The Toronto stock market registered a modest gain at the end of a lacklustre week as concerns about monetary stimulus from the Federal Reserve helped weigh on the TSX.
The S&P/TSX composite index gained 20.08 points to reach noon ET at 13,495.41
The Canadian dollar dropped 0.10 cents to 94.97 cents U.S.
The TSX is only up a bit over 8% with the index held back by big slides in precious and base metal stocks.
The gold sector advanced, despite being by far the worst TSX performer, down about 5% this week and about 45% year to date as low inflation and the rising probability of Fed tapering have lessened gold's allure as a hedge. Goldcorp improved by 42 cents to $24.93.
The base metals component rose while December copper rose one cent to $3.20 U.S. First Quantum Minerals advanced 16 cents to $18.61.
Financials were also positive with Manulife Financial ahead 25 cents to $20.36 after earlier hitting a new 52-week high of $20.37.
The energy component ticked lower as Canadian Natural Resources was 51 cents lower to $34.75.
On the corporate front, the Supreme Court of Canada has upheld Ontario rules banning big pharmacies from selling their own private-label generic drugs, saying the province's 2010 decision to ban the practice was consistent with its efforts to ensure transparent drug pricing.
Shoppers Drug Mart and Rexall challenged the province because they wanted to be able to sell their own lower-priced generic versions of big-name drugs. Shoppers shares slipped seven cents to $59.04.
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 6.87 points to 933.58
Eight of the 14 TSX subgroups were positive, led by health-care, up 0.5%, while gold and industrials were better by 0.4% each.
The half-dozen laggards were weighed by global base metals, down 0.4%, while energy and the metals and mining group each lost 0.3%.
ON WALLSTREET
Stocks were in a holding pattern Friday, as investors await the next signal from the U.S. Federal Reserve.
The Dow Jones Industrials added 15.95 points on top of Thursday’s all-time high, to 16,025.90
The S&P 500 index moved higher 5.26 points to 1,801.11. The NASDAQ gained 17.69 points to 3,986.84.
Since January, the Dow has climbed by 22%, the S&P 500 is up by 26% and the NASDAQ has soared by 31%.
The Dow and the S&P have hit record highs this year thanks in large part to the massive stimulus program administered by the Fed, which has supported the economic recovery with monthly bond purchases. The NASDAQ has reached heights it hasn’t seen in 13 years.
On the corporate earnings front, shares of Foot Locker rose after the retailer reported better-than-expected quarterly results.
Charter Communications is said to be nearing an agreement with lenders on financing for a bid to buy Time Warner Cable, sources told the Wall Street Journal. Shares of Time Warner Cable jumped on the report, as did Charter's.
Cablevision and Comcast also rose as the report led to speculation that Comcast may also bid for Time Warner Cable, a move that could usher in a new wave of mergers in the industry.
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 2.76% from Thursday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices dipped 73 cents at $94.71 U.S. a barrel.
Gold prices gained $1.70 to $1,245.30 U.S. an ounce.
