Equity markets in Toronto opened little changed on Friday on heightened tensions ahead of Ukraine's weekend referendum in Crimea.
The S&P/TSX composite index took on 12.42 points to begin Friday at 14,257.56
The Canadian dollar sifted off 0.20 cents at 90.15 cents U.S.
CIBC initiated coverage of Algonquin Power & Utilities with a sector perform rating, saying the company has been through a hyper growth phase in revenue, asset and EBITDA. Algonquin shares gained a nickel to $7.75.
CIBC raised the target price on Black Diamond Group to $33 from $32 after the company's fourth-quarter results beat estimates. Black Diamond shares gave back 28 cents to $32.19.
CIBC then cut the target price on Cervus Equipment to $24 from $25, considering declining EBITDA margins in its fourth-quarter results and its expected flat sales of ag-equipment in 2014. Cervus shares were stronger by 11 cents to $24.12.
The bank also cut the target price on Empire Company to $80 from $83 after the company reported third-quarter results below estimates, seeing a difficult 2014 for the retail industry. Empire shares lost $1.84, or 2.7%, at the outset to $66.26.
ON BAYSTREET
The TSX Venture Exchange recovered 3.43 points to 1,035.54
Nine of the 14 Toronto subgroups were higher to begin Friday, led by gold, up 1.6%, materials, up 1.1%, while global base metals gathered 1%.
The five laggards were weighed mostly by health-care, down 0.6%, industrials, off 0.3%, and consumer staples, sliding 0.2%.
ON WALLSTREET
U.S. stocks were flat Friday as investor anxiety grows about the crisis in Ukraine and the state of the Chinese economy.
But global markets were down again as U.S. and Russian officials met in London to try to find a diplomatic solution to an increasingly tense stand-off over the fate of the Ukrainian region of Crimea.
The Dow Jones Industrial Average started the day up 29.57 points to 16,138.46, after Thursday’s spill of more than 230 points.
The S&P 500 index gained 4.12 points to 1,850.46. The NASDAQ added 9.69 points to 4,270.11.
In corporate news, shares of Aeropostale plunged after the retailer reported a bigger-than-expected loss and drop in revenue for the most recent quarter. It plans to close 52 stores this year.
General Mills shares were also lower. The maker of Cheerios and Yoplait yogurt warned that third quarter profits would be below Wall Street forecasts
Prices for 10-year U.S. Treasuries were flat, keeping yields at Thursday’s 2.65%. Treasury prices and yields move in opposite directions.
Oil prices gained 53 cents to $98.73 U.S. a barrel.
Gold prices strengthened $12.00 to $1,384.40 U.S. an ounce.
