Stocks in Toronto were virtually unchanged at the closing bell on Friday as positive economic data out of the United States helped overcome a decline in the energy sector following a lower oil price.
The S&P/TSX composite index docked 2.74 points to end the day and week at 15,531.58
The Canadian dollar removed 0.47 cents to 90.16 cents U.S.
Metals and mining stocks were the best performers on the day, as Turquoise Hill Resources galloped ahead 19 cents, or 4.5%, to $4.38.
Financials gained with Toronto Dominion Bank advancing 0.3% to $57.77 and Bank of Montreal rising 0.2% to $84.58.
Shares of energy companies lost ground, with Talisman Energy giving back 1.9% to $10.64 and Enbridge declining 1.4% to $55.12.
Canadian small businesses will get $550 million in rebates on their employment insurance premiums over the next two years in order to boost hiring, Finance Minister Joe Oliver said on Thursday.
ON BAYSTREET
The TSX Venture Exchange moved ahead 5.65 points to 987.93.
Eight of the 14 Toronto subgroups were higher on the day, with metals and mining up 0.9%, while information technology and consumer staples each gathered 0.5%.
The half-dozen laggards were dragged lower by real-estate and gold stocks, each down 0.9%, while energy sagged 0.4%.
ON WALLSTREET
The U.S. stock market fell modestly on Friday as rising Treasury yields and a strengthening dollar, as well as the looming FOMC meeting next week, stoked equity investors’ sense of caution.
The Dow Jones Industrials shed 61.49 points to close the week at 16,987.51.
The S&P 500 dropped 11.91 points to 1,985.54. The NASDAQ dipped 24.21 points to 4,567.90
The S&P 500 index and Dow suffered their first weekly loss in six weeks.
Darden Restaurants shares rose 1.4% after adjusted first-quarter results and sales exceeded Wall Street’s projections.
Ulta Salon Cosmetics & Fragrance shares jumped 21% after the retailer raised its outlook and reported growth in earnings and sales in the second quarter.
Alliance Data Systems Corp. which owns private-label credit cards and runs loyalty programs, said late Thursday it will buy Conversant for $35 U.S. a share in a deal valued at about $2.3 billion U.S. Alliance shares rose 3.7% and Conversant’s share soared 31% to $34.94 U.S.
On the economic front, sales at U.S. retailers rose in August by the largest amount since April, raising confidence in the economic outlook for the second half of the year.
Retail sales rose a seasonally adjusted 0.6% last month, or by 0.3% excluding the auto sector, the Commerce Department said Friday. Retail sales are closely watched because consumer spending is the backbone of the U.S. economy.
The preliminary September reading on the University of Michigan/Thomson Reuters consumer-sentiment index rose to the highest level since July 2013 and topped consensus expectations.
Separately, the prices paid for goods imported into the U.S. declined by 0.9% in August, the biggest drop since last November, led lower by fuel prices, the U.S. Labor Department reported Friday.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.61% from Thursday’s 2.53%. Treasury prices and yields move in opposite directions.
Oil prices dropped 64 cents to $92.19 U.S. a barrel.
Gold prices slipped $8.30 to $1,230.70 U.S. an ounce.
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