Markets in Toronto were virtually unchanged at the open on Friday as geopolitical tensions surrounding Syria eased after the British Parliament voted against participating in any military action against the region.
The S&P/TSX composite index poked ahead 9.71 points to begin Friday at 12,714.44
The Canadian dollar was fairly flat at 94.90 cents U.S.
CIBC raised the target price on Canadian Western Bank to $31 from $30, saying the loss suffered by the bank due to its exposure to severe flooding and hailstorms in Alberta were moderated by elevated securities gains as well as higher fee income due in part to gains from the sale of mortgages. Canadian Western shares took on 36 cents to $29.85.
National Bank Financial raised the price target on CIBC to $86 from $85 on valuation. Commerce shares dropped 23 cents to $82.43.
CIBC raised the target price on Royal Bank of Canada to $72 from $70 as the bank recorded strong third-quarter results. RBC shares gained 24 cents to $65.48.
CIBC raised the target price on Toronto-Dominion Bank to $95 from $91, following the bank's better-than-expected third-quarter results. TD shares grew 69 cents to $90.62.
Economically speaking, Statistics Canada revealed this morning that Gross Domestic Product dipped 0.5% in June, while growing 0.4% on a quarterly basis, after a 0.5% hike in the first quarter.
ON BAYSTREET
The TSX Venture Exchange began the week’s and month’s final session lower by 3.70 points to 937.74
Seven of the 14 Toronto subgroups were positive in the first hour, led by consumer staples, up 1.1%, global base metals, up 0.7%, and the metals and mining group, ahead 0.4%.
The half-dozen laggards were weighed mostly by gold, which dipped 0.9%, while materials skidded 0.5% and energy stocks were 0.3% less energetic. Health-care stocks were flat soon after the opening.
ON WALLSTREET
Investors are ready to say goodbye to August, which has been the cruelest month during an otherwise sunny 2013.
The Dow Jones Industrials retreated 23.06 points to 14,817.90
The S&P 500 index dropped 3.14 points to 1,635.03. The NASDAQ gave back 15.31 points to 3,605
The Dow and the S&P 500 are on track to lose between 3% and 4% this month. But they are still up between 13% and 15% for the year.
The NASDAQ held up better in August and is on track to only dip slightly. The tech-heavy index has gained 20% year-to-date.
Markets on both sides of the border will be shuttered Monday for Labour Day
General Electric shares were the best performer on the Dow, rising more than 1% after The Wall Street Journal reported that the firm is preparing to spin off its retail lending business.
Salesforce.com shares shot up after the cloud-based software company reported better-than-expected quarterly sales and earnings Thursday afternoon.
Krispy Kreme shares were down 10% after the doughnut maker missed earnings estimates and lowered its full-year guidance Thursday.
Shares of energy producer Apache soared after it announced it was selling a 33% stake of its oil and gas holdings in Egypt to China's Sinopec for $3.1 billion U.S.
Prices for the 10-year U.S. Treasury lost ground, raising yields to 2.78% from Thursday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices lost 79 cents to $108.01 U.S. a barrel.
Gold prices dropped $19.00 to $1,393.90 U.S. an ounce.
