The Toronto stock market was lower Friday with traders hopeful about the outcome of a meeting of euro-zone finance ministers to discuss Greece's request for a six-month extension to it financial bailout.
The S&P/TSX composite index finished Friday just 8.09 points below breakeven to close a short week at 15,172.24
The Canadian dollar fell 0.29 cents to 79.75 cents U.S.
Health-care stocks powered ahead, as Valeant Pharmaceuticals International climbed $5.11, or 2.4%, to $216.47, on reports it was close to a deal to acquire bowel drug maker Salix Pharmaceuticals Ltd for about $160.00 per share.
In Toronto, the financial sector led decliners, as Fairfax Financial Holdings fell $30.01, or 4.4%, to $659.99, after announcing an agreement to issue 1,000,000 subordinate voting shares for $650.00 each.
Bank stocks also moved lower ahead of the release of earnings next week from most of the big institutions. Royal Bank was down $1.20, or 1.6%, to $76.03.
The energy sector was down as oil prices added to losses racked up Thursday in the wake of the latest data showing sharp rises in American inventory levels. Canadian Natural Resources dipped 50 cents, or 1.3%, to $37.54, and Imperial Oil shed 82 cents, or 1.7%, to $48.83.
March copper was off three cents at $2.59 U.S. a pound and the base metals sector was down, as Teck Resources skidded 21 cents, or 1.1%, to $19.32.
The gold sector rose as Barrick Gold added 13 cents to $16.16, and Goldcorp moved up 32 cents, or 1.2%, to $26.97.
In other corporate developments, transport giant Bombardier lost further ground after announcing it now expects to raise $938 million from its equity offering -- up from the previous estimate of $750 million.
Under the deal, Bombardier will issue nearly 424.2 million subscription receipts to be exchanged for Class B shares at a price of $2.21 each. The move comes amid soaring costs for developing its new CSeries airliner. Its shares slipped another five cents, or 2%, to $2.40.
Economically speaking, Statistics Canada reported this morning retail sales for December flopped 2% to $42.1 billion, the biggest decrease in nearly five years. The agency reported lower sales in nine of 11 sub-sectors, representing 71% of retail trade.
ON BAYSTREET
The TSX Venture Exchange moved forward 2.91 points to 694.94
All but three of the 14 Toronto subgroups moved up, led by health-care stocks, charging ahead 1.6%, utilities gained 1%, and consumer staples, better by 0.8%.
The three laggards were weighed most by financials, poorer by 0.8%, while the energy and metals and mining sectors each weakened 0.5%.
ON WALLSTREET
U.S. stocks rallied on Friday to trade at highs amid reports that Greece came to a resolution with the euro-zone over its debt.
The Dow Jones Industrials gained 154.67 points to 18,140.44, on track for its first record close for 2015. Coca-Cola proved the greatest laggard, while Boeing traded at all-time highs (since 1952) to lead blue-chip advancers.
The S&P 500 soared 12.85 points to touch a new high of 2,110.30, with energy the greatest of two laggards and health-care leading gains.
The NASDAQ index strengthened 31.27 points to 4,955.97
Stocks opened in the red on Friday, with the Dow initially falling more than 100 points.
Deere said it earned $1.12 U.S. per share for its latest quarter, well above the 83-cent consensus estimate, with revenue also beating forecasts. However, the farm machinery manufacturer highlighted difficult global market conditions and said it expected a 17% drop in equipment sales for 2015.
Barclays downgraded Wal-Mart to "equal weight" from "overweight," saying the retailer is unlikely to see near-term benefits from its just-announced increase in wages that offset the higher expenses.
Newmont Mining earned an adjusted 17 cents U.S. per share for its latest quarter, seven cents above estimates, with its revenue also beating forecasts. Newmont said its "growth projects" are doing particularly well.
The Noodles restaurant chain missed estimates by a penny with adjusted quarterly profit of 13 cents U.S. per share, with revenue falling just below estimates as well. It also cut its full-year guidance, as same-restaurant sales growth fails to meet prior forecasts.
Greece and euro-zone finance ministers reached a deal on Friday to extend the Greek bailout by four months, euro-zone officials told wires.
Greece faced the risk of default and exit from the euro zone if the country did not obtain enough funding or an extension beyond the Feb. 28 deadline.
The Markit PMI Manufacturing flash was 54.3, up from 53.9 in January and the highest reading since November but weaker than the 55.9 average for all of 2014. The data also showed production levels rose at their fastest pace in four months.
Prices for 10-year U.S. Treasuries weakened on the day, raising yields to 2.13% from Thursday’s 2.11%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.25 per barrel to $49.91 U.S.
Gold prices gave back $7.40 an ounce to $1,200.20 U.S.
