Stocks in Toronto enjoyed marginal gains at the open on Friday following slightly stronger than expected quarterly growth data, which helped offset worries surrounding Ukraine's political situation.
The S&P/TSX composite index was up 30.83 points to begin Friday’s session at 14,245.57
The Canadian dollar added 0.25 cents to 90.15 cents U.S.
Susquehanna raised the target price on Agrium Inc. to $115 from $110 citing the company's better-than-expected retail results in the fourth quarter and its dividend yield. Agrium shares strengthened 62 cents to $102.75
CIBC raised the target price on Avigilon to $50 from $32 on expectations that the company's fourth-quarter results will beat estimates when it reports results later next week. Aviglion shares gained 11 cents to $29.61
CIBC also cut the rating on Catamaran Corp. to sector performer from outperform based on the company's weak outlook for the year ahead, sees margin pressure into 2015. Catamaran Corp. shares dipped 54 cents to $50.71.
BMO raised the target price on Valeant Pharmaceuticals International to $164 from $162 on the company's largely in-line fourth-quarter results, sees opportunities for improving overall operational efficiency. Valeant shares backtracked $1.09 to $163.87
Internationally, armed men took control of two airports in the Crimea region on Friday in what Ukraine's government described as an invasion and occupation by Russian forces, raising tension between Moscow and the West.
On the economic slate, Statistics Canada told this morning that real gross domestic product (GDP) expanded 0.7% in the fourth quarter, the same increase as in the third quarter. On a monthly basis, real GDP fell 0.5% in December.
ON BAYSTREET
The TSX Venture Exchange gained 3.60 points to 1,023.03.
All but four of the 14 Toronto subgroups were higher at the outset. Telecoms hiked 0.4%, while financials and energy tacked on 0.3% each.
The four laggards were weighed mostly by global base metals, off 0.6%, health-care, sliding 0.5%, and utilities, down 0.1%.
ON WALLSTREET
Stocks could struggle to hit new highs Friday after data showed the American economy was not as strong in the fourth quarter as previously estimated.
The Dow Jones Industrial Average climbed 29.41 points to open February’s last session at 16,302.06
The S&P 500 index took on 8.35 points to 1,862.64. The NASDAQ added 17.82 points to 4,336.75
Investors will have just a few earnings to digest Friday. 3-D printing company 3D Systems will report earnings before the bell.
Best Buy shares bumped higher after the electronics retailer swung to a profit.
Shares of United Airlines slid after the airline said it had to cancel 22,000 flights during the first two months of the year because of the weather, prompting a profit warning.
Economically speaking, the U.S. government said gross domestic product -- the broadest measure of economic activity -- grew at an annual rate of 2.4% in the fourth quarter. That was weaker than previously estimated and marked a slowdown from the third quarter.
But investors were expecting the final reading to be revised lower, and the number was still better than some had feared.
Still to come, the University of Michigan will release its February consumer sentiment index.
Prices for 10-year U.S. Treasuries tailed off, raising yields to 2.67% from Thursday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices stepped back 35 cents to $102.05 U.S. a barrel.
Gold prices dropped 40 cents to $1,331.40 U.S. an ounce.
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