The Toronto stock market said goodbye to early gains, but still managed to finish higher Friday as consumer stocks advanced in the wake of a strong retail report and energy stocks climbed amid questions about whether the death of Saudi Arabia's King Abdullah could mean a change in the amount of oil his country is producing.
The S&P/TSX composite index was positive 15.37 points to close the day and the week at 14,779.35
The Canadian dollar lost 0.25 cents to 80.50 cents U.S.,
Oil prices rose slightly on news of the death of Saudi Arabia's monarch but by mid-afternoon had fallen.
Meanwhile, the spinoff effects of plunging oil on smaller producers continued as Penn West Petroleum Ltd.
CEO David Roberts said the company is in talks with bondholders about relaxing covenant agreements as the collapse in oil prices threatens the company's ability to meet conditions on its debt. Its shares were down four cents at $1.92 but the stock has plunged 25% in the past month.
The gold sector lost ground as Barrick Gold dipped 40 cents to $15.47, while Goldcorp stepped back 26 cents to $29.77
The base metals sector declined, as March copper shed eight cents to
$2.50 U.S. a pound. Copper, viewed as a global economic gauge, has tumbled more than 11% this month amid weak data from China and economic downgrades by the World Bank and the International Monetary Fund.
Shares in Teck Resources fell short 46 cents to $15.51.
Among health-care issues – the biggest gainer on the day –Extendicare shares leaped 45 cents, or 7%, to $6.90.
Concerned with things economic, Statistics Canada told us this morning that retail sales added 0.4% in November to $43 billion, with cold weather one of the main culprits. Promotional events also contributed to higher sales. Gains were reported in five of 11 sub-sectors, representing 27% of retail trade.
The agency also said its consumer price index rose 1.5% in the 12 months to December, after a 2.0% increase in November. On a seasonally adjusted monthly basis, inflation declined 0.1% in December, after falling 0.2% in November.
ON BAYSTREET
The TSX Venture Exchange shed 0.79 points to 678.18
Eight of the 14 Toronto subgroups were higher, led by health-care, up 2.7%, energy, better by 1.4%, and information technology, up 1%.
The half-dozen laggards were anchored by metals and mining, down 4.3%, global base metals, sliding 2.8%, and gold, going south 2.4%.
ON WALLSTREET
U.S. stocks mainly fell on Friday, with the S&P 500 halting a four-session winning run, as investors considered economic data, energy costs and a reduced 2014 earnings estimate from United Parcel Service.
The Dow Jones Industrials eased slid 141.38 points to 17,672.60, with Exxon Mobil leading blue-chip losses that extended to 24 of 30 components.
The S&P 500 dipped 11.33 points to 2,051.82, with materials and telecom hardest hit and utilities and technology faring best of its 10 major sectors.
The NASDAQ index added 7.48 points to 4,757.88.
Enterprise-cloud supplier Box jumped in its first day as a publicly traded company.
McDonald's declined after the fast-food chain reported a 7.3% decline in quarterly sales.
Honeywell International gained after the industrial conglomerate tallied quarterly profit that exceeded expectations, and UPS dropped after the shipper warned fourth-quarter profits would come in below expectations.
Friday's economic reports had had existing-homes sales rising 2.4% to an annual rate of 5.04 million in December.
Prices for 10-year U.S. Treasuries were sharply higher, weighing down yields to 1.82% from Friday’s 1.90%. Treasury prices and yields move in opposite directions.
Oil prices dropped 86 cents per barrel to $45.45 U.S.
Gold prices dropped $7.70 an ounce to $1,293.00 U.S.
