Canada's main stock index opened lower on Friday, weighed down by weakness in base metals
The S&P/TSX Composite Index fell 43.29 points, to begin Friday at 11,768.09
The Canadian dollar slipped 0.08 cents to 99.84 cents U.S.
Stocks like Turquoise Hill Resources fell 2.1% to $7.44 at the beginning of trading, while Walter Energy dipped 2% to $28.87.
Metals and mining stocks got roughed up in the first hour, too, with Thompson Creek Mines off 1.7% to $2.86.
Astral Media Inc and its suitor, BCE Inc, are poised to announce a new takeover deal that seeks to overcome regulatory opposition with a plan to auction off a number of Astral's English broadcast assets, according to a report in the Globe and Mail. Astral shares were unchanged at $42.26, soon after the opening bell
Oil wizard Talisman has drilled a dry well 17 kilometers southeast of the Varg field in the North Sea. Talisman shares dipped eight cents to $10.93
On the economic list, Statistics Canada told us that foreign investment in Canadian securities advanced to $13.9 billion in September, mostly due to buys of government bonds and corporate equities. Canadian investment in foreign securities hit $6 billion, a six-month high, mostly due to the acquisition of U.S. equities.
ON BAYSTREET
The TSX Venture Exchange inched up 1.22 points to 1,223.92
All but four of the 14 Toronto subgroups were negative at the start of business on Friday. Global base metals faded 0.9%, metals and mining dropped 0.8% and consumer staples gained 0.5%.
The four gainers were led by health-care, up 0.8%, gold, 0.6% stronger, and materials, up 0.1%.
ON WALLSTREET
American stocks opened downward Friday, after spending most of the week in the red as investors continued to keep a wary eye on negotiations in Washington over the fiscal cliff.
The Dow Jones Industrials began Friday off 45.61 points to 12,496.80
The S&P 500 fell 3.49 points to 1,349.84, and the Nasdaq Composite Index dropped 14 points to 2,822.93
Dell shares fell after the company announced disappointing third quarter results late Thursday, falling short of forecasts on both revenue and earnings. Income fell 47% over the same period last year, on weak PC sales. Rival Hewlett-Packard is set to report its latest earnings next Tuesday.
Gap shares rose after the retailer reported strong third quarter earnings late Thursday.
A report in the Wall Street Journal provided a bit of optimism, but investors will continue to remain cautious ahead of a deal. The report said the Obama administration is considering a plan to replace massive spending cuts with a combination of smaller, targeted cuts and tax increases. By postponing the so-called sequester, lawmakers could put off a number of large deficit-reduction decisions until mid-2013.
Investors have been on edge since Election Day as they've been keeping tabs on the fiscal cliff debate closely. Since Obama's re-election last week, all three indexes have lost more than 5%. They're down more than 2% this week alone.
Economically speaking, a Federal Reserve report showed U.S. industrial production fell 0.4% in October. While the data fell short of economists' forecasts, it was likely impacted by Superstorm Sandy.
The price on the benchmark 10-year U.S. Treasury was unchanged, keeping yields at Thursday’s 1.59%.
Oil prices gained 78 cents to $86.23 U.S. a barrel.
Gold prices subtracted $1.30 an ounce to $1,712.60 U.S.
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