The Toronto stock market enjoyed a strong finish to the week and month Friday following a stronger-than-expected showing for third-quarter economic growth in Canada, while indications pointed to a successful start to the U.S. holiday shopping season.
The S&P/TSX composite index was sharply off its highs of the morning, but was positive 24.57 points to end the day, week and November at 13,395.40
The Canadian dollar faltered 0.32 cents to 94.18 cents U.S.
The much-battered gold sector led advancers on the TSX, as Argonaut Gold improved by 22 cents to $5.59 while Centerra Gold rose 13 cents to $3.18.
The industrials sector was ahead with Canadian National Railways ahead $1.14 to $119.64.
The energy sector rose while oil prices moved higher after losing ground over the previous four sessions. Oil has declined from about $110 U.S. in September partially due to reduced tensions in the oil-rich Middle East, but mostly attributed to muted demand and high supplies.
On Friday, Canadian Natural Resources advanced 23 cents to $34.65.
Base metals slipped while December copper gained three cents to $3.23 U.S. a pound. HudBay Minerals climbed two cents to $7.66.
Elsewhere on the corporate front, Nova Scotia's energy regulator has approved a revised agreement from energy company Emera to proceed with the $1.5-billion Maritime Link project, which would ship hydroelectricity from the Muskrat Falls project from Newfoundland to Nova Scotia. Emera shares were down 13 cents to $29.32.
In other corporate developments, Saputo's bid to buy Australia's oldest dairy processor hit a snag Friday when a regulator ordered the Canadian cheese giant to take a two-month break in adding to its shares in Warrnambool Cheese and Butter.
The Australian Takeovers Panel responded to an application from Murray Goulburn Co-operative by placing an interim order on the company which, according to figures released in Australia, has accumulated nearly 10% of Warrnambool shares. Saputo shed nine cents to $48.47.
On the economic front Statistics Canada reported this morning that third-quarter Gross Domestic Product expanded 0.7%, following 0.4% growth in the second quarter. September’s monthly reading came in 0.3% higher, a third consecutive monthly increase.
ON BAYSTREET
The TSX Venture Exchange increased 8.22 points to 934.89
All but three of the 14 TSX subgroups were positive on the day, gold leading the charge, up 1.6%, while industrials improved 0.9% and energy gained 0.8%.
The three laggards were in metals and mining, down 0.5%, while information technology sagged 0.1% and real-estate was down slightly.
ON WALLSTREET
Stocks ended a shortened trading day flat Friday, but November was a strong month for the market.
In an abbreviated session that closed at 1 p.m., the Dow Jones Industrials sank 10.92 points from Wednesday’s all-time high close to 16,086.41
The S&P 500 index slipped 1.42 points to 1,805.81. The NASDAQ added 15.14 points to 4,059.89, to heights it hasn’t seen in decades.
Despite the mixed finish Friday, all three indexes ended higher for the week. It was the eighth consecutive weekly gain for the Dow and S&P 500.
Stocks ended November with gains of between 3% and 4%. Stocks have been on a tear this year, with the S&P 500 up nearly 27%. Solid corporate earnings and continuing bond purchases by the Federal Reserve have helped spur strong buying this month, pushing the Dow and S&P to record highs.
Retailers were in focus as consumers turned out in droves for Black Friday.
The annual shopping bonanza kicked off earlier than usual, with some of the biggest stores such as Sears-owned Kmart, Wal-Mart, Best Buy, Macy's and Target opening their doors on Thursday evening.
While the early openings drew large crowds, shares of most major retailers were only modestly higher Friday.
Wal-Mart appears to be the most popular destination, with foot traffic up 160% over the normal shopping day, according to data on users of the smartphone app Shopular.
Target reported "unprecedented numbers" of shoppers in stores and on the company's website.
Not all shoppers were willing to brave the crowds on Thursday and Black Friday. Thanksgiving online sales are up nearly 20% over the same period last year, according to data from IBM Digital Analytics Benchmark.
Apple shares rose back above $555 U.S. a share, a level it hasn't hit since early January. The iPad and iPhone maker has clawed back from deep year-to-date losses in the summer, when prices fell below $400 U.S. a share. Apple's stock is now up almost 5% in 2013.
Prices for 10-year U.S. Treasuries regained some strength, lowering yields to Wednesday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices were up 98 cents to $92.78 U.S. a barrel.
Gold prices gained $13.80 to $1,251.60 U.S. an ounce.
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