The Toronto stock market was slightly higher midday Thursday, held back by gold stocks that fell alongside bullion prices following the U.S. Federal Reserve's latest move and data showing strong U.S. economic growth
The S&P/TSX composite index grew 54.34 points to greet noon at 13,697.56
The Canadian dollar slid another 0.03 cents to 89.49 cents U.S.
On Thursday, Potash Corp. of Saskatchewan shares lost $1.69 to $33.89, after it said its fourth-quarter profit dropped 45% from a year ago to $230 million U.S. or 26 cents a share.
Revenue also fell to $1.54 billion U.S. from $1.64 billion U.S. a year ago. Analysts on average had expected revenue of $1.4 billion and earnings of 31 cents per share.
Imperial Oil Ltd. reported it had $1.056 billion of net income in the fourth quarter, down slightly from a year earlier. The profit amounted to $1.24 per share, well above analyst estimates of 89 cents per share under standard accounting. Its shares headed 52 cents lower to $45.27.
The industrials sector advanced on the Toronto market, ahead of earnings from Canadian National Railways after the close. It is expected to earn 77 cent per share in adjusted profits in the fourth quarter, up from 71 cents per share in the prior year. Revenues were forecast to grow 8.6 per cent to $2.75 billion and its shares were ahead 64 cents to C$58.72.
Tech stocks were also strong with CGI Group up 43 cents to $33.90.
Financials also advanced with Manulife Financial ahead 13 cents to $20.63.
The gold sector fell while Barrick Gold faded 30 cents to $21.53 while Goldcorp shed 91 cents to $26.73.
Metal prices were lower with the March copper contract down two cents to $3.22 U.S. a pound and the base metals sector was down. HudBay Minerals shed 16 cents to $9.06.
ON BAYSTREET
The TSX Venture Exchange faltered 9.30 points to break for lunch at 949.46
All but three of the 14 Toronto subgroups were higher by noon ET, led by health-care, up 1.4%, industrials, ahead 1.3%, and telecoms, gaining 0.8%.
The three laggards were gold, sliding 2.6%, materials, fading 1.5%, and the metals and mining group, off 1.2%.
ON WALLSTREET
Stocks rebounded Thursday morning as investors focused more on strong corporate earnings from tech companies and economic data as opposed to continuing tumult in emerging markets.
The Dow Jones Industrial Average leaped 141.80 points to 15,880.59
The S&P 500 index added 21.95 points to 1,796.15. The NASDAQ ballooned 79 points to 4,130.43
A healthy batch of corporate earnings helped lift sentiment.
Visa shares rose on better-than-expected results. The credit and debit card processing company has the biggest weighting in the Dow.
Facebook shares soared 14% to a new all-time high following strong quarterly sales and earnings. The social media giant's results showed the company has made huge strides in mobile advertising.
Shares of rival Twitter, which reports its results next week, also hiked.
Google jumped after the company announced it was selling its Motorola Mobility smartphone business to China's Lenovo for $2.9 billion U.S. Google will report its fourth-quarter earnings after the closing bell. So will Amazon.
Shares of Under Armour surged its earnings blew past Wall Street expectations.
U.S. stocks fell more than 1% Wednesday after the Federal Reserve said it was cutting another $10 billion per month from its economic stimulus program. Investors were disappointed the central bank didn't address the recent trouble in emerging markets.
The U.S. government announced Thursday that the economy grew at a solid 3.2% pace in the third quarter, driven by strong consumer spending and exports. That figure beat economists' expectations, and although it's not indicative of gangbusters growth, the data seems to show the economy is moving forward modestly.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.70% from Wednesday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.12 to $98.48 U.S. a barrel.
Gold prices dipped $18.40 to $1,243.80 U.S. an ounce.
