Canada's main stock index was little changed on Friday, retreating from early session gains, as lower bullion prices pressured gold miners.
The S&P/TSX Composite Index slipped 7.59 points to end Friday at 12,816.03
The Canadian dollar dipped 0.42 cents to 99.36 cents U.S., a day after closing below parity with the American currency for the first time since mid-November.
The loonie has been under pressure since the Bank of Canada indicated Wednesday that interest rates will likely rise further down the road than had been expected because of economic weakness.
Still, with the Bank of Canada, Finance Minister Jim Flaherty expects to choose the country's next central bank governor in April and said on Friday he was looking worldwide for the right candidate, who must hold a Canadian passport. This, after current Governor Mark Carney announced he’d take the helm of the Bank of England this spring.
Among the biggest drags on the market were gold stocks. Kinross Gold Corp slumped 4.3% to $8.61, while Goldcorp Inc fell 1.7% to $35.79. Barrick Gold Corp was off 1.2% at $33.06.
Energy stocks climbed, led by Canadian Natural Resources Ltd, which was up 0.8% at $30.90.
Pacific Rubiales Energy Corp climbed 3.8% to $23.31 following its announcement that it has discovered oil in Brazil.
Potash Corp was the single most positive influential stock on the index, rising 3.1% to $43.96. The fertilizer giant extended Thursday's gains after its fellow fertilizer maker, Agrium, raised its profit forecast amid expectations for higher fertilizer demand.
Agrium shares hiked 1.3% to $115.34.
On the economic slate, the cost of living showed a consistent rise last month. Figures released by Statistics Canada this morning showed the consumer price index hiked 0.8% in December, matching November’s increase.
ON BAYSTREET
The TSX Venture Exchange slumped 2.2 points to 1,227.26
The 14 Toronto subgroups were evenly split Friday between gainers and losers. Health-care led the former half, picking 1%, while energy and consumer staples were each 0.3% better.
Gold sustained the biggest losses among the seven lagging groups, off 1.9%, while materials were off 0.9% and telecoms were down 0.5%
ON WALLSTREET
U.S. stocks were higher Friday as investors welcomed a batch of better-than-expected corporate results.
The Dow Jones Industrial Average progressed 70.65 points, to end the day and week at 13,896.
The S&P 500 gained 7.87 points to 1,502.69. The tech-heavy NASDAQ Composite grew 19.33 to 3,149.71
Procter & Gamble shares rose 3.7%, leading the gains on the Dow. The company, which makes a variety of household goods, topped earnings expectations and raised its outlook for earnings and share repurchases in 2013. Microsoft and AT&T shares also lifted the blue-chip index following their earnings.
Halliburton shares jumped more than 5%, making it among the best performers in the S&P 500. The company reported earnings that beat analysts' expectations, driven by strength in the company's international divisions.
A 4.4% increase in Starbucks shares also boosted the broader market. The company reported earnings late Thursday that were in line with analysts' estimates.
Netflix continued to surge for a second day. Shares gained more than 17% Friday, adding to the previous day's 42% jump. Earlier this week, Netflix shocked Wall Street with a surprise profit for the fourth quarter.
But Apple shares continued to slide Friday. The drop briefly knocked Apple from its position as the world's most valuable company, allowing Exxon Mobil to reclaim the title.
Also, on the downside, shares of Hasbro were under pressure after the company said it expects full-year earnings to come in below analysts' expectations, citing the "challenging growth prospects" in the toy industry. Hasbro also announced it was cutting 10% of its workforce. Shares of rival Mattel fell too.
Overall, S&P 500 companies are expected to report earnings growth of 4.45% for the last three months of 2012, according to S&P Capital IQ.
Of the 142 companies that had reported results as of Thursday evening, 66% have exceeded analysts' expectations.
On the economic front, new home sales unexpectedly dropped in December, sliding 7.3% to an annual rate of 369,000, according to a report from the Census Bureau.
Prices on the 10-year U.S. Treasury caved raising yields to 1.95% from Thursday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices poked ahead six cents to $96.01 U.S. a barrel.
Gold prices fell back $12.50 to $1,657.40 U.S. an ounce.
