Stocks in Canada’s largest centre seesawed on Friday as higher oil prices supported energy shares while consumer, technology and telecom stocks dragged despite encouraging domestic data.
The S&P/TSX Composite Index remained positive 1.26 points to greet noon hour at 13,882.46
The Canadian dollar gained 0.35 cents to 78.89 cents U.S.
The most influential movers on the index included Cenovus Energy, which rose 3.8% to $19.37, and Canadian Natural Resources, which advanced 1.2% to $39.19.
Shares of Valeant Pharmaceuticals International rose 7.2% to $45.64. The drug maker is seeking to appoint Joseph Papa, Perrigo Co Plc's boss, as its new CEO.
Alimentation Couche-Tard was down 2.9% at $54.24, while CGI Group Inc declined 1.7% to $60.56 and BCE fell 1.3% to $58.00
On the economic slate, Statistics Canada reported that inflation moved up in March. The consumer price index rose 1.3% in the 12 months to March, after increasing 1.4% in February. Excluding gasoline, the CPI rose 1.9% year over year in March, matching the increase in February.
Meanwhile, March’s retail trade figures rose for the second consecutive month, advancing 0.4% to $44.2 billion in February. The agency said gains were reported in nine of 11 sub-sectors, representing 89% of total retail trade.
ON BAYSTREET
The TSX Venture Exchange found itself in negative territory for the first time in a long week, down 0.67 points to 657.71.
Nine of the 13 TSX subgroups were negative midday, as gold dulled in price 1.9%, while consumer staples and materials each suffered 1.2%.
The four gainers were led by health-care and metals and mining, each stronger 2%, while energy rumbled ahead 1.9%.
ON WALLSTREET
U.S. stocks traded mostly lower Friday, with tech stocks leading declines after major earnings in the sector disappointed.
The Dow Jones Industrials slipped 25.1 points to 17,957.42
The S&P 500 fell 6.92 points to 2,084.56. Information technology traded more than 2% lower to fall into negative territory for the year so far. Energy rose more than 1% in late-morning trade as the top S&P performer.
The NASDAQ index staggered 59.79 points, or 1.2%, to 4,886.10
Microsoft temporarily traded about 8.5% lower, tracking for its worst day since January 2015. Shares of Alphabet declined nearly 6%.
Microsoft posted earnings a touch below estimates, with revenue essentially in-line, as continued weakness in the personal computing market weighed. .
Google's parent Alphabet reported earnings that missed on both the top and bottom line as the firm increased its investments in new projects.
McDonald's reported earnings that beat on both the top and bottom line, and gave comparable same-store sales that topped expectations.
Starbucks earnings matched estimates, while revenue was a touch lower. Global comparable same-store sales missed expectations.
In economic news, the Markit flash U.S. manufacturing PMI fell to 50.8 in April from 51.5 in March.
Prices for the 10-year Treasury regained lost ground, lowering yields back to Thursday’s 1.87%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.05 a barrel to $44.23 U.S.
Gold prices lost $11.12 to $1,236.93 U.S. an ounce.
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