Nervousness about possible intervention in the Syrian civil war depressed North American stock markets Friday amid mixed employment news from Canada and the U.S.
The S&P/TSX composite index greeted noon down 30.56 points to 12,814.50
The Canadian dollar strengthened more than a full cent to 96.21 cents U.S.
Tech stocks led declines with BlackBerry down 30 cents to $11.30 after three days of strong gains, partly fueled by reports that the smartphone maker wants to launch an auction process for its assets sooner rather than later.
Industrials were also weak with Canadian Pacific Railway down $2.38 to $125.23.
Commodity prices were higher and December copper rose two cents to $3.26 U.S. a pound. The base metals group rose and Teck Resources advanced 49 cents to $28.12.
The gold sector rose as Goldcorp Inc. improved by 39 cents to $30.87.
The energy sector was little changed, as Imperial Oil fell 67 cents to $44.78.
On the corporate front, Com Dev International Ltd., a supplier of subsystems and other components to major satellite contractors, says net income attributable to shareholders in the latest quarter was $5.1 million or seven cents per share.
That was up from $4 million or five cents per share in the same year-earlier period even as revenue slipped to $54.2 million from $54.5 million and its shares dipped five cents to $4.20.
Calfrac Well Services Ltd. gained 49 cents to $35.16 as it said that it is spending $147 million U.S. to buy Mission Well Services LLC, a privately held hydraulic fracturing and coiled tubing services provider focused in Texas.
On the economic calendar, Statistics Canada reported that the economy added 59,000 jobs during August, mainly part-time, pushing the unemployment rate down a 10th of a percentage point to 7.1%.
Over the six months leading up to August, however, employment gains averaged 12,000 per month, lower than the average of 29,000 observed during the preceding six-month period.
Moreover, Western University’s Ivey Purchasing Managers Index (PMI) in August stood at 51.0. The corresponding Ivey PMI figure for July 2013 was 48.4, for August 2012 was 62.5 and for August 2011 was 56.4.
The survey aims to answer whether manufacturers purchases last month in dollars were higher, the same, or lower than the previous month. A figure above 50 shows an increase while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange inched higher 2.90 points to 950.68
All but four of the 14 Toronto subgroups approached noon hour on downward trends. Information technology stocks faded 1.4%, health-care stocks, down 1.1%, and telecoms, off 0.8%.
The four gainers were led by metals and mining, up 1.3%, while materials gathered 0.6%, and gold moved 0.5% higher.
ON WALLSTREET
After initially pushing stocks higher on the prospect that the U.S. Federal Reserve might delay its plans to taper in September, investors quickly shifted their attention to the G-20 meeting in St. Petersburg. Russian President Vladimir Putin spooked the markets with comments about his support for Syria.
The Dow Jones Industrials recovered 37.35 points to 14,974.80, after losing more than 100 points soon after the opening bell.
The S&P 500 index gained 5.97 points to 1,681.05. The NASDAQ regained 8.80 points to 3,667.59
The indices had all tumbled after Putin told reporters that Russia would continue arms sales and provide aid to Syria if the nation were attacked. But by late morning, all three indexes trimmed those losses and moved upward.
Smith & Wesson shares tumbled after the gun maker reported a disappointing outlook for the current quarter.
Facebook shares edged higher. The social network's stock hit a new 52-week high of $44.37 and is inching closer to its all-time high of $45 U.S.
Smithfield Foods shares edged lower after the meat processor posted a drop in earnings due to weak exports to Japan, China and Russia. The company announced an agreement earlier this year to be acquired by China's Shuanghui International, a deal now awaiting approval from the U.S. government.
Economically, the U.S. economy added 169,000 jobs last month, fewer than the 185,000 economists surveyed were forecasting. The unemployment rate ticked lower to 7.3%, as expected, but the drop was due to a falling labour force participation rate. Job gains for both June and July were also revised lower.
Prices for the 10-year U.S. Treasury spiked, lowering yields to 2.91% from Thursday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices acquired $1.72 to $110.09 U.S. a barrel.
Gold prices were $14.40 better, at $1,387.40 U.S. an ounce.
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