The Toronto stock market closed higher at the end of a volatile week while traders kept a close eye on how crucial U.S. budget negotiations are progressing.
The S&P/TSX composite index rose 36.19 points to 12,239.04. The Canadian dollar was down 0.09 of a cent to 100.64 cents US.
But despite the volatility, both the TSX and the Dow closed essentially flat for the week.
The utilities led advancers, up 0.77 per cent with Algonquin Power & Utilities ahead 11 cents to $6.74.
The industrials sector also provided lift as Bombardier Inc. ran up 11 cents to $3.51.
The TSX mining sector moved up while March copper gained four cents to $3.65 U.S. a pound. Inmet Mining climbed $2.25 to $67.75.
Inmet said Friday the Toronto Stock Exchange has deferred its review of the miner’s recently announced shareholder rights plan. Inmet adopted the plan earlier this week after it announced it had rejected an unsolicited takeover offer from First Quantum Minerals Ltd. worth $4.9 billion in stock and cash.
The financials group was ahead as Scotiabank gained 78 cents to $56.
The telecom sector rose as Telus Corp. voting shares rose 27 cents to $64.84 on very heavy volume of million shares as it said the non-Canadian ownership of its common shares is down, leading it to suggest that Mason Capital may have reduced its stake in the company. Telus has been embroiled in a fight with the U.S. hedge fund over a plan to convert the telecommunication company’s non-voting shares into voting shares.
The energy sector was flat as Imperial Oil fell 85 cents to US$42.03.
Cenovus Energy shares were 29 cents higher to $33.36 while Environment Minister Peter Kent refused to approve an Alberta gas project planned by the Calgary-based company. The proposal involves a project in the CFB Suffield national wildlife area. Kent says the gas project would put wildlife at risk and he had to turn it down.
Among gold plays, Kinross Gold Corp. faded 13 cents to $10.06.
On the economic slate, figures released by Statistics Canada showed that the economy continued moving, however slowly. Real gross domestic product rose 0.1% in the third quarter, slowing from the 0.4% growth in the second quarter. The slower pace of growth was the result of declines in exports and business investment. Final domestic demand grew 0.4%.
ON BAYSTREET
The TSX Venture Exchange added 2.52 points to 1,220.90
All but two of the 14 Toronto subgroups gained, led by health-care stocks, up 1.3%, real-estate, ahead 1%, and the metals and mining group, up 0.8%.
The two laggards were gold, off 0.7%, and materials, down 0.2%.
ON WALLSTREET
U.S. stocks went nowhere Friday as investors remain sidelined by political gridlock in Washington.
The Dow Jones Industrials closed Friday up 3.76 points to 13,025.58
The S&P 500 moved 0.23 points higher to 1,416.18 and the Nasdaq Composite Index slid 1.79 points to 3,010.24
A few stocks were making big moves Friday. Shares of St. Jude Medical rallied after the hospital's board authorized a $1-billion U.S. stock buyback. Yum! Brands sank after the firm softened its expectations for China, predicting same-store sales in that key market would decline 4% in the fourth quarter.
Zynga shares plunged on news that the terms of its deal with Facebook had substantially changed.
Verisign, the company that makes money off the .com registration, sold off sharply after it said it reached a new agreement with the U.S. Commerce Department that limits future price increases.
Economic data released Friday showed personal income remained unchanged in October, while spending declined by 0.2% in the month.
A survey of purchasing managers in the Chicago area improved slightly in November, after two consecutive months of decline. The Chicago PMI inched up to 50.4, moving back above the level indicating growth.
Treasury prices were up slightly, lowering yields to 1.61% from Thursday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices gained 77 cents to $88.84 U.S. a barrel.
Gold prices faded $12.90 an ounce to $1,714.30 U.S.
