Stocks on Bay Street traded higher Friday afternoon -- led by a jump in mining stocks -- as investors tried to shake off one of the most bruising years on record.
The S&P/TSX composite index was up 155.19 points to 9,142.89.
In corporate news -- NovaGold Resources Inc. shares ran up 20 cents to $1.97 after Electrum Strategic Resources LLC of New York bought a 30 percent stake in the Vancouver-based company for US$60 million.
High River Gold Mines Ltd. shares retreated 3.5 cents or 24 percent to 11 cents is looking to float more equity or debt while reporting a cash shortfall amid ongoing production troubles in Africa and Russia.
On the data front -- The Institute for Supply Management's manufacturing index fell to a 28-year low in December, declining more than what economists had been expecting.
Also -- the Semiconductor Industry Association showed worldwide sales of semiconductors fell 9.8 percent to $20.8 billion in November, from $23.1 billion a year earlier, with the SIA pointing to the global economic decline for reduced demand.
The Canadian dollar, meanwhile, traded 0.57 cents higher at 82.51 cents US.
BAYSTREET
Twelve of the TSX sub-groups traded higher this afternoon -- mining stocks gained 13.27 percent followed by a 4.21 percent rise in energy issues and a 2.38 percent climb in industrial stocks.
Gold was losing $6.10 at $878.28 US an ounce.
On the downside -- consumer staples stocks were off 0.88 percent.
Meanwhile, the TSX Venture Exchange was up 26.16 points to 823.18 and the NASDAQ Canada was ahead 10.54 points at 440.54.
ON WALLSTREET
Stocks on Wall Street were starting the new year on a positive note Friday, posting modest gains at midmorning in their first trading session of 2009.
The Dow Jones Industrial Average was up 121 points at 8897, and the S&P 500 was gaining 12 points at 915. The Nasdaq was adding 24 points at 1601.
Corporate news domestically was on the light side. In its first order of business in the new year, Bank of America said Thursday it completed its purchase of Merrill Lynch, while Wells Fargo wrapped up its acquisition of Wachovia.
Meanwhile Time Warner Cable and Viacom resolved disagreements over fee hikes and reached an agreement early Thursday. The companies had previously threatened to cut off 19 channels at midnight for roughly 15.7 million subscribers if they couldn't come to terms.
Elsewhere, auto-parts supplier Visteon said it would lower costs by moving some workers to a four-day week and cutting their pay by 20 percent. Shares were unchanged.
Longer-dated U.S. Treasury securities were recently mixed. The 10-year was down 5/32 to yield 2.2 percent, while the 30-year was up 4/32, yielding 2.7 percent. The American dollar was stronger against the euro, pound and yen.
Crude-oil futures gained, reversing earlier declines, with the February-dated contract up 24 cents at $44.84 US a barrel on the New York Mercantile Exchange.
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