North American stock markets were flat late morning Friday amid a mixed bag of economic data while traders also waited for further word on how U.S. budget negotiations are progressing.
The S&P/TSX Composite Index had faded 22.13 points to approach noon Friday at 12,180.72
The Canadian dollar stepped back 0.01 cents to 100.72 cents U.S.
The TSX mining sector moved up while March copper gained one cent to $3.60 U.S. a pound. Inmet Mining climbed $1.82 to $67.32.
Industrials provided lift as Bombardier Inc.ran up seven cents to $3.47.
Canadian Natural Resources climbed 17 cents to $28.71.
Cenovus Energy shares were up seven cents to $33.14 while Environment Minister Peter Kent refused to approve an Alberta gas project planned by the Calgary-based company. The proposal involves a project in the CFB Suffield national wildlife area. Kent says the gas project would put wildlife at risk and he had to turn it down.
The telecom sector rose with Rogers Communications ahead 25 cents to $43.90.
Telus Corp. shares rose 34 cents to $64.91 as it said the non-Canadian ownership of its common shares is down, leading it to suggest that Mason Capital may have reduced its stake in the company. Telus has been embroiled in a fight with the U.S. hedge fund over a plan to convert the telecommunication company’s non-voting shares into voting shares.
Among gold plays, Kinross Gold Corp. faded 13 cents to $10.06.
On the economic slate, figures released by Statistics Canada showed that the economy continued moving, however slowly. Real gross domestic product rose 0.1% in the third quarter, slowing from the 0.4% growth in the second quarter. The slower pace of growth was the result of declines in exports and business investment. Final domestic demand grew 0.4%.
ON BAYSTREET
The TSX Venture Exchange added 0.57 points to 1,218.95
In all, eight of the 14 Toronto subgroups were higher by noon. Metals and mining gained 0.4%, while real-estate topped 0.3% and telecoms went up 0.2%.
The half-dozen laggards were weighed by gold, off 1.1%, while materials slid 0.7% and energy stocks were 0.3% less energetic.
ON WALLSTREET
U.S. stocks drifted lower Friday as investors remain sidelined by political gridlock in Washington.
The Dow Jones Industrials broke for lunch Friday down 11.15 points to 13,010.70
The S&P 500 moved 2.43 points lower to 1,413.52 and the Nasdaq Composite Index slid 6.46 points to 3,005.57
Investors have been grappling with uncertainty as lawmakers and President Obama engage in brinksmanship over year-end tax hikes and spending cuts. The so-called fiscal cliff could harm the economy at a time when the outlook for growth is already in question.
A few stocks were making big moves Friday. Shares of St. Jude Medical rallied after the hospital's board authorized a $1-billion U.S. stock buyback. Yum! Brands sank after the firm softened its expectations for China, predicting same-store sales in that key market would decline 4% in the fourth quarter.
Zynga shares also extended their decline Friday, after tumbling 13% after-hours Thursday on news that the terms of its deal with Facebook had substantially changed.
Verisign, the company that makes money off the .com registration, sold off sharply after it said it reached a new agreement with the Commerce Department that bars future price increases.
Economic data released Friday showed personal income remained unchanged in October, while spending declined by 0.2% in the month.
A survey of purchasing managers in the Chicago area improved slightly in November, after two consecutive months of decline. The Chicago PMI inched up to 50.4, moving back above the level indicating growth.
Treasury prices were down from the morning, raising yields back to Thursday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices gained 42 cents to $88.49 U.S. a barrel.
Gold prices faded $11.20 an ounce to $1,716 U.S.
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