Stock markets in Toronto lurched slightly lower early Friday as investors digested the country's latest inflation data.
The S&P/TSX composite index reversed 33.08 points to begin Friday at 15,432.46
The Canadian dollar gained 0.13 cents to 91.57 cents U.S.
TransCanada Corp. is emerging as a possible target, with several U.S. activist hedge funds reviewing the nearly-$38-billion pipeline operator as a break-up candidate, people close to the matter said. TransCanada took on 96 cents at the open to $61.77.
Bank of Montreal was sued on Thursday by a trustee liquidating two Florida funds that claimed to have lost money in a Ponzi scheme operated by Minnesota businessman Thomas Petters. BMO shares inched up three cents to $85.45.
Air Canada said on Thursday it will start charging some economy passengers for their first checked bag on flights within Canada and to the Caribbean and Mexico, days after rival WestJet Airlines Ltd introduced a similar fee. Air Canada took flight eight cents to $9.09.
RBC raised target price on Penn West Petroleum by $1.00 to $11.00. Penn West shares gained three cents to $8.36.
On the economic beat, Statistics Canada reported that August’s Consumer Price Index inched up 0.1%, after a 0.1% decline in July. The agency also says consumer prices rose 2.1% in the 12 months to August, matching the increase in July.
The agency also noted that wholesale trade backtracked 0.3% in July to $52.9 billion, following three consecutive monthly gains.
Declines in five sub-sectors, which together represented 81% of wholesale sales, more than offset an increase in the motor vehicle and parts sub-sector.
ON BAYSTREET
The TSX Venture Exchange inched up 1.19 points to 966.98.
All 14 Toronto subgroups were down in the first hour, metals and mining down 0.9%, health-care and gold each down 0.8%.
ON WALLSTREET
The U.S. stock market moved higher on Friday, sending the S&P 500 and Dow Jones Industrial Average to a fresh intraday record.
The Dow Jones Industrials zoomed 63.49 points to 17,392.48.
The S&P 500 added 6.52 points to 2,017.83. The NASDAQ moved forward 14.23 points to 4,607.67.
One of the world’s biggest IPOs in history will debut today in New York. Alibaba Group Holding Ltd. priced Thursday at $68 U.S., toward the high end of expectations.
That pricing values Alibaba at $168 billion U.S, making it one of the largest U.S.-listed companies, with a larger market capitalization than Amazon.
Yahoo Inc. may see some movement depending on the final price of Alibaba shares. Yahoo owns a large stake in Alibaba.
Oracle Corp. fell 2.7% on Thursday’s news that Chief Executive Officer Larry Ellison is stepping down in favor of Safra Catz and Mark Hurd, who will serve as co-CEOs.
Shares of Concur Technologies Inc. surged 19% on news Germany-based SAP AG will buy the software group in a deal valued at $8.3 billion U.S. The Wall Street Journal said the deal was the largest in SAP’s history. U.S.-listed shares of SAP fell 4%.
Stocks were supported by favourable outcomes in two ‘risk events’ this week. The Federal Reserve reiterated its commitment to facilitating the U.S. economic recovery by maintaining its view on the timing of interest-rate hikes, and Scotland voted to remain part of the United Kingdom.
Leading indicators data were due at 10 a.m.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.61% from Thursday’s 2.63%. Treasury prices and yields move in opposite directions.
Oil prices dropped 43 cents to $92.64 U.S. a barrel.
Gold prices went down $4.20 to $1,222.70 U.S. an ounce.
