Markets in Toronto made modest gains at the open open on Friday, after investors took comfort in the expectation of extended U.S. monetary stimulus.
The S&P/TSX composite index picked up 30.40 points to begin Friday at 13,461.78
The Canadian dollar dwindled 0.10 cents to 95.45 cents U.S.
Saputo Inc raised its takeover offer for Australia's Warrnambool Cheese and Butter Factory Co Holdings Ltd by 12.5%, and Warrnambool's board unanimously recommended it. Saputo jumped in price 16 cents to $48.86.
CIBC raised the target price on Aimia to $20 from $17, says 2014 will be a transition year and investors should focus on free cash flow. Aimia shares nicked up three cents to $18.57.
CIBC also raised the target price on Barrick Gold to $21 from $20 to reflect the company's recapitalization of its balance sheet. Barrick shares gained nine cents to $19.02.
In the economic docket, Statistics Canada reported September manufacturing sales rose 0.6% to $49.9 billion, mostly due to higher sales in the motor vehicle assembly and food industries.
The Canadian Real Estate Association revealed that national home sales declined last month, by 3.2% over September, but actual (not seasonally-adjusted) activity came in 8.3% above levels in October 2012.
ON BAYSTREET
The TSX Venture Exchange eked up 0.48 points to 932.1
Seven of the 10 TSX subgroups were higher, led by information technology, materials and financials, each up 0.4%.
The three laggards proved to be consumer discretionaries and utilities, each down 0.2%, while consumer staples slipped 0.1%.
ON WALLSTREET
Stocks continue to hit new records, and with just another little improvement, the three major indexes could surpass some big milestones.
The Dow Jones Industrial was up 28.48 points from yesterday’s all-time high to 15,904.70
The S&P 500 index moved up 1.20 points from its all-time peak to 1,791.82. The NASDAQ edged up 1.42 points to 3,974.16.
The Dow is closing in on 16,000, while the S&P 500 is inching toward 1,800, both of which would be reached for the first time. The tech-heavy NASDAQ is nearing 4,000, a level not seen since September 2000, just after the collapse of the dot-com bubble.
Shares in Exxon Mobil were higher after it was revealed that Warren Buffett's Berkshire Hathaway made a big bet on the company, buying roughly 40 million Exxon shares -- worth $3.74 billion U.S. at Thursday's closing price.
Government-sponsored mortgage giants Fannie Mae and Freddie Mac both surged after activist shareholder Bill Ackman disclosed in a regulatory filing that his firm, Pershing Square, bought just under a 10% stake in each firm.
Credit rating agency Moody's downgraded four of the biggest U.S. banks, saying that it was now less likely the federal government would bail them out in the case of a crisis.
Shares of the four - JPMorgan Chase, Goldman Sachs, Morgan Stanley and Bank of New York Mellon -- were little changed. Moody's reaffirmed its ratings on four other major banks -- Bank of America, Citigroup, State Street and Wells Fargo
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Thursday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices added 29 cents to $94.05 U.S. a barrel.
Gold prices gained $1.20 to $1,287.50 U.S. an ounce.
