The Toronto stock market was higher Friday amid rising commodities, hopes for a strong U.S. holiday retail season and positive economic news from Europe's biggest economy.
The S&P/TSX Composite Index gained 47.75 points to 12,200.85
The Canadian dollar faded 0.06 cents to 100.29 cents U.S.
Shares in Research In Motion were down 57 cents or 4.75% to $11.43. RIM stock spiked 17% Thursday after National Bank Financial analyst Kris Thompson increased his price target for the BlackBerry maker to $15 from $12 U.S. On the Nasdaq, which was closed Thursday for Thanksgiving, the shares surged 11.7% to $11.46 U.S.
The mining sector was the lead gainer, up one per cent as December copper on the Nymex added two cents to $3.51 U.S. a pound. Turquoise Hill Resources gained nine cents to $7.21 while First Quantum Minerals climbed 44 cents to $22.36.
The energy sector was off and Canadian Natural Resources was ahead 43 cents to $28.06 while Talisman Energy advanced 26 cents to $11.51.
The gold sector was up while Centerra Gold improved by 37 cents to $10.07 while Goldcorp Inc. rose 41 cents to $41.18.
Financials also lifted the TSX with Bank of Montreal up 67 cents to $59.2
On the economic front, Statistics Canada reported this morning that inflation was in the news Friday morning. Consumer prices rose 1.2% in the 12 months to October, matching the increases in August and September.
The nation’s number crunchers also told us that energy prices rose at a slower year-over-year rate in October compared with September, while air transportation, food purchased from stores and property taxes posted larger price gains.
ON BAYSTREET
The TSX Venture Exchange gained 2.51 points to 1,250.87
All but two of the 14 Toronto subgroups were positive mid-morning. Gold stocks surged 0.9%, global base metals and their cousins in the metals and mining sector each rocketed 0.7%.
The information technology sector faded 1%, while utilities sank 0.3%.
ON WALLSTREET
U.S. stocks moved higher Friday, as investors watched the nation's shopping malls for signs of consumer strength during the holiday shopping season.
The Dow Jones Industrials grew 112.94 points to 12,949.80
The S&P 500 moved 11.32 points higher to 1,402.35, and the Nasdaq Composite Index picked up 30.31 points to 2,956.86.
Many Americans have already raced to shopping malls to get holiday bargains for Black Friday, the traditional kickoff to the holiday shopping season. Leading retailers Wal-Mart and Target opened at 8 p.m. on Thanksgiving night, and large crowds were reported at those stores and others.
Toys "R" US CEO Jerry Storch said the long lines at stores were probably a sign that "people do feel a little more relaxed about the economy." Macy's CEO Terry Lundgren, also speaking on CNN, said he enjoyed watching the "stream of humanity" flow into his stores.
Shares of Macy's, Wal-Mart and Target were higher Friday, as were the stocks of other prominent retailers such as J.C. Penney.Sears and Best Buy
Shares of BlackBerry maker Research in Motion moved up 11% following a report by Canadian brokerage firm National Bank Financial that anticipates sales of the BlackBerry 10 smartphone, due to roll out early next year, will be better than expected.
Treasury prices stayed put, keeping yields at 1.68%.
Oil prices hiked $1.07 to $88.45 U.S. a barrel.
Gold prices jumped $19.60 an ounce to $1,747.60 U.S.
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