Stocks in Toronto enjoyed a slightly higher open on Friday as worry dissipated about the eventual scaling back of the U.S. Federal Reserve's bond-buying program.
The S&P/TSX composite index gained 32.30 points to begin Friday at 13,507.63
The Canadian dollar dropped 0.10 cents to 94.97 cents U.S.
CIBC raised the price target on Gildan Activewear to $53 from $51, citing the company's in-line fourth-quarter results. Gildan shares gained $1.72 to $51.32.
CIBC cut the price target on Lightstream Resources to $8 from $8.50 after the company announced a 50% cut to its monthly dividend and a suspension of its dividend reinvestment plan and share dividend plan. Lightstream shares added 32 cents, or 5.8%, to $5.89.
Morgan Stanley raised the target price of Magna International’s U.S.-listed shares to $93 from $85, says the company's growth opportunities and its buyback reauthorization makes it a top supplier pick. Magna’s Canadian shares picked up $1.38 to $88.50
On the economic slate, Statistics Canada said the Consumer Price Index for October declined 0.1%, after a 0.1% rise the month before. On a year-over-year basis, inflation rose 0.7% last month, compared to a 1.1% jump in the 12 months leading up to September.
The agency also said retail sales for September rose 1.0% to $40.7 billion, a third straight increase, largely due to higher sales at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange increased 8.38 points to 935.09
Nine of the 14 TSX subgroups were higher, led by gold, up 1.4%, materials, up 0.8%, and health-care, better by 0.7%.
The five laggards were weighed mostly by global base metals, down 0.4%, while energy and consumer staples each slid 0.2%.
ON WALLSTREET
Stocks south of the border were in a holding pattern Friday, as investors await the next signal from the U.S. Federal Reserve.
The Dow Jones Industrials added 13.20 points on top of Thursday’s all-time high, to 16,023.20
The S&P 500 index eked higher 0.28 points to 1,796.13. The NASDAQ gained 12.33 points to 3,981.48.
Since January, the Dow has climbed by 22%, the S&P 500 is up by 26% and the NASDAQ has soared by 31%.
On the corporate earnings front, shares of Foot Locker rose after the retailer reported better-than-expected quarterly results.
Microsoft will also be in focus as the company's new Xbox One goes on sale. This is Microsoft's first new gaming console in eight years.
Shares of movie studio Lion's Gate Entertainment were higher. Investors are betting on a huge opening at the box office for "Catching Fire" -- the second movie in "The Hunger Games" franchise -- this weekend.
Prices for 10-year U.S. Treasuries nicked ahead, lowering yields to 2.77% from Thursday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices dipped 62 cents at $94.82 U.S. a barrel.
Gold prices gained $3.20 to $1,246.80 U.S. an ounce.
