with $50 million or 22 cents per share in the same 2011 period.
Revenue fell to $538 million from $629 million and its shares gained 17 cents to $15.39 as it also announced it has formed a new strategic partnership with an American company for building power plants in Canada.
ON BAYSTREET
The TSX Venture Exchange subsided 5.62 points to 1,302.35
The 14 Toronto subgroups were evenly split between gainers and losers. Telecoms raced ahead 0.7%, consumer staples gained 0.5% and utilities picked up 0.4%.
The seven laggards were weighed by global base metals, off 0.6%, information technology and metals and mining stocks were each down 0.5%.
ON WALLSTREET
U.S. stocks turned lower Friday after a reading on consumer sentiment fell short of expectations.
The Dow Jones Industrial Average slid 44.18 points to break for lunch at 13,059.50
The S&P 500 index slipped 5.88 points to 1,407.09, while the Nasdaq fell back 17.75 points to 2,968.37
Banks were among the biggest decliners, with Bank of America and JPMorgan Chase dragging on the Dow.
Apple, one of the most widely held stocks in the S&P 500, reported quarterly results that missed expectations, as iPad sales came in lower than forecasts. But the company's forecast for next quarter was a blockbuster, as Apple said it expects sales of around $52 billion, up 12% from last year's holiday quarter.
Additionally, Amazon reported a narrower-than-expected loss but missed on sales.
Merck reported third-quarter earnings that beat analysts' expectations, but a decline in sales worldwide sent shares lower.
Comcast said earnings jumped 136% in the third quarter from the same period last year, helped by coverage of the 2012 Olympic Games. Shares of Comcast rose more than 2%.
Shares of Expedia rallied after the travel website reported strong quarterly earnings late Thursday.
Deckers Outdoor tumbled after the maker of Ugg boots and Teva sandals slashed its outlook for the remainder of the year.
On the economic beat, U.S. Gross Domestic Product, the broadest measure of economic activity, rose at a 2% annual rate in the third quarter, according to government data. The figure was higher than the 1.7% rate economists had forecast and came after GDP grew
While the University of Michigan's index measuring consumer sentiment improved in October to 82.6 from the prior month, it was revised down from a preliminary reading of 83.1, disappointing analysts who were expecting the index to remain unchanged.
The price of the benchmark 10-year U.S. Treasury jumped, lowering the yield to 1.76% from Thursday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices were dropped nine cents to $85.96 U.S. a barrel.
Gold prices gained $1.40 per ounce to $1,716.50 U.S.
Related Stories
