Stock markets in Toronto enjoyed slight gains soon after Friday’s open, perked by new jobs figures released this morning for Canada.
The S&P/TSX composite index inched higher 8.73 points to begin the week’s last session at 12,552.63
The Canadian dollar dipped 0.57 cents to 98.77 cents U.S.
TMX Group LTD reported a better-than-expected profit for the first quarter and said revenue rose 6%. TMX shares faded $1.26, or 2.4%, to $51.68.
Canaccord Genuity raised Algonquin Power & Utilities Corp. to buy from hold and ups target price to $8.50 from $8 citing valuation and dividend yield after the company reported solid first-quarter results. Algonquin shares took on 15 cents soon after the opening bell to $8.06.
RBC raised the price target on BCE Inc. to $48 from $47 after the company posted in-line first-quarter operating results, says the company is on track to meet the high-end of consolidated EBITDA outlook for 2013. BCE gained 24 cents to $47.89.
On the economic agenda, Statistics Canada reported this morning that employment was little changed in April – gaining only 12,500 jobs -- and the unemployment rate remained at 7.2%.
ON BAYSTREET
The TSX Venture Exchange settled back 3.50 points to 966.23.
All but four of the 14 Toronto subgroups were in the green to begin Friday, led by information technology, up 1.2%, consumer discretionary issues, up 0.9%., and telecoms, 0.4% to the good.
The four laggards were weighed mostly by gold, down 1.8%, materials, fading 0.9%, and energy, 0.5% less energetic.
ON WALLSTREET
Investors were focused squarely on Japan early Friday, as stocks rallied to new highs from Tokyo to Wall Street.
The Dow Jones Industrials gained 25.08 points to 15,107.70
The S&P 500 index inched up 0.23 points to 1,626.90, while the NASDAQ Composite regained 18.52 points to 3,427.69
In the corporate arena, a bidding war is brewing over Dell. Activist investor Carl Icahn and Southeastern Asset Management sent an alternative buyout offer to the PC maker.
Icahn also disclosed a 4.52% stake in Dell. The move is a challenge to the offer Michael Dell, the company's namesake, announced in January.
Priceline shares rose even though the online travel booker issued a worse-than-expected forecast for second-quarter earnings. Results for the first quarter did top estimates.
Gap shares rose nearly 5% after the apparel retailer issued strong quarterly guidance.
Japan's Nikkei 225 surged 3% to a five-year high as the yen continued to weaken versus the U.S. dollar. One day after the dollar hit ¥100 for the first time in four years, it rose to ¥101 early Friday.
The yen is down 15% against the greenback so far this year as the Bank of Japan is on a mission to beat deflation by pumping money into the economy. But traders said the latest move has more to do with a strong dollar than a weak yen. The dollar has been boosted recently by signs of strength in the U.S. job market and interest rate cuts from a parade of central banks.
Prices on the 10-year U.S. Treasury plummeted, lifting yields to 1.85% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions
Oil prices fell $2.11 to $94.28 U.S. a barrel.
Gold prices slumped $41.50 at $1,427.50 U.S. an ounce
