Bay Street stocks were hovering near the unchanged line in mid-morning deals Friday after recording their biggest gain in a week last session. Canada said its industrial capacity utilization were up more-than-expedited in the first quarter.
The S&P TSX Composite Index remained ahead 20.51 points to greet noon at 11,656.36
The price of oil eased from its three-week high after China reported lower-than-expected growth in industrial production in May.
China today said its industrial production expanded 16.5% in May from a year ago, compared to a 17.8% growth recorded in April. Economists were expecting China to record 17.0% growth in May.
Among energy stocks, Suncor Energy gained 1.47%. Cenovus Energy and Baytex Energy Trust added over 1% each.
Among base metals stocks, Teck Resources and Major Drilling surged over 2% each.
Mineral resource company New Island Resources Inc. soared over 42%. Anaconda Mining said it formally begun a share exchange takeover offer for New Island.
Iamgold moved up 2.75% and Eldorado Gold was up 2.28%.
Gold producer Barrick Gold edged up 0.79%. The company said that Patrick Garver, EVP and General Counsel, will be taking early retirement from the company effective July 31. Patrick has been with Barrick since 1993.
Gold mining company Centerra Gold eased 0.55%. The company said its would spend as much as $3 billion in buying assets to boost production.
In the IT space, blackberry maker Research In Motion rose 1.52%. RIM today said it has settled patent fight with Motorola. Open Text was up 1.36%.
Semiconductor company MOSAID Technologies rallied 6.53% after reporting higher fourth-quarter net income of $0.69 per share, compared to $0.55 per share in the year-ago quarter.
Pharmaceutical industry services provider Patheon Inc. added 1.99% after it swung to profit in the second quarter, reporting net income of $0.084 per share, compared with a loss of $0.035 per share in the year ago period. Analysts were expecting the company to report net income of $0.03 per share.
Meanwhile, specialized communications services provider COM DEV International plummeted 18.45% after reporting lower second-quarter net income of $0.05 per share, compared to $0.07 per share in the same quarter last year.
In economic news, Statistics Canada said industrial capacity utilization moved up to 74.2% in the first quarter 2010 from 71.3% in the previous quarter. Economists expected capacity utilization to come in 73.4% Utilization rate in the manufacturing industry rose to 75.0% this quarter from 70.7% registered in the fourth quarter 2009.
The Canadian dollar backpedaled 0.60 cents to 96.42 cents U.S.
ON BAYSTREET
Of the 14 TSX subgroups, nine were lower by midday. Telecoms sustained the biggest loss at 0.7%, while consumer staples and global base metals were off 0.6%.
Gold gained 0.8% to lead the five winners at noon. Materials picked up 0.7%, and industrials progressed 0.4%.
The TSX Venture Exchange gained 6.24 points to 1,458.95, while the Nasdaq Canada index moved 2.82 points higher to 677.69.
ON WALLSTREET
In New York, stocks seesawed Friday, bouncing off deeper losses triggered by a disappointing retail sales report, after a separate report showed a rise in consumer confidence.
The Dow Jones industrial average was lower by 24.90 points at lunch to 10,147.63.
The S&P 500 index fell off 3.77 points to 1,083.07.
The Nasdaq composite index inched up 5.90 points to 2,224.61.
Dell said late Thursday it is nearing a resolution with the Securities and Exchange Commission on a mysterious case linked to a government investigation into the computer giant launched in August 2005. The company said it has set aside $100 million U.S. for a potential fraud settlement. Shares of Dell were up 0.2%.
BP's stock was 4% higher as reports said the company might defer or decrease its second-quarter dividend due to payout next month as political pressure mounts over the Gulf oil spill.
Shares of Wendy's/Arby's Group jumped 4% after chairman Nelson Peltz said an unnamed group expressed interest in acquiring the fast-food company.
Economically speaking, before the market opened, the Commerce Department released a disappointing retail sales number for May. Sales fell by 1.2% last month, but economists expected them to have risen 0.3%.
Sales excluding autos, which add volatility, fell by 1.1%. They were expected to have risen 0.1%.
The April reading on business inventories from the government is due out after the start of trading. Inventories are expected to have increased 0.5% after gaining 0.4% last month.
The University of Michigan's consumer sentiment index rose to 75.5 in June, up from 73.6 in May. Economists were expecting the figure to rise to 74.5.
Treasury prices gained, lowering the yield on the 10-year note to 3.25% from Thursday’s 3.32%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil faded $1.58 to $73.90 U.S.
Gold prices improved five dollars to $1,227 U.S. an ounce
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