Canadian stocks were slightly lower on Friday after cautious comments by German Chancellor Angela Merkel on ending the euro-zone debt crisis.
The S&P/TSX Composite index dipped 20.33 points to begin Friday at 12,042.18
The Canadian dollar strengthened 0.05 to 100.65 cents U.S.
The Saputo family's Jolina Capital is selling about half of its stake in Montreal-based TransForce Inc. for $148.4 million, leaving Jolina with 8.4% of the parcel delivery company's common stock.
Jolina, which has been the largest shareholder in TransForce, is a holding company controlled by Emanuele (Lino) Saputo, founder of the Montreal-based cheese, dairy and bakery company that bears the family name. Shares in Saputo Inc. gained 24 cents to $43.76.
Resolute Forest Products Inc. will restart its paper mill in Dolbeau-Mistassini, Que. The company, formerly known as AbitibiBowater, says the decision to resume operations at the mill follows approval of electricity sales from Resolute's Mistassini cogeneration plant to Hydro-Quebec, the government-owned provincial power grid. Resolute shares picked up a dime to $12.16.
Other stocks to watch include Linamar Corp. Private equity firms American Securities LLC and Apollo Global Management LLC, and Linamar Corp, have submitted bids for U.S. auto parts supplier Metaldyne, in a deal valued between $800 million and $900 million, according to several people familiar with the matter. Linamar shares took on 16 cents to $21.19.
ON BAYSTREET
The TSX Venture Exchange fell back 2.11 points to 1,245.97. The Nasdaq Canada dipped 2.65 points to 349.
Of the 14 Toronto subgroups, 10 were down in the first hour, weighed mostly by global base metals, off 1.4%, metals and mining, down 1.3%, and materials, sliding 0.9%.
The four gainers were led by telecoms, up 0.5%, financials, ahead 0.3%, and consumer staples, gaining 0.2%.
ON WALLSTREET
U.S. stocks edged lower in early trading Friday, as investors remain uncertain over whether the Federal Reserve will take steps to stimulate the economy amid rising concerns about global growth.
The Dow Jones industrial average fell 1.15 points to open Friday at 13,056
The S&P 500 index deducted 3.84 points to 1,398.24, while the tech-heavy Nasdaq Composite Index subtracted 5.75 points to 3,047.65.
In a ruling that will not affect the U.S. patent infringement trial now in the hands of a California jury but addresses many of the same issues, a South Korean court has delivered a split decision that slightly favors Samsung over Apple.
Shares of software designer Autodesk slid 15% after the company reported disappointing earnings late Thursday.
Similar troubles hit computing company Salesforce.com, whose shares tumbled Friday after missing earnings expectations.
Shares of Eli Lilly jumped after the drug maker said that although its experimental Alzheimer's drug didn't meet its main goals, it did show significant improvement in some patients.
Europe was also in focus as Greek Prime Minister Antonis Samaras wrapped up a meeting with German Chancellor Angela Merkel in Berlin.
Merkel reiterated her support for Greece to stay in the euro-zone, but said that the debt-strapped country needs to meet its reform targets, and that she will wait for the report by the European Union, International Monetary Fund and European Central Bank, known as the troika, which is due next month. Samaras will meet with French President Francois Hollande Saturday.
Economically speaking, U.S. durable goods order rose 4.2% in July, more than the 2.5% increases analysts were expecting.
But excluding transportation goods, orders unexpectedly fell 0.4% last month, according to the Census Bureau.
The price on the benchmark 10-year U.S. Treasury gained yet more strength, pushing the yield down to 1.64% from Thursday’s 1.67%. Treasury prices and yields move in opposite directions.
Oil for September delivery acquired 20 cents to $96.47 U.S. a barrel.
Gold futures for December delivery dropped $3.10 to $1,669.70 U.S. an ounce.
