Canadian stocks edged lower Friday, even with the benchmark aided by a rise in shares of auto-parts maker Magna International Inc. and energy issues as crude-oil futures jumped above $109 U.S. a barrel, but losses among some mining stocks helped curb the index’s advance.
The S&P TSX Composite Index ended the day off 5.51 points to 12,725.77.
The loss puts an end to a three-day winning streak for the index; even so, the gain on the week was 267.47 points, or 2.1%.
The Canadian dollar shaved off 0.19 cents to 100.06 U.S. cents
The S&P/TSX Capped Energy Index advanced, counting Suncor Energy Inc. (rising 53 cents, or 1.5%, to $36.92) and Husky Energy Inc. (up 29 cents, or 1.1%, to $26.71) among the companies whose shares rose alongside a jump in April crude. Imperial Oil Ltd. moved downward six cents to $48.75.
Crude has climbed to a nine-month high on continued worries that Iran may stop oil exports to some European nations after the European Union imposed an oil embargo on Iran last month.
An International Monetary Fund official said Thursday that a halt of Iranian oil exports to Organization for Economic Cooperation and Development countries could produce a rise in prices between 20% and 30%
Elsewhere in the energy group, Nexen Inc. shares climbed 29 cents, or 1.4%, to $21.15 after the company said first oil has been produced from the Usan field offshore West Africa. Nexen, which has a 20% working interest in Usan, expects the project "to deliver significant cash flow and long-term value" to the company.
Also moving higher on the benchmark were shares of Magna International Inc., up $2.34, or 5.2%, to $47.29 as the auto parts manufacturer lifted its dividend by 10% following growth in fourth-quarter results. Magna also hiked its sales forecast for the year.
Magna said its new dividend of 27.5 cents a share is payable on March 23 to shareholders as of March 12.
Meanwhile, shares of Iamgold Corp. slumped $1.65, or 9.4%, to $15.85 after the gold miner’s fourth-quarter results came in lower than anticipated, and as its gold reserves declined by 5%.
Among mining stocks that lost ground in Toronto trading, Kinross Gold Corp. declined 24 cents, or 2.1%, to $11.18, and Yamana Gold Inc. fell 17 cents, or nearly 1%, to $17.73.
ON BAYSTREET
The TSX Venture Exchange docked 4.61 points to 1,689.52, while the Nasdaq Canada index added 5.24 points to 428.57
All but three of the 14 Toronto subgroups stayed positive throughout the day, led by health-care stocks, rocketing ahead 2.1%, consumer discretionary stocks, up 1%, and telecoms, gaining 0.4%.
The three laggards were gold, off 1.3%, materials, shedding 1%, and consumer staples, 0.7% weaker.
ON WALLSTREET
In New York, stocks were mixed Friday, with the Dow and S&P holding near the highest levels since 2008, as investors digested reports on consumer sentiment and home sales.
The Dow Jones Industrials were negative 1.74 points to end the day and the week at 12,983, after briefly being perched above the psychologically-important 13,000 mark.
Even so, the big board finished 33.10 points above last Friday.
The S&P 500 added 2.26 points to 1,365.72, while the Nasdaq moved upward 6.77 points to 2,963.75
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.
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.
Shares of Crocs tumbled after the shoemaker issued a downbeat outlook for the first quarter of 2012.
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.
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.
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 leaped $1.87 to $109.70 U.S. a barrel.
Gold futures for April delivery fell $9.90 to end at $1,776.40 U.S. an ounce.
