Markets in Toronto were virtually unchanged on Friday, as the U.S. Federal Reserve's commitment to maintain a highly accommodative monetary policy for some time continued to support markets.
The S&P/TSX Composite Index crept up 6.39 points to begin the week’s last session at 12,499.65
The Canadian dollar fell 0.3 cents to 96.18 cents U.S.
Japan's Mitsubishi Tanabe Pharma Corp. said that it will take a 60% stake in Medicago Inc. in a joint purchase with a Philip Morris International subsidiary. Medicago shares soared 20 cents, or 21.1%, to $1.15.
RBC raised the target price on Cogeco Cable to $54 from $51 as the company provided slightly better than expected third-quarter FY13 results. Cogeco shares hiked $2.69, or 6.2%, to $46.05.
Canaccord Genuity cut the price target on Corus Entertainment Inc to $21.50 from $22.50 following the company's below-expectation results in third quarter. Corus shares prospered 35 cents to $23.90.
Canaccord Genuity raised the price target on DragonWave Inc. to $2.60 from $1.90 on valuation. DragonWave shares gained five cents to $3.07.
ON BAYSTREET
The TSX Venture Exchange dipped 0.36 points to 893.55
The 14 Toronto subgroups were evenly divided between winners and losers, as industrials gained 0.9%, telecoms picked up 0.4%, and financials were 0.2% to the good.
The seven laggards were weighed mostly by gold, down 1.3%, global base metals, sliding 1.2%, and metals and mining, off 1.1%.
ON WALLSTREET
U.S. stocks edged higher at the opening bell Friday, a day after the market scaled new peaks.
The Dow Jones Industrials added 16.28 points above Thursday’s all-time record to 15,477.20.
The S&P 500 index demurred 0.51 points to 1,674.51. The NASDAQ Composite increased 3.92 points to 3,582.22
Wall Street banks were in focus Friday morning. JPMorgan Chase reported quarterly earnings that beat expectations, while revenue just barely beat forecasts. Wells Fargo reported earnings that beat expectations, while revenue was roughly in line with forecasts.
However, UPS lowered its outlook for profit growth this year. The parcel delivery company, considered an economic bellwether, said it expects to report earnings of $1.13 U.S. a share when it officially reports results later this month.
Multinational technology consulting firm Infosys reported results ahead of the open, with decent revenue gains but weak earnings growth year-over-year.
In economic news, the U.S. Bureau of Labor Statistics released its monthly report on the producer price index, showing an increase of 0.8% in June. That's nearly triple the expected increase of 0.3%. The gains were largely driven by a spike in gasoline prices.
The University of Michigan released a survey, which revealed that consumer sentiment eased in July to 83.9 from 81.4 the previous month. Thomson Reuters was also due out with a similar survey this morning.
Prices for the 10-year U.S. Treasury gained, dropping yields to 2.52% from Thursday’s 2.57%. Treasury prices and yields move in opposite directions.
Oil prices added 40 cents to $105.31 U.S. a barrel.
Gold prices chucked a dollar to $1,278.90 U.S. an ounce.
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