The Toronto stock market was higher early Friday as prices rose for key commodities while data suggested a cooling of the Canadian housing market.
The S&P TSX index took 35.63 points to begin Friday at 12,835.54
The Canadian dollar was unchanged at 97.83 cents U.S.
Greece's National Bank said on Friday Fairfax Holdings' interest in taking part in its recapitalization had stalled because the Canadian investment fund wanted certain changes to the terms that were beyond NBG's control. Fairfax shares dipped $1.45 to $391.50 soon after the opening bell
On the economic slate, statistics released today by The Canadian Real Estate Association (CREA) showed national home sales activity edged back down on a month-over-month basis in February after rising in January.
CREA reported that national home sales declined 2.1% from January to February. Actual (not seasonally-adjusted) activity came in 15.8% below levels in February 2012.
ON BAYSTREET
The TSX Venture Exchange was flat at 1,112.81.
All but four of the 14 Toronto subgroups were positive to start the session, led by consumer discretionary stocks, up 0.7%, energy, up 0.5%, and gold, gaining 0.4%.
The three laggards were information technology, off 0.6%, health-care, sagging 0.1%, and utilities, fading but 0.01%. Global base metals were flat at the outset.
ON WALLSTREET
U.S. stocks fell Friday morning, with the S&P 500 holding just below its all-time closing high.
The Dow Jones Industrials dipped 43.85 points from Thursday’s all-time high, to 14,495.30
The S&P 500 index shrank 6.44 points to 1,556.79. The tech-heavy NASDAQ Composite moved down 11.32 points to 3,247.81.
The Dow has finished higher the past 10 trading days, its best winning streak since 1996. If the Dow winds up higher Friday, it would be the best stretch since January 1992.
Trading could be choppy since Friday is the last day for closing out certain options, known as "quadruple witching." That's when four types of contracts expire -- those tied to market index futures, market index options, stock options and stock futures. While many traders try to settle out those contracts ahead of expiration, there is often some volatility on the actual witching day.
Bank stocks were in focus after the Federal Reserve on Thursday approved the capital plans submitted by 16 of the 18 banks it subjected to stress tests.
Bank of America shares rose after it announced plans to repurchase $10.5 billion U.S. in common stock and preferred shares. Wells Fargo said it would increase its quarterly dividend payment to 30 cents U.S. per share dividend starting in the second quarter.
Meanwhile, JPMorgan Chase and Goldman Sachs both dipped after the Fed approved their capital plans, but with conditions attached. Shares BB&T Corp., one of only two banks to have its capital plans rejected, also fell.
Separately, the Senate accused JPMorgan Chase of intentionally misleading investors about the so-called London Whale trades, which ultimately led to losses of $6 billion U.S. for the bank. Former chief investment officer Ina Drew and other executives are testifying before a Senate panel Friday morning.
Economically speaking, the U.S. Bureau of Labor Statistics on Friday said the consumer price index rose 0.7% last month. CPI was expected to have risen 0.5%, according to a Briefing.com consensus. Core CPI, which excludes volatile food and energy prices, rose 0.2% last month, as expected. On an annual basis, the inflation rate is 2%.
Industrial production rose 0.7% in February, after being flat the month before, according to the Federal Reserve. Economists surveyed by Briefing.com were expecting a 0.4% rise.
Prices on the 10-year U.S. Treasury were higher, lowering yields to 2.00% from Thursday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices added 35 cents to $93.38 U.S. a barrel.
Gold prices gained $5.10 to $1,595.80 U.S. an ounce.
