Canada's main stock index opened slightly below the breakeven line, dragged down by falling commodities, after minutes of the U.S. Federal Reserve's December meeting raised concerns about the possible side effects of the bank's stimulus program.
The S&P/TSX composite index dipped 2.73 points to open the last day of a short week at 12,467.71
The Canadian dollar strengthened 0.24 cents to 101.50 cents U.S.
FirstEnergy Capital initiated coverage on Platino Energy with a top pick ranking, price target of $2.50, citing company's strong financial position, significant near term exploration potential and limited downside risk. Platino shares opened at $1.50 Friday morning.
Canaccord Genuity raised the target price on Tricon Capital Group Inc. to $7.20 from $6.50 on cash flow growth and improved valuation following acquisition of 550 single family rental homes growing its portfolio to 1,500 homes in the U.S. Tricon shares shed seven cents at $6.34 in Friday’s first hour.
On the economic front, Statistics Canada reported this morning that employment rose by 40,000 in December, the fourth increase in five months, all in full-time work. The unemployment rate declined 0.1 percentage points to 7.1%, the lowest in four years.
Elsewhere, the nation’s number crunchers said their Industrial Product Price Index was down 0.3% in November compared with October, due mostly to lower prices for petroleum and coal products. The Raw Materials Price Index fell 1.9%, on weaknesses for energy prices.
ON BAYSTREET
The TSX Venture Exchange shed 2.16 points to 1,224.01
Nine of the 14 Toronto subgroups started the day in the negative column, weighed by gold stocks, off 1.2%, materials, down 0.9%, and health-care issues, ailing 0.5%.
The four gainers were led by real-estate, up 0.6%, while energy and financials climbed 0.3% each. Utilities were flat soon after the opening bell.
ON WALLSTREET
U.S. stocks swung between marginal gains and losses in morning trading on Friday as investors digested government data showing the economy created 155,000 jobs in December.
The Dow Jones Industrial Average tacked on 11.08 points to open Friday at 13,402.40, with International Business Machines Corp. the biggest decliner among its 30 components.
Alcoa Inc. was the top gainer in the Dow, with the aluminum producer due to report fourth-quarter results on Tuesday, marking the unofficial start of corporate earnings-reporting season.
The S&P 500 gained back 1.34 points to 1,460.71. The Nasdaq Composite faded 3.18 points to 3,097.39
Economically speaking, before the market opened, the U.S. Labor Department reported that non-farm payrolls rose by 155,000 in December and the jobless rate stood at 7.8%.
Economists expected an increase of 160,000 jobs.
November’s unemployment rate, originally reported as 7.7%, was changed to 7.8% after the annual revisions conducted each December.
In other economic news, the Institute for Supply Management will release its services-sector index for December this morning, and the Commerce Department will report factory-orders data for November.
Prices on the 10-year U.S. Treasury note lost yet more ground, boosting yields to 1.92% from Thursday’s 1.90% Treasury prices and yields move in opposite directions.
Oil prices dropped 30 cents to $92.62 U.S. a barrel.
Gold prices jettisoned $23.70 an ounce to $1,650.90 U.S.
