The Toronto stock market was lower Friday while commodity prices lost ground on nagging worries about the fragile global economic recovery.
The S&P/TSX composite index remained negative 63.53 points to approach noon at 11,602.17
The Canadian dollar faded 0.35 cents to 98.92 cents U.S.
The TSX appeared heading for an overall gain for this week on rising expectations that central banks will step up to ensure the economic recovery stays on the rails.
The TSX energy sector was off as Canadian Natural Resources was down 37 cents to $28.61.
Crude rose about 5% last week as the oil market responded to a series of events that have raised concerns that Iran will try to block oil shipments through the Strait of Hormuz, a narrow waterway in the Persian Gulf through which one-fifth of the world’s oil travels every day.
The base metals sector gave back ground with metals also lower with copper down eight cents to $3.45 U.S. a pound. First Quantum Minerals gave back 31 cents to $17.97.
The tech sector was also a weight while CGI Group shed 26 cents to $24.07.
The gold sector was up, as Barrick Gold Corp. rose 27 cents to $35.35.
Economically speaking, Statistics Canada reported this morning that Canada's annual inflation sped up in June to 1.5% from 1.2% in May, as higher prices for passenger vehicles and electricity outweighed a drop in gasoline costs.
ON BAYSTREET
The TSX Venture Exchange added 2.29 points to 1,193.16. The Nasdaq Canada index dipped 1.36 points to 340.20.
All but three of the 14 Toronto subgroups had lost ground at noon ET. Metals and mining stocks fell 2.2%, while information technology issues dipped 1.7%, and global base metals gave back 1.6%
The three gainers were utilities, up 0.3%, gold, up 0.2%, and real-estate, nipping ahead 0.1%.
ON WALLSTREET
After three days of gains, U.S. stocks fell Friday, as a mixed bag of corporate news and ongoing debt problems in Europe prompted investors to take some money off the table.
The Dow Jones industrial average declined 88.28 points at the midpoint of the day to 12,884.41.
The S&P 500 gave back 9.71 points to 1,370.08. The Nasdaq fell 27.03 points to 2,938.87
Financial shares were among the biggest decliners, with Bank of America leading the Dow's slide. JPMorgan Chase, Citigroup and Morgan Stanley were also lagging, with shares down between 1% and 3%.
Investors were also parsing through a big batch of quarterly earnings reports.
General Electric was one of the top gainers on the Dow, after the company reported earnings ahead of the opening bell that topped estimates, despite weaker-than-expected revenue.
But shares of Advanced Micro Devices and Chipotle Mexican Grill tumbled on disappointing results.
Xerox shares were lower after the company reported second-quarter earnings that were in line with forecasts, but the company missed revenue estimates and issued downward guidance for the current quarter.
Shares of SanDisk soared a day after the company blew past analysts' expectations and said it expects strong demand for the remainder of the year. SanDisk makes flash technology used in mobile phones, tablets and eReaders.
Google shares rose a day after the search giant reported an 11% increase in profit.
Early Friday, entertainment company Viacom reached a "long-term" deal with DirectTV , ending a week-long feud between the two. That means that DirectTV subscribers won't lose access to more than a dozen channels, including MTV, Nickelodeon and Comedy Central.
IPOs were also in focus early Friday. Palo Alto Networks jumped more than 30% in its public debut after pricing its initial public offering at $42 a share -- above its estimated range. Shares of travel site Kayak climbed more than 20% when they started trading. Kayak priced its IPO also above its estimated range, at $26 a share.
The price on the benchmark 10-year U.S. Treasury strengthened, pushing the yield down to 1.46% from 1.52% late Thursday. Treasury prices and yields move in opposite directions.
Oil for August delivery staggered $1.43 to $91.23 U.S. a barrel.
Gold futures for August delivery fell $4.00 to $1,576.40 U.S. an ounce.
