The Toronto Stock Exchange climbed higher and the Canadian dollar fell Friday as Statistics Canada reported that consumer prices rose last month at the slowest rate in more than three years.
The S&P/TSX composite index greeted noon up 37.03 points to 12,544.67
The Canadian dollar subsided 0.73 cents to 97.39 cents U.S., on new inflation figures.
Markets in Toronto will be closed Monday for the Victoria Day holiday.
The gold sector took most of the punishment Friday morning, with bullion prices continuing their descent. Lake Shore Gold slipped 6.5% to 29 cents, while behemoth Barrick Gold dropped 1.2% in price to $19.37.
Metals and energy stocks powered much of the increase, with Orbite Aluminae tracking 4.8% higher to 65 cents, while Teck Resources moved 0.3% higher to $27.86.
Bankers Petroleum ballooned in price 6.4% to $3.00, while industry giant Imperial Oil gained 0.5% to $39.88.
In the economic file today, Statistics Canada reported this morning that the consumer price index rose 0.4% in the 12 months leading up to April, following a 1.0% increase in March.
The agency also said wholesale sales advanced by 0.3% in March to $49.1 billion, due mostly to higher sales in the motor vehicle industry.
ON BAYSTREET
The TSX Venture Exchange slid back down 2.08 points to 930.78
All but four of the 14 Toronto subgroups gained ground, led by global base metals and energy, each climbing 1.3%, while information technology triumphed 0.9%.
The four laggards were anchored mostly by gold stocks, sinking 2.4%, while materials lost 1.2% and the metals and mining sector skidded 0.4%.
ON WALLSTREET
The continued optimism of American consumers helped give U.S. stocks a boost early Friday, putting the market on track for a fourth week of gains.
The Dow Jones Industrials gained 58.79points to 15,292.
The S&P 500 index moved higher by 7.54 points to 1,658.01, while the NASDAQ Composite added 16.64 points to 3,481.88
J.C. Penney shares slid after the ailing retailer reported another massive loss.
The losses came during a quarter in which J.C. Penney announced the departure of CEO Ron Johnson, a former Apple retail executive hired in 2011 to revive the floundering chain.
Mike Ullman, the former CEO who took back the reins from Johnson, pledged to reemphasize the company's private brands and improve the performance of its online store.
On the higher end of the retail spectrum, Nordstrom shares sank after the company reported weaker-than-expected revenue growth and trimmed its sales outlook.
A year after Facebook's disastrous stock market debut, the social network's stock is still 30% below its IPO price of $38 a share.
The company went public on May 18, 2012, in one of the most highly anticipated IPOs ever. But its stock performance has been abysmal and some investors are relieved to have missed out on the deal.
Shares of Tableau Software surged 60% in their debut on the New York Stock Exchange.
The company raised more than $254 million U.S. through an initial public offering that priced above its estimated range. Tableau, which specializes in data visualization, also raised the amount of shares it offered to 8.2 million from 7.2 million.
Tesla raised $968 million U.S. in a secondary offering of common stock and convertible notes. The electric car maker's founder and chairman, Elon Musk, personally bought $100 million U.S. worth of shares.
Economically speaking, consumer sentiment rose to its highest level in nearly six years in early May, according to a University of Michigan/Thomson Reuters survey.
Separately, the U.S. Conference Board's index of leading economic indicators bounced back in April from the prior month.
Prices on the 10-year U.S. Treasury faded, raising yields to 1.93% from Thursday’s 1.86%. Treasury prices and yields move in opposite directions
Oil prices hiked 24 cents to $95.40 U.S. a barrel.
Gold prices dropped another $24.00 at $1,362.90 U.S. an ounce
