Markets in Toronto began Friday on a positive note, after crude prices rose amid uncertainty about Saudi Arabia's oil policy following the death of King Abdullah
The S&P/TSX composite index picked up 42.82 points to open Friday at 14,806.80
The Canadian dollar lost 0.19 cents to 80.57 cents U.S.,
Goldman Sachs cut the target price on First Quantum Minerals to $18.75 from $26.50. First Quantum shares faltered 77 cents, or 5.4%, to $13.38.
Canaccord Genuity upped target on Canadian Pacific Railway to $218 from $204. CP shares slid $5.48, or 2.4%, to $220.87.
Concerned with things economic, Statistics Canada told us this morning that retail sales added 0.4% in November to $43 billion, with cold weather one of the main culprits. Promotional events also contributed to higher sales. Gains were reported in five of 11 sub-sectors, representing 27% of retail trade.
The agency also said its consumer price index rose 1.5% in the 12 months to December, after a 2.0% increase in November. On a seasonally adjusted monthly basis, inflation declined 0.1% in December, after falling 0.2% in November.
ON BAYSTREET
The TSX Venture Exchange eked out a gain of 0.87points to 679.84.
Nine of the 14 Toronto subgroups gained ground, led by consumer staples, up 1.7%, while information technology hiked 1%, and health-care was 0.9% haler.
The five laggards were weighed mostly by metals and mining, sinking 3%, global base metals, down 2.3%, and materials, off 1.3%.
ON WALLSTREET
U.S. stocks mostly dropped on Friday, with the S&P 500 halting a four-session winning run, as investors considered economic data, earnings and energy costs.
The Dow Jones Industrials eased back 39.24 points to 17,774.74, after Thursday’s 200-point-plus gain, with Caterpillar leading blue-chip losses that extended to 21 of 30 components.
The S&P 500 dipped 3.16 points to 2,059.99, with consumer staples hardest hit and utilities faring best of its 10 major sectors.
The NASDAQ index added 10.49 points to 4,760.89
Equities trimmed losses after a report had existing-homes sales rising 2.4% to an annual rate of 5.04 million in December.
General Electric fell in early New York trading after the conglomerate posted fourth-quarter revenue just shy of estimates; McDonald's rose after the fast-food chain reported a 7.3% decline in quarterly sales.
Honeywell International gained after the industrial conglomerate tallied quarterly profit that exceeded expectations, and United Parcel Service dropped after the shipper warned fourth-quarter profits would come in below expectations.
Prices for 10-year U.S. Treasuries bolted higher, weighing down yields to 1.83% from Friday’s 1.90%. Treasury prices and yields move in opposite directions.
Oil prices dropped 25 cents per barrel to $46.06 U.S.
Gold prices dropped $5.90 an ounce to $1,294.80 U.S.
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