Canadian markets were slightly lower Friday following better-than-expected durable goods orders in April that suggested encouraging news for U.S. manufacturers.
The S&P/TSX composite index was still negative 2.17 points, to greet noon at 12,655.92
The Canadian dollar dropped 0.23 cents to 96.86 cents U.S.
In the commodities field, July copper was down a penny at $3.29 U.S. a pound.
Stock in Teck Resources dipped 11 cents, or 0.4%, to $28.09, while Major Drilling Group fell 17 cents, or 2.4%, to $7.00
Health-care issues also moved downward, with Nordion Inc. off 16 cents, or nearly 2%, to $8.00.
Utilities stocks also suffered losses, most notably Canadian Utilities, off 60 cents, or 0.8%, to $77.05.
Rising shares in Manitoba Telecom Services provided a lift to the Toronto stock market after they increased by 4.3%, or $1.41, to $33.51.
Winnipeg-based MTS announced that it will be selling its national telecommunications arm, Allstream, to Accelero Capital Holdings in a deal worth $520 million.
Shares in National Bank also climbed by 1.71%, or $1.29, to $76.85 after Canada’s sixth-largest bank said it was hiking its dividend and buying back some of its shares because its second-quarter profit beat analyst estimates by a wide margin.
There is no economic news due out today.
ON BAYSTREET
The TSX Venture Exchange gathered 3.30 points to 945.35
None of the 14 Toronto subgroups were positive by midday, as information technology was flat. Global base metals fell 1%, while health-care issues dipped 0.4% and utilities stumbled 0.3%.
ON WALLSTREET
U.S. stocks were under pressure for a third straight day, as worries about the Federal Reserve continue to hang over the market.
The Dow Jones Industrials was still down 24.46 points to pause for lunch at 15,270 – off its lows of the morning.
The S&P 500 index was down 5.27 points to 1,645.24. The tech-rich NASDAQ Composite fell 9.41 points to 3,405.01
All three indexes are on track to close out the week in the red, ending a four-week winning streak.
With the major gauges up about 15% for the year, some investors have speculated the market is on the verge of a long-awaited pullback. But others say stocks will continue to grind higher as investors look for opportunities to get in on the rally.
Markets in the U.S. will be shuttered Monday for Memorial Day.
Shares of Dow component Procter & Gamble rose after the company ousted CEO Bob McDonald and replaced him with his predecessor A.G. Lafley. The company had been under pressure from activist investor Bill Ackman to make the move.
Pandora jumped nearly 3% after the music site reported better-than-expected revenue and a slightly smaller-than-forecast loss after the close Thursday.
But shares of two well-known retailers plunged on weak results. Sears Holding and Abercrombie & Fitch sank after reporting larger than expected losses in the most recent quarter.
Shares of Salesforce.com slid more than 7% as the company offered a weak 2014 outlook. Gap shares also fell on weak guidance.
In economic news, new orders for durable goods rose 3.3% in April, following a drop of 5.9% in March, according to the U.S. Commerce Department. Economists had predicted a 1.6% rise.
Prices for the 10-year U.S. Treasury inched upward, driving yields down to 2.01% from Thursday’s 2.02%. Treasury prices and yields move in opposite directions.
Oil prices faded 44 cents to $93.81 U.S. a barrel.
Gold prices shed $4.80 at $1,387 U.S. an ounce
