Toronto's main equity index closed higher on Thursday after Greece took a step closer to avoiding a default in the short term. Greece's parliament is scheduled to vote on how the five-year €28 billion ($40.3 billion) austerity plan that it passed on Wednesday will be implemented.
The Toronto Stock Exchange's S&P/TSX composite index closed up 111.93 points, or 0.85 percent, at 13,300.87.
Statistics Canada reported that real gross domestic product was unchanged in April as both the goods-producing and services sectors remained the same.
Economists had expected to see a 0.1 percent dip in economic growth, which would have marked the second decline in three months.
Other Canadian data released Friday includes a Statistics Canada report that showed average weekly earnings of nonfarm payroll employees grew by 3.5 percent compared to last April.
A survey by the Conference Board of Canada showed that consumer confidence fell for the second straight month in June, dropping 2.5 points to 83.1, largely due to increased uncertainty about future income and job prospects.
In corporate news -- SNC-Lavalin Group (TSX: SNC) has agreed to purchase the troubled Crown corporation, the Atomic Energy of Canada Ltd.’s nuclear reactor business for $15 million.
Empire Company Ltd. (TSX: EMP.A) shares gained after it said it is raising its dividend 12.5 percent to 22.5 cents per share from 20 cents. Fourth quarter net earnings rose to $92.3 million or $1.36 per share from $73.5 million or $1.07 per share in the comparable period a year earlier.
Valeant Pharmaceuticals International Inc. (TSX: VRX) said Thursday it will pay $76 million plus additional royalties to acquire the marketing rights to skin medications Elidel and Xerese for the U.S., Canada and Mexico markets.
Eastern Platinum Ltd. (TSX: ELR) shares fell after it said it will contest a proposed class-action lawsuit that alleges the company failed to disclose material changes to its Crocodile River Mine in South Africa.
The Canadian dollar, meanwhile, moved 0.68 of a cent higher to 103.71 cents US.
BAYSTREET
All of the TSX subgroups traded higher today -- tech stocks were ahead 2.08 percent, mining stocks rose 1.79 percent and metal issues were up 1.48 percent.
The TSX Venture Exchange gained 11.79 points to 1,904.18, while the Nasdaq Canada index moved forward 5.51 points to 554.49.
WALLSTREET
U.S. stocks closed higher on Thursday with the Dow Jones Industrial Average notching its fourth consecutive quarterly rise, after a measure of manufacturing in the Midwest offered hope for a national gauge to be released Friday.
The Dow Jones Industrial Average finished up 153 points, or 1.2 percent, at 12,414. The S&P 500 settled ahead 13 points, or 1 percent, at 1321, and the Nasdaq Composite gained 33 points, or 1.2 percent, to close at 2773.
The market cheered an unexpected jump in manufacturing activity in the Chicago area in June. The Chicago Purchasing Managers index rose to a reading of 61.1, from May's level of 56.6. Economists had expected the reading to dip to 54 in June.
In corporate news -- shares of eBay advanced 5% to $32.27 following Wednesday's ruling from the Federal Reserve ordering banks to cut debit-card fees to 21 cents. The company was also benefiting from a upgrade to Buy from Citigroup, which called eBay ''the best value opportunity in the Large Cap Internet Sector.''
Eli Lilly said it has 70 potential new drugs in its clinical pipeline and expects annual revenue of at least $20 billion from 2011 to 2014 during which many of its drug patents are set to expire.
Goldman Sachs may lay off 230 workers in New York for economic reasons, according to a state filing on Wednesday. The reductions could be made between late September and March 31, 2012.
The benchmark 10-year Treasury fell 11/32, lifting the yield to 3.15 percent and the longer-term 30-year Treasury decreased 4/32, raising the yield to 4.486 percent.
The August crude oil contract shed 33 cents to trade at $95.10 a barrel. Gold for August delivery dropped $9 to $1,501.40 an ounce.
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