The Toronto stock market fell Friday, pulled down by Canadian jobs data that slightly missed expectations and a continuing retreat in commodity prices.
The S&P/TSX composite index dipped 22.43 points to greet noon at 12,521.47
The Canadian dollar dipped 0.53 cents to 98.81 cents U.S.
In corporate news, shares in automobile parts manufacturing giant Magna International shot up nearly 4% after it reported an increase in first-quarter net earnings and revenue despite a meagre increase in vehicle production in North America and a downturn in Europe.
Ontario-based Magna said net profits attributable to shareholders rose to $369 million U.S. or $1.57 per diluted share, up from $343 million U.S. or $1.46 per share. Revenue improved to $8.36 billion U.S., up from $7.67 billion U.S. Its stock was up $2.47 at $65.68.
The operator of Canada’s major stock exchanges, TMX Group Limited reported a first-quarter net profit of $37.8 million or 70 cents per share as it brought in revenues of $172.2 million in the three months ended March 31.
In the same 2012 period, the TMX lost $4.4 million, but the results were not comparable because of a change in ownership late last year and other changes. Traders reacted by driving down its shares by 2.8%, or $1.49, to $51.45.
On the economic slate, Statistics Canada reported that the unemployment rate was unchanged for April at 7.2%, as the economy added 12,500 new jobs.
The small pickup last month helped take the sting out of March’s massive 54,500 contraction but not enough to put job creation on the positive side of the ledger for 2013 as a whole. Analysts had expected an addition of 15,000 jobs.
The report was better in the details, as there were 36,000 full-time workers added in April, although most of those were in the public sector. The month saw a loss of 23,600 part-time jobs.
ON BAYSTREET
The TSX Venture Exchange eased 11.64 points to 958.09.
Nine of the 14 Toronto subgroups were in the red to pause for lunch Friday, weighed mostly by gold, sliding 2.3%, materials, down 1.6%, and the metals and mining group, off 0.7%.
The four gainers were led by consumer discretionaries, up 0.7%, information technology, gaining 0.6%, and industrials, 0.3% better.
The telecom sector was flat at noon hour.
ON WALLSTREET
Investors were watching the foreign exchange market Friday as the U.S. dollar remains on a tear versus the Japanese yen and other currencies.
The Dow Jones Industrials subsided 26.72 points to 15,055.90
The S&P 500 index dropped 2.83 points to 1,623.84, while the NASDAQ Composite gained 10.04 points to 3,419.22
U.S. Federal Reserve Chairman Ben Bernanke said after a speech in Chicago that the central bank is keeping an eye out for bubbles in the financial system, but he did not address the central bank's controversial asset purchasing program.
Tesla stock is electric. Tesla shares continued to rally after the electric car maker reported a quarterly profit for the first time earlier this week. The company also won plaudits from Consumer Reports, which dubbed the Tesla Model S the best car it has ever tested.
Tesla, which is a big target of short sellers, is likely benefiting from a massive squeeze as investors who bet against the stock rush to buy it back before it goes even higher.
A bidding war is brewing over Dell. Activist investor Carl Icahn and Southeastern Asset Management sent an alternative buyout offer to the PC maker. Icahn also disclosed a 4.52% stake in Dell. The move is a challenge to the offer Michael Dell announced in January.
Priceline shares rose even though the online travel booker issued a worse-than-expected forecast for second-quarter earnings. Results for the first quarter did top estimates.
Gap shares rose nearly 5% after the apparel retailer issued strong quarterly guidance.
Japan's Nikkei 225 surged 3% to a five-year high as the yen continued to weaken versus the U.S. dollar. One day after the dollar hit ¥100 for the first time in four years, it rose to ¥101 early Friday.
The yen is down 15% against the greenback so far this year as the Bank of Japan is on a mission to beat deflation by pumping money into the economy. But traders said the latest move has more to do with a strong dollar than a weak yen.
The dollar has been boosted recently by signs of strength in the U.S. job market and interest rate cuts from a parade of central banks.
Prices on the 10-year U.S. Treasury plummeted, lifting yields to 1.91% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions
Oil prices fell $2.44 to $93.95 U.S. a barrel.
Gold prices slumped $46.70 at $1,421.90 U.S. an ounce
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