Commodity prices powered Toronto's stock market higher in early Friday trading, as investors also took in the launch of Apple's new iPhone.
The S&P/TSX composite index added 25.21 points to open Friday at 12,434.46
The Canadian dollar took on 0.20 cents to 102.57 cents U.S.
Research In Motion Ltd suffered service problems in Europe, just as its key rival Apple Inc started sales of its new iPhone around the world.
The Canadian Auto Workers union said it reached a tentative four-year contract with General Motors Co.
The U.S. Committee on Foreign Investment on Thursday approved Loral Space and Communications Inc's move to sell its satellite manufacturing business to rival MacDonald, Dettwiler and Associates Ltd.
On the economic slate, Statistics Canada told us that inflation gained less than many experts projected last month. The Consumer Price Index rose 1.2% in the 12 months to August, following a 1.3% increase in July.
The agency also said that, on a seasonally adjusted monthly basis, the Consumer Price Index increased 0.4% in August after decreasing 0.1% in July.
What’s more, wholesale sales fell 0.6% to $49.5 billion in July, following a 0.3% decline in June. Among the seven sub-sectors, five sub-sectors, representing 85% of total sales, reported declines.
ON BAYSTREET
The TSX Venture Exchange regained 12.77 points to 1,347.66
Nine of the 14 Toronto subgroups were higher to begin the session. Metals and mining stocks progressed 1.5%, while gold jumped 1.2% and materials triumphed 1%.
The five laggards were cautioned by a 0.6% loss by information technology stocks, while real-estate and telecoms slid 0.2% each.
ON WALLSTREET
U.S. stocks rose modestly at the open Friday. The market remains on pace for a third straight week of gains as investors keep tabs on the global economy and the iPhone 5 launch.
The Dow Jones Industrial average took on 35.19 points to begin the last session of the week at 13,632.10
The S&P 500 index added 5.36 points, to 1,465.62, and the tech-heavy Nasdaq Composite Index recovered 15.19 points to 3,191.16
It's been a sluggish week as investors worry about a global growth slowdown. Trading activity has been largely muted as a string of reports signal slowing growth in all parts of the world.
Early Friday, World Trade Organization economists scaled back their forecasts for world trade expansion, though recent moves by central banks around the world to take action were cheered.
Apple's iPhone 5 goes on sale in U.S. stores Friday and is almost sure to be the company's best seller yet. Apple shares rose to an all-time high of $704.33 U.S.
Early in the day, KB Home shares rose after the home builder reported quarterly earnings of four cents U.S. per share that were contrary to anticipated losses.
Shares of Darden Restaurants, which operates chains including Red Lobster and Olive Garden, gained ground after it reported earnings of 85 cents U.S. per share, near expectations.
Shares of business software maker Oracle rose a day after the company reported quarterly earnings in line with expectations.
McDonald's shares were also slightly higher Friday, a day after the fast food company promised to raise its dividend 10% for the fourth quarter.
In the United States, Friday also marks "quadruple witching," when four types of contracts expire -- market index futures, market index options, stock options and stock futures. While many traders settle out those contracts in the days leading up the expiration, there is still some volatility on the actual day.
Otherwise, economically speaking, investors have little domestic data to digest. The day's only report, data on state and regional unemployment for August, is due out this morning from the U.S. Bureau of Labor Statistics.
The price on the benchmark 10-year U.S. Treasury inched back, lifting yields to 1.79% from Thursday’s 1.78%. Treasury prices and yields move in opposite directions
Oil prices gained $1.01 a barrel to $93.43 U.S.
Gold futures for December delivery rose $15.60 to $1,785.80 U.S. an ounce.
