The Toronto stock market was slightly higher mid-afternoon Friday at the end of a lacklustre week as concerns about the future of the U.S. Federal Reserve's monetary stimulus helped weigh on the TSX.
The S&P/TSX composite index gained 3.01 points to end the day and week at 13,478.34
The Canadian dollar dropped 0.04 cents to 95.03 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 industrials sector advanced Friday and Canadian National Railways gained $1.10 to $118.87.
Financials were also positive with Manulife Financial ahead 26 cents to $20.37 after earlier hitting a new 52-week high of $20.50.
The base metals component fell while December copper rose two cents to $3.21 U.S. Turquoise Hill Resources dropped 20 cents to $4.47.
The gold sector had been up as much as 2% in the morning but by the afternoon the group was down. The sector is by far the worst TSX performer, down over 7% this week and about 47% year-to-date as low inflation and the rising probability of Fed tapering have lessened gold's allure as a hedge.
Barrick Gold faded 58 cents to $17.21.
The energy component was down with Canadian Natural Resources was 44 cents lower at $34.82.
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 19 cents to $58.92.
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 5.44 points to 932.15
Nine of the 14 TSX subgroups were negative to end Friday’s trading. Gold dropped 1%, while metals and mining surrendered 0.8% and materials slid 0.6%.
The five gainers were led by industrials, up 0.5%, while health-care stocks advanced 0.3% and financials gained 0.2%.
ON WALLSTREET
Stocks rose further into record territory Friday, as expectations that the U.S. Federal Reserve will keep buying bonds for the foreseeable future offset concerns the market is overheating.
The Dow Jones Industrials added 54.78 points to yet another all-time high close of 16,064.80
The S&P 500 index moved higher 8.91 points to 1,804.76, the first time ever that the broad-based index surpassed 1,800 at the closing bell. The NASDAQ gained 22.49 points to 3,991.65, to within a few slots of 4,000 and to a level not seen since 2000.
The Dow and S&P 500 both ended higher for a seventh week. The NASDAQ posted its third consecutive weekly gain.
Since January, the Dow has climbed by 22%, the S&P 500 is up by 26% and the NASDAQ has soared by 31%.
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.
Shares of Biogen Idec soared to an all-time high on reports the company's multiple sclerosis drug cleared a regulatory hurdle in Europe.
.
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.
Microsoft shares were up as the company's new Xbox One goes on sale. This is Microsoft's first new gaming console in eight years.
Foot Locker shares rose to an all-time high after the retailer reported better-than-expected quarterly results.
Prices for 10-year U.S. Treasuries moved ahead, lowering yields to 2.75% 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 faded 10 cents to $1,243.50 U.S. an ounce.
