Stocks in Canada’s biggest centre were lower midday Friday, as weakness in energy and material stocks offset gains elsewhere, and investors pondered a drop in retail sales.
The S&P/TSX composite index skidded 19.44 points to greet noon at 13,454.39. Even so, the index is considered on track for a 3% gain on the week.
The Canadian dollar shed 0.27 cents at 75.02 cents U.S.
Encana Corporation dropped 4.5% to $10.25, while Suncor Energy was down 1.1% at $36.69.
Gold futures pulled themselves off six-year lows. Still, Barrick Gold fell 3.4% to $9.70, while Goldcorp trundled 2.9% lower at $15.71. Both stocks rallied on Wednesday and Thursday.
Copper prices declined 0.3% to $4,618 U.S. a tonne.
Financials rose, partially off a 1% gain for Brookfield Asset Management 0.7%, to $45.86.
Toronto-Dominion Bank added a penny to $54.61, while Royal Bank of Canada was down a penny to $76.15.
BCE Inc improved 0.6% to $58.76 following news it is expanding its control of HBO content in Canada.
On matters economic, Statistics Canada reported this morning that the Consumer Price Index gathered 1.0% in the 12 months to
October, matching the increase in September. Monthly, the Consumer Price Index rose 0.2% in October, following a 0.2% decrease in September.
Meantime, retail sales dipped 0.5% in September, to $43.3 billion, after four months of rises. Sales were down in eight of 11 sub-sectors, representing 60% of retail trade.
ON BAYSTREET
The TSX Venture Exchange remained positive 1.16 points to 519.51.
Eight of the 13 TSX subgroups remained higher, with health-care stronger by 1.4%, information technology climbing 1%, and telecoms up 0.6%.
The five laggards were weighed most by gold, down 2.3%, metals and mining off 2%, and materials sliding 1.9%.
ON WALLSTREET
Retail stocks powered American markets higher Friday, as investors gathered in central banker comments from Europe
The Dow Jones industrial average remained positive 110.51 points to roll into noon hour at 17,843.26, joining the S&P 500 and NASDAQ composite in positive territory for the year in intraday trade.
Nike was one of the prime movers behind this climb, gaining as much as 5%. Some recovery in UnitedHealth shares and a rise in IBM also contributed to gains.
The athletic wear maker increased its dividend by 14%, announced a two-for-one stock split, and a $12-billion U.S. stock buyback program.
The S&P 500 gained 9.03 points to 2,090.27, driven largely by a 1% rise in health-care and consumer discretionary.
Ross Stores and other major retailers were among the big guns in the retail sector. Ross came in three cents above estimates with quarterly profit of 53 cents U.S. per share, with revenue just above forecasts and comparable store sales rising 3%.
The NASDAQ index grew 24.49 points to 5,098.13.
Foot Locker earnings came in five cents above forecasts with adjusted quarterly profit of $1 per share. Revenue was also above estimates, and a same-store sales increase of 8.7% was well above analysts' estimates of a 6.2% rise for the athletic apparel and footwear retailer.
Abercrombie & Fitch earned 37 cents U.S. per share for its latest quarter, well above estimates of 22 cents U.S. Revenue also beat estimates, and although Abercrombie's same-store sales fell 1% during the quarter, that was smaller than the 2.3% drop anticipated by analysts.
Ahead of the open, European Central Bank President Mario Draghi said his bank expressed interest in stimulating inflation to bring the moribund euro-zone economy out of its lethargy.
Prices for 10-year U.S. Treasuries were static, keeping yields at Thursday’s 2.24%.
Oil prices declined 23 cents a barrel to $40.31 U.S.
Gold prices fell $5.06 to $1,077.15 U.S. an ounce.
