Markets in Toronto slipped on Friday as some heavyweight natural resource stocks weighed, while electronics manufacturer Celestica Inc jumped to a 12-year high.
The S&P/TSX Composite fell 53.04 points to approach noon hour at 15,562.48. The index was heading for a 0.6% gain on the week and is within striking distance of an all-time high hit in 2014.
The Canadian dollar eased 0.12 cents at 76.28 cents U.S.
Celestica surged 9.6% to $18.30 after its adjusted earnings beat expectations and it said it would exit the oversupplied solar panel manufacturing market.
Energy stocks slid as TransCanada Corp fell 0.8% to $63.03 as the country's energy regulator said it would restart from the beginning a hearing into the company's proposed Energy East pipeline.
Enbridge Inc declined 0.6% to $57.73 after announcing it would pay about $170 million to take private Midcoast Energy Partners LP.
Rogers Communications extended a rally to its highest level since August as investors cheered Thursday's results that suggested its turnaround was on track. The stock advanced 1.6% to $56.91.
Restaurant Brands International advanced 0.2% to $64.75. The company said it would expand its coffee and doughnut chain, Tim Hortons, into Mexico
In the industrial sector, plane and train maker Bombardier Inc fell 1.2% to $2.54 as Brazil said Canada had signaled a willingness to negotiate to resolve a feud over government support that threatens to turn into an international trade dispute.
The materials group listed lower, as Potash Corp and Agrium Inc both fell 1.1%. The companies, which plan to merge by mid-2017 to cut costs, are struggling with the deepest slump in a decade for the oversupplied potash fertilizer market.
ON BAYSTREET
The TSX Venture Exchange eked up 3.78 points to 805.09
Seven of the 12 subgroups were lower mid-day, as energy trailed yesterday’s finish by 0.9%, health-care stocks went south 0.5%, and utilities fell 0.4%.
The five gainers were led by gold, up 0.8%, information technology, up 0.7%, and materials, up 0.2%.
ON WALLSTREET
U.S. equities fell slightly on Friday, with energy lagging, as investors parsed through key economic data and corporate earnings, with President Donald Trump meeting with U.K. Prime Minister Theresa May.
The Dow Jones Industrials retreated 1.87 points from Thursday’s all-time high to 20,099.04, with Chevron and Goldman Sachs contributing the most losses.
The S&P 500 dropped 1.89 points to 2,294.79, with energy falling 0.8% after Chevron reported weak quarterly results.
The NASDAQ composite index squeaked ahead 0.17 points to 5,655.35
In corporate news, earnings season continued, with Colgate-Palmolive, American Airlines Group, AbbVie and General Dynamics all reporting before the bell. Tech giants Alphabet, Microsoft and Intel all reported after the close on Thursday.
Trump, who was sworn in last week, has signed a series of executive orders on matters ranging from immigration to infrastructure spending. The president and May were scheduled to meet on Friday, with a news conference to follow at around 1 p.m. ET.
Gross domestic product increased at a 1.9% annual rate, according to figures released Friday by the U.S. Commerce Department in its first estimate of fourth-quarter GDP. That was a sharp deceleration from the 3.5% growth pace logged in the third quarter.
Durable goods fell 0.4% in December, meanwhile. Consumer sentiment for January hit 98.5, above an estimate of 98.1.
Prices for the benchmark 10-year Treasury note were higher, lowering yields to 2.49% from Thursday’s 2.5%. Treasury prices and yields move in opposite directions.
Oil prices fell 51 cents to $53.27 U.S. a barrel
Gold prices stumbled $5.10 to $1,184.70 U.S. an ounce.
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