Stocks in Toronto were marginally higher soon after Friday’s opening bell, helped by reassuring comments from U.S. Federal Reserve policymakers and positive Japanese data, but shares of BlackBerry were expected to weigh heavily after it reported weak results.
The S&P/TSX Composite Index took on 34.31 points to start the week’s, month’s, quarter’s and half’s last session at 12,040.09
The Canadian dollar dipped 0.27 at 95.17 cents U.S.
BlackBerry posted an unexpected quarterly operating loss and offered few signs of a long-promised turnaround. BlackBerry stock tumbled $3.98, or 26%, to $11.14.
Canada's broadcast regulator approved BCE Inc's modified bid for Astral Media Inc on Thursday, allowing the telecom company to acquire more of the content it distributes to television, computer and mobile screens. BCE shares gained $1.14 to $43.10
Air Canada said it would terminate a tender offer to buy back certain bonds due to the recent volatility in debt and capital markets. It said in a statement late on Thursday that the market volatility had made refinancing terms unattractive. The carrier’s shares gave back seven cents to $2.38
Talisman Energy drilled a dry well near the Gyda field in the Norwegian section of the North Sea, the Norwegian Petroleum Directorate said on Friday, confirming an earlier statement from one of the license partners. Talisman shares inched up two cents to $12.01
On the economic slate, Statistics Canada reported this morning that real gross domestic product grew 0.1% in April, a fourth consecutive monthly increase. Service industries led the gain in April.
Moreover, its industrial product price index was unchanged in May from April, and the agency’s raw materials price index rose 0.2% in May, mostly as a result of higher prices for animals and animal products.
ON BAYSTREET
The TSX Venture Exchange gained 0.37 points to 860.61
In all, eight of the 14 Toronto subgroups were lower to begin the session, weighed by information technology, collapsing 7.4%, global base metals, down 0.8%, and their cousins in metals and mining off 0.7%.
The half-dozen gainers were led by telecoms, up 1.9%, gold, ahead 1.2%, and consumer discretionary stocks, gaining 0.8%.
ON WALLSTREET
All three major U.S. indexes are on track to end 2013's second quarter Friday with modest gains, despite a rough June and a poor start to Friday's session.
The Dow Jones Industrials retreated 108.34 points to start Friday at 14,915.80
The S&P 500 index gave back 9.44 points to 1,603.76. The tech-rich NASDAQ Composite was negative 9.97 points to 3,391.90
Embattled mobile company Blackberry reported first-quarter results Friday that fell short of analysts' forecasts. Shares tumbled more than 25%.
Nike shares edged lower in early trading. Despite better-than-expected earnings, analysts worry about Nike's ability to cut costs.
Shares of outsourcing and consulting firm Accenture were lower after it cut expectations for its year-end results.
Shares of Pfizer edged higher after the drug maker announced late Thursday that it would increase its share buyback program by $10 billion U.S.
Fed officials have been in damage control mode lately about the end of so-called quantitative easing.
But in trying to allay investor fears, Fed Governor Jeremy Stein might have inadvertently stoked them. In a speech Friday morning, he said that the Fed could consider tapering its bond buying in September.
Fed Chairman Ben Bernanke kicked off tumult in the stock, bond and gold markets last week. He said the central bank could wind down its stimulus program later this year, if the economy continues to improve.
Prices for the 10-year U.S. Treasury faded, hiking yields to 2.53% from Thursday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices dipped 18 cents to $96.87 U.S. a barrel.
Gold prices erased $20.90 to $1,190.70 U.S. an ounce.
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