\Toronto stocks were up again on Friday, compiling a fifth straight positive session. Strength in the resource sectors drove the market higher.
The S&P TSX Composite Index gained 59.62 points to end the week at 10,364.04, a more-than-600-point leap over last Friday.
Mining stocks were up on the day as copper jumped in Comex trading. First Quantum added 6.2% to $62.50, FNX Mining gained 4.6% to $7.75, Thompson Creek Metals was up 4.5% to $13.75 and Teck Resources jumped 4.8% to $23.47.
Energy stocks also added strength, as Niko Resources rallied 3.7% at $78.70, Suncor picked up 3.5% at $33.95 and Canadian Natural Resources gained 2.1% at $62.88.
Materials stocks climbed, and gold stocks also rallied. Goldcorp gained 1.8% to $41.12, Kinross was up 1.8% to $22.28 and Barrick Gold marched ahead 1.5% to $38.49.
Bradmer Pharmaceuticals soared 36% at 17 cents after the company announced it will buy back up to 8.3 million shares of its outstanding stock at $0.20 per share.
Patheon was flat at $2.65 after the company announced that it has signed an agreement with EMCOR Facilities Services, a subsidiary of Emcor Group for facilities and energy management services at its three U.S. plants.
TransCanada Corp. on Friday announced the appointment of Russell Girling as chief operating officer of the company, effective immediately. Shares advanced 0.2% to $31.13.
Canadian consumer prices data dropped 0.3% in June compared with June 2008, following a 0.1% increase in May, according to data released Friday by Statistics Canada. Excluding energy, the CPI rose 2.1% in June. The results were in line with analysts expectations.
Meanwhile, the Canadian leading index fell by 0.1% in June, after the rate of decline had slowed markedly from 1.0% in April to 0.1% in May. In June, four of 10 components rose, the same number as in May.
The Canadian dollar crept up 0.05 cents to 89.58 cents U.S.
ON BAYSTREET
Losing groups among the 14 TSX subgroups nosed out winners eight to six. Health-care stocks and industrials finished in a dead heat, losing 0.5% each, while telecoms were off 0.4%.
Metals and mining led the six winners, up 3.6%, followed by energy, ahead 1.6%, while materials gained 1.3% each.
The TSX Venture Exchange moved lower 2.18 points to 1,095.62, while the Nasdaq Canada Index moved ahead 3.50 points to 707.42
ON WALLSTREET
In New York, IBM's improved outlook lifted the Dow industrials Friday, but the broader market struggled as investors showed fatigue after a strong week on Wall Street.
The Dow Jones Industrials average finished the day ahead 32.12 points to finish the week at 8,743.94. The S&P 500 index tailed off 0.36 points to 940.38. The tech-rich Nasdaq composite index regained 1.58 points, to 1,886.61.
The major gauges were on both sides of unchanged throughout the session as investors weighed the better-than-expected financial results with some reluctance after the run-up.
Stocks ended higher for the week. It was the Dow and S&P 500's first up week -- and the Nasdaq's second -- in the past five, while the S&P also enjoyed improvement.
Dow component Bank of America reported a profit of 33 cents U.S. per share, down from 72 cents U.S. a year ago, but five cents more than what analysts were expecting. Shares lost 1.5%.
Former Dow component Citigroup reported a second-quarter profit of 49 cents U.S. per share, surprising analysts who were looking for a loss of 37 cents U.S., on average. Citigroup lost 55 cents U.S. per share a year ago. Shares were little changed.
CIT Group bounced 108% Friday on reports that it is in talks with JPMorgan Chase and Goldman Sachs as it tries to avoid a bankruptcy filing. Shares fell 71% Thursday after the small business lender said it won't receive a government bailout, raising fears that the company could collapse.
CIT helps fund as many as one million small businesses, but a collapse of the company is not seen as a risk to the broad financial system.
IBM reported higher quarterly earnings late Thursday that topped estimates on lower revenue that missed forecasts. The tech leader also said full-year earnings would come in at $9.70 U.S. per share versus a forecast of $9.20 U.S. per share. Shares gained 4% Friday.
IBM is the most influential stock on the Dow because of its size.
Google reported higher quarterly earnings late Thursday that topped estimates, largely due to cost cutting. The Internet search leader also reported tepid revenue growth because of slowing ad sales. Shares fell 3% Friday.
Dow component General Electric reported earnings of 26 cents U.S. per share, versus forecasts for 23 cents U.S. per share. GE lost 54 cents U.S. a year ago. Shares fell 5.5% Friday.
The Census Bureau reported that June housing starts jumped to an annual rate of 582,000 units. Starts were expected to have dipped to a 530,000 unit annual rate from a revised 562,000 unit annual rate in May.
Building permits, a measure of builder confidence, rose to an annual unit rate of 563,000 in June. That was much stronger than the expected 524,000 unit annual rate, and well above the revised 518,000 unit annual rate in May.
Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.65%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil gained $1.54 to $63.41 U.S.
Gold prices gained $2 to $938 U.S. an ounce.
