The Toronto stock market was little changed Friday afternoon at the end of a positive week, while gold and tech stocks moved firmly into negative territory
The S&P/TSX composite index closed Friday down 25.84 points at 14,335.99
The Canadian dollar improved 0.19 cents at 89.16 cents U.S.
Economic optimism sent commodities higher, with May copper up two cents to $2.95 U.S. a pound and the base metals sector gained 1.5%. Teck Resources took on 71 cents, or 3.1%, to $23.68
The energy sector moved higher as Imperial Oil inched up two cents to $51.02.
The consumer staples sector made headway as Loblaw Companies Ltd. received approval from the Competition Bureau for its $12.4-billion purchase of Shoppers Drug Mart Corp., on the condition that it sell 18 stores and nine pharmacies.
Loblaw shares rose 79 cents to $47.01 and while Shoppers gained 57 cents to $61.18.
The industrials sector was unchanged. Conductors, yard workers and other train workers at Canadian National Railways have rejected a second tentative contract, prompting the company to suggest the talks go to a form of binding arbitration. Its shares were down 71 cents to $62.13.
The gold sector fell as the April gold contract gained ground after four days of declines as traders hoped the Ukraine crisis wouldn't worsen. Barrick Gold shares faded six cents each to $21.76.
The tech sector fell and BlackBerry shares dropped 42 cents, or 4%, to $10.19 as it announced the sale of a majority of its real estate holdings in Canada. Terms of the deal and the buyer were not disclosed.
On the economic beat, Statistics Canada reported this morning that consumer prices rose 1.1% in the 12 months to February, following a 1.5% increase in January. On a seasonally adjusted monthly basis, retail inflation rose 0.3% in February, following a 0.2% gain in January.
The agency also reported that retail sales rose 1.3% to $40.7 billion in January, partially offsetting a decline in December. Gains were reported in seven of 11 sub-sectors, representing 83% of total retail sales.
ON BAYSTREET
The TSX Venture Exchange dipped 0.22 points to 1,035.04
Nine of the 14 Toronto subgroups concluded the day in the red, with information technology sliding 1.6%, health-care down 1.4%, and utilities off 0.9%
The five gainers were powered by metals and mining, up 1.6%, global base metals, up 1.2%, and consumer staples, up 0.6%.
ON WALLSTREET
Stocks went on a wild ride Friday, but still finished the week higher.
The Dow Jones Industrial Average gave back 28.35 points to 16,302.70. The S&P 500 index dumped 5.61 points to 1,866.40. The NASDAQ plummeted 42.50 to 4,276.79
Despite Friday's turbulence, the major indexes all enjoyed a strong week. The Dow and S&P 500 are both gained more than 1%.
Before the opening bell, Tiffany reported full-year earnings and sales that fell short of forecasts. The stock ended down slightly but had traded higher throughout the day
Shares of Darden Restaurants, the parent company of Red Lobster and Olive Garden, were higher despite poor same-store sales.
Nike shares slid after the company said earnings could be squeezed over the next few quarters.
Some traders said Nike may be facing a tough challenge from rival sports apparel maker Under Armour, which has posted strong growth in the past few years.
Symantec shares plunged after the company fired its CEO.
The choppy trading came amid the simultaneous expiration of four types of futures and options contracts -- a quarterly phenomenon known as quadruple witching.
Prices for 10-year U.S. Treasuries nicked higher, lowering yields to 2.75% from Thursday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices remained positive 58 cents to $99.48 U.S. a barrel.
Gold prices were up $5.90 to $1,336.40 U.S. an ounce.
