North American markets were in the red Friday amid a mixed bag of quarterly financial reports and signs that Canada's private sector continued to add jobs last month even as the overall unemployment rate rose in June.
The S&P/TSX composite index doffed 10.79 points to end Friday at 12,542.13
The Canadian dollar gathered 0.36 cents to 97.19 cents U.S.
BlackBerry shares rose 5.7%, or 54 cents, on news that the Canadian smartphone-maker's chief executive officer and board of directors are warming to the idea of taking the company private.
The reports from Reuters said no decision was imminent and BlackBerry issued a brief statement saying it doesn't comment on rumours or speculation. The Toronto-listed shares climbed to $10.05 by the closing bell.
Meanwhile, auto parts giant Magna International Inc. reported a $415-million U.S. profit and record-high second-quarter sales, which were up 16% from the same time last year and well above analyst estimates.
Magna now expects between $33.3 billion and $34.7 billion of sales in 2013 -- about $700 million higher than Magna's outlook in May when its first-quarter results were issued. Magna shares were ahead $2.15 to $82.30.
Brookfield Asset Management Inc. is also reporting $802 million U.S. of net income and $464 million U.S. of funds from operations for common shareholders in the second quarter. Both results were more than double the levels a year earlier, when the Toronto-based asset manager had $379 million U.S. of net income and $159 million of funds from operations.
Brookfield is one of Canada's largest asset managers, with numerous publicly traded subsidiaries and investments primarily focused on real estate, power generation and natural resources, particularly in the forestry sector. Despite the positive earnings, its shares dipped 59 cents to $37.99.
Metals and mining stocks proved the ones with the most muscle Friday, and Rio Alto Mining led that pack by piling on 17 cents, or 7.4%, to $2.47.
An onslaught of data from China, the world's second-largest economy, was not enough to lift the markets, as figures overnight showed that Chinese inflation in July was steady at an annual rate of 2.7%, slightly below an expected modest increase to 2.8%
Industrial production rose 9.7% in the year to June, ahead of expectations for a nine per cent increase and retail sales grew 13.2% in July from a year earlier, slightly slower than June's growth rate.
On the domestic economic front, Statistics Canada reported that employment decreased by 39,000 in July, and the unemployment rate rose 0.1 percentage points to 7.2%. With this decrease, employment gains have averaged 11,000 per month over the past six months, slower than the average of 27,000 observed during the preceding six-month period.
Since July 2012, employment has increased 1.3%, or 226,000. At the same time, the number of hours worked has grown 0.7%, as part-time employment rose at a faster pace than full-time (2.2% versus 1.1%).
Moreover, Canada Mortgage and Housing Corporation told us that in July, the seasonally-adjusted annualized rate of housing starts was 192,853 units, a decline from June and in line with market expectations. The June figure was revised down to 193,797 from 199,586 originally reported.
Analysts polled by Reuters had expected 193,500 starts in July.
ON BAYSTREET
The TSX Venture Exchange gained 4.76 points to 920.09
Nine of the 14 Toronto subgroups were higher on the day, led by metals and mining issues, up 4%, while global base metals triumphed 2.7%, and gold surged 1.7%
The five laggards were weighed mostly by industrials, down 1%, while consumer staples were down 0.6%, and financials, off 0.3%.
ON WALLSTREET
Stocks ended the week with losses.
The Dow Jones Industrial Average backtracked 72.81 points to 15,425.50
The S&P 500 index was negative 6.06 points to 1,691.42. The NASDAQ docked 9.02 points to 3,660.11.
But even with the major indexes all shedding about 1% this week, the market hasn't lost all that much momentum. This week notwithstanding, stocks have been on fire this year, jumping between 18% and 23%.
Even though the broader market wasn't doing much, there were several high-profile stocks on the move. Priceline.com shares moved closer to $1,000 U.S. The online travel company posted quarterly earnings Thursday that beat expectations.
J.C. Penney shares fell more than 7%, one day after gaining 7%. Activist investor Bill Ackman wants a new CEO, and in a letter, stated how worried he is about the health of the company. Traders are terrified about the retailer's prospects.
Shares of BlackBerry surged, after Reuters reported that the Canadian smartphone company is looking for a buyer to take it private.
Still not everyone was sure that the BlackBerry rally had staying power.
Prices for the 10-year U.S. Treasury gained a bit, dropping yields to 2.58% from Thursday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices reacquired $2.59 to $105.99 U.S. a barrel.
Gold prices gained $3.50 to $1,313.40 U.S. an ounce.
