The Toronto stock market had a listless opening, at the end of a losing week as traders took profits amid a new round of concerns about the U.S. economy.
The S&P/TSX composite index gained 9.12 points to open Friday at 15,039.86
The Canadian dollar was unchanged at 93.56 cents U.S.
In corporate news, energy producer Encana has reached an agreement with Alberta-based Jupiter Resources to sell its Bighorn properties in the province for about $1.8 billion U.S. Encana has sold a number of its assets in recent months and is focusing on a half-dozen core growth areas in specific regions.
Encana shares dipped 19 cents to $25.40.
First Quantum Minerals has temporarily halted construction activity at its Cobre Panama project due to an illegal work stoppage by some members of its construction workforce. It said the dispute centres around the work roster. First Quantum shares added a penny to $22.52.
On the economic slate, Statistics Canada reported this morning that its Raw Materials Price Index declined 0.4%, mostly as a result of lower prices for animals and animal products.
Its Industrial Product Price Index was down 0.5% in May, mainly because of lower prices for energy and petroleum products.
ON BAYSTREET
The TSX Venture Exchange picked up 2.53 points to 1,015.67
Eight of the 14 Toronto subgroups were higher, led by metals and mining and consumer staples, each up 0.7%, while financials gained 0.2%.
The half-dozen laggards were weighed mostly by real-estate, down 0.2%, while global base metals and utilities each dropped 0.1%.
ON WALLSTREET
Stocks were mixed after yesterday's dramatic but ultimately ho-hum trading.
The Dow Jones Industrials opened Friday slipped 39.88 points to 16,806.25.
The S&P 500 slid 2.72 points to 1,954.50, and the NASDAQ composite slumped 2.77 points to 4,376.28
Nike and sneaker store chain Finish Line both gained in early trading after the companies each reported earnings and sales that surpassed Wall Street expectations.
Nike said in its earnings report that the best news is coming out of Europe, with 18% sales growth. And with all the focus on the World Cup in Brazil, it should come as no surprise that sales from the company's soccer segment were also up sharply.
Shares of Nike rival adidas and Finish Line competitor Foot Locker also rose slightly after the market opened.
The Wall Street Journal is reporting that BNP Paribas, the French banking giant that's nearing a $9-billion U.S. settlement with the U.S. Justice Department, will be cutting its dividend by an unspecified amount because the payment will hurt its balance sheet. The Paris-listed shares of the bank rose a bit on the news.
Barclays, another big European bank in the spotlight because of a dark pool-related lawsuit from the New York Attorney General, is treading water after yesterday's 6.5% drop.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.51% from Thursday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices picked up 28 cents to $106.12 U.S. a barrel.
Gold prices took on two dollars to $1,319.00 U.S. an ounce.
