The Toronto stock market moved up amid optimism surrounding a sweeping economic reform plan from the Chinese government and confidence that the Federal Reserve likely won't be cutting stimulus as early as thought.
The S&P/TSX composite index picked up 41.18 points to greet noon at 13,472.56
The Canadian dollar picked up 0.09 cents to 95.63 cents U.S.
Tech stocks advanced as CGI Group continued to benefit from strong earnings handed in earlier this week, up 57 cents to $39.81.
Financials were also positive and Sun Life Financial climbed 40 cents to $37.22.
Among energy plays, Bonavista Energy rose 38 cents to $12.61.
Copper prices failed to benefit from the Chinese announcement and the December contract was unchanged at $3.16 U.S. a pound.
On the corporate front, private equity firm Onex Corp. reported Friday it earned $399 million U.S. or $3.22 a share in its latest quarter, compared with a profit of $98 million or $1.50 per share a year ago. Revenue grew 16% to $7.13 billion and its shares advanced 20 cents to $56.80.
Montreal-based Saputo Inc. has raised its offer for an Australian dairy company, which is the focus of a heated takeover battle. Saputo's new offer is $9 per share in Australian currency, valuing Warrnambool Cheese and Butter's equity at about A$499 million, or about C$487 million.
Saputo's previous offer was A$8 per share. Saputo shares gained 21 cents to $48.91.
Media giant Torstar Corp. is reorganizing the advertising sales operations at the Toronto Star, Canada's largest newspaper, and moving them to an affiliated company.
It says Metro English Canada will become the point of contact for advertising placed with the Star, the Metro commuter paper and other properties in the Star Media Group. About 80 jobs are being cut. Torstar shares dipped eight cents to $5.66.
Overseas, in a report issued after a closely watched Communist Party conference, China's ruling party pledged to ease barriers to private competitors in markets controlled by state companies. At the same time, they reaffirmed that government-owned industry is the core of the economy.
It left out many details of what role private or foreign competitors might be allowed in government-controlled industries such as energy, telecoms and finance. But it outlined changes clearly intended to make industries more efficient and productive by injecting more competition.
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 faded 1.87 points to 929.76
Seven of the 10 TSX subgroups were higher, led by energy, up 0.7%, while financials and telecoms each moved up 0.3%.
The three laggards were materials, down 0.2%, while consumer discretionary and consumer staple stocks each lost 0.1%.
ON WALLSTREET
Stocks continue to hit new records, and with just another little leg up, the three major indexes could surpass some big milestones.
The Dow Jones Industrial was up 40.14 points from yesterday’s all-time high, to pause for lunch to 15,916.40
The S&P 500 index moved up 2.92 points from its all-time peak to 1,792.44. The NASDAQ edged up 2.92 points to 3,975.66
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 andFreddie 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 docked a penny to $93.75 U.S. a barrel.
Gold prices gained $3.10 to $1,289.40 U.S. an ounce.
