The Toronto stock market stepped back slightly at the open on Friday as markets took a breather after this week's rally following U.S. Federal Reserve's surprise decision to leaving its bond-buying program intact.
The S&P/TSX composite index fell 13.15 points to begin Friday at 12,913.63
The Canadian dollar erased 0.18 cents to 97.24 cents U.S.
HudBay Minerals told the media hopes to buy at least one greenfield project in the next year and expects to boost annual copper output nearly fivefold by 2016. HudBay shares lopped off 12 cents to $8.60
NBF raised the target price on Semafo Inc. to $3.30 from $2.50, believing management's shift to free cash flow by advancing development on the higher grade Siou and Fofina deposits near present infrastructure should help in the weaker gold price environment. Semafo shares nicked higher two cents to $2.46
RBC raised the target price on Trinidad Drilling Ltd. $12 from $11, continuing to see the company as a prime candidate to win market share as new build contracts are awarded in Canada and the United States. Trinidad shares added four cents to $10.65.
Economically speaking, Statistics Canada reported that the consumer price index rose 1.1% in the 12 months to August, following a 1.3% increase in July. On a seasonally-adjusted monthly basis, the CPI rose 0.1% in August, matching the increase in July.
ON BAYSTREET
The TSX Venture Exchange dipped 0.05 points to 952.83
Nine of the 14 Toronto subgroups were lower in the first hour, gold falling 2.6%, while materials suffered 1.5% and utilities slipped 0.9%.
The five gainers were led by telecoms, up 0.6%, while energy and financials gained 0.3% each.
ON WALLSTREET
Suspense over when the Federal Reserve will begin easing on its bond-buying -- and whether the U.S. government will actually shut down in October – weighed on markets in Friday’s first hour of trading.
The Dow Jones Industrials skidded 24.33 points early Friday to 15,612.20
The S&P 500 index faded 0.85 points to 1,721.49. The NASDAQ inched higher 3.63 points to 3,793.02.
With few earnings or economic reports on the calendar, it figures to be a quiet day.
Apple's stock ticked 1% higher, as sales for the new iPhones kicked off in stores in the U.S., China and seven other countries Friday. Investors are hoping the phones are a hit. Apple needs it. The stock has declined by 33% over the past year.
Darden Restaurants, which operates the Olive Garden and Red Lobster chains, reported weaker-than-expected sales and profits. Darden also said it's planning workforce reductions. The stock slipped more than 3%.
Prices for the 10-year U.S. Treasury faded, raising yields to 2.75% from Thursday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices down 29 cents to $106.10 U.S. a barrel.
Gold prices settled $17.70 at $1,351.80 U.S. an ounce.
