Friday saw a higher opening for equity markets in Toronto on good vibes involving crude prices.
The S&P/TSX composite index was up 33.44 points to open Friday at 15,213.77
The Canadian dollar fell 0.17 cents to 79.86 cents U.S.
First Quantum Minerals reported a 42.5% drop in quarterly profit as copper prices plunged to five-and-a-half year lows. First Quantum shares took on seven cents to $14.00
Enbridge, Canada's largest pipeline company, said it returned to profit in the fourth quarter as new projects entered service. Enbridge shares gained 36 cents to $58.00.
Centerra Gold reported a loss for the fourth quarter as the miner produced and sold fewer ounces of gold and took a goodwill impairment charge due to a fall in reserves and resources at its Kumtor mine in Kyrgyzstan. Centerra shares eked higher six cents to $5.89.
KBW cut the rating on CIBC to underperform from market perform. CIBC shares dipped 68 cents to $92.85.
RBC raised the price target on Canadian Tire to $156.00 from $149.00. Canadian Tire Class “A” shares advanced 70 cents to $119.80.
Raymond James raised the rating on Finning International to outperform from market perform. Finning shares popped 78 cents, or 3.4%, to $23.82.
Economically speaking, Statistics Canada reported this morning retail sales for December flopped 2% to $42.1 billion, the biggest decrease in nearly five years. The agency reported lower sales in nine of 11 sub-sectors, representing 71% of retail trade.
ON BAYSTREET
The TSX Venture Exchange recaptured 3.55 points to 695.58.
All but two of the 14 Toronto subgroups were higher to begin Friday, with gold surging 2.5%, while health-care and materials each picked up 0.9%.
Financials, surrendering 0.5%, and global base metals, down 0.1%, made up the two laggards.
ON WALLSTREET
U.S. stocks traded lower on Friday ahead of an expected announcement on Greece debt talks with the euro-zone.
The Dow Jones Industrials softened 101.02 points to begin the day at 17,884.75. Coca-Cola was the greatest laggard and Boeing traded at all-time highs (since 1952) to lead three blue-chip advancers.
The S&P 500 slipped 10.25 points to 2,087.20, with materials leading declines across all sectors.
The NASDAQ index lost 14.30 points to 4,910.40.
Deere said it earned $1.12 U.S. per share for its latest quarter, well above the 83-cent consensus estimate, with revenue also beating forecasts. However, the farm machinery manufacturer highlighted difficult global market conditions and said it expected a 17% drop in equipment sales for 2015.
Barclays downgraded Wal-Mart to equal-weight from overweight, saying the retailer is unlikely to see near-term benefits from its just-announced increase in wages that offset the higher expenses.
Newmont Mining earned an adjusted 17 cents U.S. per share for its latest quarter, seven cents above estimates, with its revenue also beating forecasts. Newmont said its "growth projects" are doing particularly well.
The Noodles restaurant chain missed estimates by a penny with adjusted quarterly profit of 13 cents U.S. per share, with revenue falling just below estimates as well. It also cut its full-year guidance, as same-restaurant sales growth fails to meet prior forecasts.
The Markit PMI Manufacturing flash was 54.3, up from 53.9 in January and the highest reading since November but weaker than the 55.9 average for all of 2014. The data also showed production levels rose at their fastest pace in four months.
The Eurogroup of regional finance ministers met on Friday to discuss Greece's loan extension proposal. Germany rejected the plan on Thursday and called it a "Trojan horse." A decision is expected late Friday morning, Eastern Time.
Greece faces the risk of default and exit from the euro-zone if the country does not obtain enough funding or an extension beyond the Feb. 28 deadline.
Prices for 10-year U.S. Treasuries grew stronger, dropping yields to 2.07% from Thursday’s 2.11%. Treasury prices and yields move in opposite directions.
Oil prices gained seven cents per barrel to $51.23 U.S.
Gold prices spiked $1.80 an ounce to $1,209.40 U.S.
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