The Toronto stock market was turned positive as traders shrugged off a weak U.S. manufacturing report.
The S&P/TSX Composite index hiked 33.32 points to approach noon at 12,095.83
The Canadian dollar strengthened 0.23 cents to 100.83 cents U.S.
Financials gained with Royal Bank ahead 60 cents to $53.89 and Manulife Financial advanced 13 cents to $10.99.
Telecoms also provided lift with Telus Corp. up 77 cents to $64.31 while BCE Inc. climbed 42 cents to $44.84.
Commodities were mixed and the energy sector rose as Petrominerales Ltd. was ahead 37 cents to $9.81 while Talisman Energy improved 20 cents to $13.47.
The TSX base metals component was down as copper eased a penny to $3.48 U.S. a pound following a 12-cent jump over the last three sessions. Capstone Mining gave back six cents to $2.50 while Sherritt International lost 12 cents to $4.60.
The gold sector fell as Iamgold Corp. faded 11 cents to $13.01.
ON BAYSTREET
The TSX Venture Exchange fell back 0.57 points to 1,247.51. The Nasdaq Canada dipped 1.99 points to 349.66
Of the 14 Toronto subgroups, eight were lower by noon. Global base metals slid 0.9%, while metals and mining dropped 0.8% and information technology settled 0.6%.
The half-dozen gainers were led upward by financials, down 0.6%, telecoms, off 0.4% and energy, turning 0.3% higher.
ON WALLSTREET
U.S. stocks turned higher Friday, as investors broke through their unease about the economy and whether the Federal Reserve will step in with any stimulus measures to fuel growth.
The Dow Jones industrial average recovered 67.80 points to greet lunch hour at 13,125.26
The S&P 500 index reversed course and added 6.33 points to 1,408.41, while the tech-heavy Nasdaq Composite Index also turned positive by 12.76 points to 3,066.16.
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 favours Samsung over Apple.
Shares of software designer Autodesk slid 16% after the company reported disappointing earnings late Thursday.
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 1.66% from Thursday’s 1.67%. Treasury prices and yields move in opposite directions.
Oil for September delivery gained 64 cents to $96.91 U.S. a barrel.
Gold futures for December delivery dropped $2.60 to $1,670.20 U.S. an ounce.
