The resource-heavy Toronto stock market was positive as tension over Iran helped drive oil prices to a fresh nine-month high.
The S&P TSX Composite Index approached noon hour higher by 18.25 points to 12,749.53
The Canadian dollar shaved off 0.10 cents to 100.15 U.S. cents
Magna International Inc. rose 3.4% after reporting its fourth-quarter results on Thursday after markets closed. Sales at the auto parts maker rose 13% over last year.
Suncor Energy Inc. rose 0.8% after the price of crude oil rose.
Notable risers over the morning include Rio Alto Mining, up 0.7% to $4.54, Whitecap Resources, ahead 1.1% to $10.63, and Essential Energy Services, surging 1.5% to $2.69. On the downside, CCL Industries slid 0.8% to $35.35, still nearing a 52-week high.
ON BAYSTREET
The TSX Venture Exchange docked 3.36 points to 1,690.77, while the Nasdaq Canada index added 5.41 points to 429.44
In all, 10 of the 14 Toronto subgroups started out positive, led by consumer discretionary stocks, up 1.4%, health-care stocks, ahead 1.2%, and global base metals, gaining 0.9%.
The four laggards were weighed by gold, off 0.6%, materials, shedding 0.4%, and consumer staples, 0.3% weaker.
ON WALLSTREET
In New York, stocks were little changed Friday, but modest gains in the S&P 500 were enough to put the broad index at the highest level since June 2008 -- first time in nearly a year.
The Dow Jones Industrials were positive 23.38 points to stop for lunch at 13,008.10, just a shade above the psychologically-important 13,000 mark.
The S&P 500 added 4.64 points to 1,368.10, while the Nasdaq moved upward 11.33 points to 2,968.31
Starting in February, the Dow has been trading at the highest level since May 2008. The Nasdaq has been at the highest level since December 2000, also since the start of February.
Stocks were trading in a tight range Friday, as investors digested the latest round of economic data and corporate results.
While a reading on consumer confidence came in better than expected, investors were disappointed by a decline in new home sales -- another sign that the housing market remains a troubled sector.
J.C. Penney shares slipped after the department store chain beat earnings estimates, but fell short of sales expectations for the fourth quarter.
Shares of AIG jumped after the company said late Thursday that its fourth-quarter profit surged to $19.8 billion U.S, thanks to an accounting change.
Salesforce.com's stock also popped after the company topped earnings and sales expectations late Thursday, as customer billings surged 57% during the quarter -- a sign of robust future sales growth.
Gap's stock fell after the retailer missed earnings and sales expectations for the fourth quarter. Gap also announced a $1 billion U.S. share buyback program and an 11% boost to its annual dividend.
Citigroup sold its stake in Mumbai-based Housing Development Finance Corporation. Citigroup said the sale should result in a pre-tax gain of $1.1 billion U.S, and an after-tax gain of approximately $722 million U.S.
Bank of America announced plans late Thursday to freeze pension plans, effective in July, and increase its 401(k) contributions instead.
Economically speaking, new home sales dipped 0.9% in January, to an annual rate of 321,000. Compared to a year earlier, sales were up 3.5%.
The University of Michigan Consumer Sentiment Index for February rose to 75.3, topping reading expectations of 73.
Investors will also be listening for any notable remarks from regional Federal Reserve bank heads during the 2012 U.S. Monetary Policy Forum in New York.
Treasury prices for the 10-year note were static, keeping yields at Thursday’s 1.98%.
Oil for February delivery remained ahead 41 cents to $108.24 U.S. a barrel.
Gold futures for April delivery fell $10.50 to $1,775.80 U.S. an ounce.
