Stocks in Toronto were down in relatively quiet trading on Friday with lower crude prices weighing on energy stocks and last-ditch talk efforts between Greece and its creditors to avoid a debt default dominating investor focus.
The S&P/TSX composite index docked 50.22 points to greet noon Friday at 14,846.90
The Canadian dollar retreated 0.24 cents to 80.90 cents U.S.
Utility stocks took the worst battering by noon, with Capital Power skidding 80 cents, or 3.5%, to $22.22, and Fortis Inc. fading 78 cents, or 2.1%, to $35.68.
Resource stocks were also a big drag on the index, with TransCanada Corp falling 1.8% to $52.17, and Potash Corp declining 1% to $38.93. Potash has approached German potash miner K+S with a takeover proposal that sources say is worth close to 8 billion euros.
Toronto-Dominion Bank rose 0.5% to $54.46, while Bank of Nova Scotia was up 0.6% to $66.91.
Energy issues slipped as investors awaited the outcome over Greece as well as nuclear talks in Iran that could result in a surge in oil exports by the crude-producing country.
Surge Energy did exactly the opposite, sputtering 17 cents, or 4.3%, to $3.76, while Bellatrix Exploration hesitated 13 cents, or 4%, to $3.01.
Among telecoms – one of the few gaining groups – Rogers Communications picked up 22 cents, or 0.5%, to $43.69.
ON BAYSTREET
The TSX Venture Exchange moved higher 0.25 points to 679.84.
Nine of the 14 TSX subgroups were lower, with utilities falling 1.5%, metals and mining and health-care each off 0.9%
The five gainers were led by telecoms, up 0.4%, while financials and industrials each gained 0.2%.
ON WALLSTREET
U.S. stocks traded mostly higher on Friday as investors attempted to find optimism on the latest Greece headlines.
The Dow Jones Industrials marched 78.01 points – off its highs of the morning -- to 17,968.37, with Nike leading gains and Intel the greatest laggard.
The S&P 500 index inched higher 1.84 points to 2,104.15, with consumer discretionary leading seven sectors higher and information technology the greatest decliner.
The NASDAQ fell 20.53 points to 5,091.66
Canadian drug maker Valeant is interested in buying animal health company Zoetis, according to a Wall Street Journal report.
Nike reported quarter profit of 98 cents U.S. per share, beating estimates by 15 cents, with revenue also above estimates. The athletic shoe and apparel maker was able to register higher prices and increased profit margins, among other positive factors.
Micron Technology missed estimates by two cents with adjusted quarterly profit of 54 cents U.S. per share, with revenue also slightly below forecasts. Micron also gave a downbeat forecast for the current quarter, amid a continuing decline in computer chip prices.
In the United States, the only economic data out was the University of Michigan Consumer Sentiment, which posted a final read of 96.1 for June.
Prices for 10-year U.S. Treasuries faded, boosting yields to 2.45% from Thursday’s 2.40%. Treasury prices and yields move in opposite directions.
Oil prices fell 69 cents a barrel to $59.01 U.S.
Gold prices dipped $1.90 at $1,169.90 U.S. an ounce.
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