Markets in Toronto enjoyed a slight, if surprising, gain at the open on Friday, as upbeat U.K. and German economic data supported the global economic growth outlook.
The S&P/TSX composite index gained 44.64 points to begin Friday at 12,718.99
The Canadian dollar continued its fall, dropping 0.29 cents to 94.79 cents U.S.
National Bank Financial raised the target price on Dorel Industries Inc to $35 from $33 after the company acquired a 70% interest in Caloi, a Brazilian manufacturer of bicycles and bicycle equipment. National says it is a great growth opportunity. Dorel shares traveled 36 cents higher to $35.45.
Nomura cut the rating on First Quantum Minerals Ltd. to neutral from buy, saying the company is a long-term growth standout, but rich valuation and high gearing and risk drives the downgrade. First Quantum shares eased 14 cents to $18.44.
Paradigm Capital cut the target price on IC Potash Corp to $1.50 from $2.25, to reflect higher discount rate and capex due to the challenging financing environment. IC Potash shares were flat at 30 cents.
Broad-based domestic demand drove the strongest German quarterly expansion in more than a year between April and June, fuelling optimism Europe's largest economy will outperform in 2013 and support the faltering euro-zone recovery.
In Canadian economic news, Statistics Canada reported that the consumer price index rose 1.3% in the 12 months leading to July following a 1.2% increase in June. On a seasonally adjusted monthly basis, the Consumer Price Index rose 0.2% in July, matching the increases in May and June.
ON BAYSTREET
The TSX Venture Exchange inched up 0.14 points to 935.18
All but one of the 14 Toronto subgroups were higher, led by information technology stocks, up 1%, gold, up 0.7%, and materials, progressing 0.6%.
The only loser was in real-estate, off 0.1%.
ON WALLSTREET
Microsoft's stock is soaring following news that CEO Steve Ballmer will retire within the next 12 months. The tidings distracted investors from the three-hour glitch that made trading on the NASDAQ screech to a halt Thursday.
The Dow Jones Industrials dipped 10.17 points, however, to 14,953.60, soon after the opening bell.
The S&P 500 index notched higher but 1.41 points to 1,658.37. The NASDAQ hiked 11.87 points to 3,650.57
Microsoft's shares quickly jumped 7% following the Ballmer news.
Microsoft is one of the 30 stocks in the Dow and one of the largest companies listed on the NASDAQ. So its big move was helping to lift the broader market.
NASDAQ company shares moved slightly higher, after dropping more than 3% following Thursday's trading glitch.
Aeropostale shares plummeted after the teen retailer posted weak results. Its poor outlook follows similarly bleak forecasts from rivals American Eagle Outfitters and Abercrombie & Fitch
Pandora reported strong earnings, but the stock fell after the online radio company issued softer-than-expected guidance.
U.S. stocks closed higher Thursday even after NASDAQ's trading snafu. Late Thursday, U.S. Securities and Exchange Commission Chair Mary Jo White said the trading halt "should reinforce our collective commitment to addressing technological vulnerabilities of exchanges and other market participants."
The SEC plans to speed up its efforts for new rules to strengthen markets. White said she intends to hold a meeting soon with leaders of the major exchanges and other market participants.
Prices for the 10-year U.S. Treasury were unchanged, keeping yields at Thursday’s 2.90%.
Oil prices were down 36 cents to $104.67 U.S. a barrel.
Gold prices gained $1.20 to $1,372 U.S. an ounce.
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