The Toronto stock market registered a slight gain Friday with traders going into the weekend cautious about China's economic performance and the Ukraine crisis.
The S&P/TSX composite index docked 10.71 points to greet noon at 14,234.43
The Canadian dollar sifted off 0.20 cents at 90.14 cents U.S.
North American markets sold off Thursday as investors looked ahead to a referendum being held in the Crimea region of Ukraine on Sunday where residents will vote on whether they want to join Russia. The vote is being held two weeks after Russian troops initially moved into Crimea, where the country has a key naval base and many of the people are Russian speaking.
The West has called the vote illegitimate, urging Moscow to pull back its troops while preparing to impose harsh sanctions on Russia if that country does move to annex the territory. Meanwhile, Russia has warned again that it reserves the right to intervene in defence of ethnic Russians it says are under threat in eastern Ukraine.
The TSX base metals segment has plunged about 11% this week while copper, viewed as an economic proxy, dropped almost 10 per cent over the last five sessions.
Copper is also used for financing in China and last week's first-ever corporate default raised worries that other failed companies could dump large quantities of the metal on markets, further depressing prices.
The base metals component gained as May copper rose three cents to $2.96 U.S. an ounce. Teck Resources added seven cents to $22.77.
The gold sector was the best performing group, as Barrick Gold was up nine cents to $23.07.
Financials were a drag, as TD shares ditched 25 cents to $51.22.
The energy sector was flat with Imperial Oil nosed up three cents to $50.82.
On the corporate front, the Alberta cabinet has approved the Dover oilsands project, one of the last hurdles Athabasca Oil Corp. must clear before it can sell its 40 per cent interest to a Chinese partner.
The news comes weeks after a nearby aboriginal band agreed to drop a lawsuit challenging the Alberta Energy Regulator's green-light of the project. Athabasca shares dipped three cents to $8.36.
ON BAYSTREET
The TSX Venture Exchange remained positive 1.11 points to 1,033.22
Nine of the 14 Toronto subgroups gained ground, as gold, utilities and global base metals each took on 0.5%.
The five laggards were financials and consumer staple stocks, each off 0.4%, while industrials sank 0.2%.
ON WALLSTREET
American stock markets are flat following a sharp selloff Thursday on worries about the increasingly tense standoff over the fate of the Ukrainian region of Crimea.
The Dow Jones Industrial Average paused for midday up 14.25 points to 16,123.14, after Thursday’s spilloff of more than 230 points.
The S&P 500 index gained 1.22 points to 1,847.56. The NASDAQ added 4.34 points to 4,264.76.
Investors are bracing themselves for Sunday's referendum in Crimea, where voters will decide whether to break away from Ukraine and join Russia. Ukraine and the West have described the vote as illegal. They have accused Russia of violating Ukraine's sovereignty and are threatening sanctions.
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.
Shares of Liberty Media are climbing after the company said that it was no longer making an offer for all of Sirius XM. Liberty currently own 53% of the satellite radio provider.
And shares of Castlight Health are soaring in their market debut. The healthcare software company priced its initial public offering at $16 U.S. and surged 150% to about $40 U.S. in late morning trading.
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 29 cents to $98.49 U.S. a barrel.
Gold prices strengthened $12.00 to $1,384.40 U.S. an ounce.
