The Toronto stock market closed modestly higher amid optimism that the Federal Reserve likely won't be cutting stimulus as early as thought while giving a muted response to a sweeping economic reform plan from the Chinese government.
The S&P/TSX composite index picked up 51.18 points Friday to finish the day and week at 13,482.56
The Canadian dollar picked up 0.20 cents to 95.75 cents U.S.
Energy issues such as Bonavista Energy rose 48 cents to $12.91.
Industrials were also supportive as heavy equipment company Finning International rose $1.40, or 5.8%, to $25.54.
Gold stocks declined, like Centerra Gold, which faded 19 cents, or 5.7%, to $3.15.
Copper prices inched higher after tumbling earlier in the week and the December contract was up one cent at $3.17 U.S. a pound. The base metals component was off and Taseko Mines fell three cents to $2.17.
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 $1.11 to $57.71.
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 $487 million.
Saputo's previous offer was A$8 per share. Saputo shares gained 38 cents to $49.08
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 three cents to $5.71.
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 activity came in 8.3% above levels in October 2012.
ON BAYSTREET
The TSX Venture Exchange ended positive 2.44 points to 934.07
All but three of the 10 TSX subgroups gained ground, most notably energy, triumphing 1%, while telecoms soared 0.8% and health-care gained 0.7%.
The three laggards were materials, down 0.7%, while consumer discretionary stocks and information technology were each down 0.1%.
ON WALLSTREET
The Dow Jones Industrials will have to wait till at least next week to mount the lofty heights of 16,000 points, but both the Dow and the S&P did end the day at record highs.
The Dow Jones Industrials was up 85.48 points from yesterday’s all-time high, to close at 15,961.70
The S&P 500 index moved up 7.56 points from its all-time peak to 1,798.18. The NASDAQ strengthened 13.23 points to 3,985.97
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.
Some believe stocks can continue moving higher in the short run as investors who have sat out the rally so far rush to get in before the party's over. Plus, stocks are still trading at compelling valuations, compared with many other assets. Bulls also say that the market surge is justified by improving economic conditions and record corporate profits.
Shares of J.C. Penney rose on news that several hedge funds, including Appaloosa Management, have invested in the ailing retailer.
The stock is the worst performer in the S&P 500 this year, but it has rallied lately and will report its latest quarterly results next week.
U.S.-listed shares of voxeljet, a German manufacturer of 3D printers, jumped 6%. The company raised its outlook for the year after revenue surged 77% in the third quarter. Earnings more than tripled in the quarter.
Organovo, a company that produces human tissues using 3-D bioprinting technology, ended flat after surging 10% in early trading. The stock is up nearly 400% so far this year.
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.
And there was another hot IPO Friday. Zulily, a daily deals site that focuses on apparel for babies, kids and moms, surged nearly 70% in its debut.
Prices for 10-year U.S. Treasuries were lower, raising yields to 2.71% from Thursday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices were unchanged at $93.76 U.S. a barrel.
Gold prices gained 90 cents to $1,287.20 U.S. an ounce.
