The Toronto stock market was slightly higher Friday as investors took in encouraging manufacturing data from China and the United States.
The S&P/TSX composite index gained 6.70 points to greet noon at 13,367.96, but pressured by continued weakness in the gold sector as prices hit a two-week low and Barrick Gold announced a huge stock offering.
The Canadian dollar slipped 0.03 cents to 95.79 cents U.S.
The gold sector fell as Goldcorp Inc. fell $1.29 to $25.27.
Barrick Gold fell $1.43 or seven per cent to $18.85 after it unveiled plans to raise roughly $3 billion to repay debt by issuing 163.5 million shares at $18.35 per share. Barrick also announced Thursday that it was suspending work on its troubled Pascua-Lama project as it moved to rein in costs at the mine under construction high in the Andes mountains.
Base metal stocks were also weak, down one per cent. December copper had received an earlier boost from the Chinese data but later was unchanged at $3.30 U.S. a pound.
The sector was weighed down in particular by Taseko Mines Its stock fell 22 cents, or 8.6%, to $2.34 after a new environmental study into its billion-dollar New Prosperity mine proposal in British Columbia said it would pose "several significant adverse environmental effects."
The energy sector was lower as Suncor Energy fell 41 cents to $37.48.
Industrial stocks were positive with Canadian National Railway shares up $2.25 to $116.80 after earlier hitting a 52-week high of $116.98. CN announced that it has reached tentative agreements with the Teamsters Canada Rail Conference, which represents 3,000 workers.
In other corporate developments, SNC-Lavalin shares were ahead 33 cents to $44.14 as the engineering giant swung to a $72.7-million loss in the third-quarter.
SNC has warned that its net income for the full year would drop dramatically due to money-losing legacy contracts, weak mining markets and a European restructuring charge.
On the economic beat, the October RBC Canadian Manufacturing Purchasing Managers Index increased sharply rising to 55.6 from 54.2 in September.
Any reading for the PMI above 50 indicates improving business conditions in the manufacturing sector.
ON BAYSTREET
The TSX Venture Exchange fell 3.07 points to 956.22
ON WALLSTREET
Stocks were mixed Friday afternoon, but investors are cautiously optimistic that this year's rally still has legs.
The Dow Jones Industrials paused for lunch up 26.10 points, to 15,571.80
The S&P 500 index slid 0.36 points to 1,756.18. The NASDAQ settled 6.45 points to 3,913.26
Stocks are coming off a strong month. The S&P 500 gained 5% in October. Despite modest losses on Thursday, the Dow and S&P 500 are both hovering near record highs.
If history is any guide, the good times should keep on rolling. The S&P 500 has gained in November more than 60% of the time over the past 30 years, according to Schaeffer's Investment Research.
Chevron shares tumbled after the energy company's quarterly results missed expectations. AIG shares sank after the company's sales growth disappointed investors.
Ford was lower after the company reported that auto sales in the U.S. rose 14% in October. General Motors shares rose 1% after the company said U.S. sales were up 16% last month.
Toyota reported an increase in sales as well. Honda will release its October sales figures later in the day.
Shares of Madison Square Garden fell even though the sports arena operator reported strong results.
Sony shares fell after the Japanese electronics maker posted a loss for the second quarter and said profits for the year would be 40% lower than forecast.
Shares in the Royal Bank of Scotland slid after the U.K. bank reported far worse than expected quarterly figures.
Avon shares slid again, extending Thursday's 22% plunge. The U.S. cosmetics giant has been trying to stage a turnaround but posted much weaker-than-expected quarterly results on Thursday.
But First Solar stock surged after the solar panel company reported quarterly earnings that easily beat expectations.
Shares of the home storage retailer The Container Store nearly doubled in their market debut. The Container Store priced its initial public offering at $18 per share. The stock jumped 102% to above $36 U.S. in early trading.
There was only one major economic report released Friday. But the news was good. The manufacturing sector continued to expand in October. The ISM index rose to 56.4, up from 56.2 in September and topping forecasts.
Prices for the 10-year U.S. Treasury drooped, raising yields to 2.61% from Thursday’s 2.54%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.54 to $94.84 U.S. a barrel.
Gold prices gave back $13.80 to $1,309.80 U.S. an ounce.
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