Markets in Toronto see-sawed on Friday as energy stocks rallied despite a new nearly seven-year low for U.S. crude oil prices, while financial stocks traded lower.
The S&P/TSX composite index recovered 45.6 points to open Friday’s session at 13,055.53
The Canadian dollar was static at 71.74 cents U.S.
BlackBerry reported a fiscal third-quarter loss as widely anticipated, but posted its first quarter-to-quarter revenue gain in over two years, indicating that turnaround efforts may be gaining traction. In the quarter the company reported a loss of $89 million, or 17 cents a share.
That compared with a year ago loss of $148 million, or 28 cents a share.
The company formerly known as Research In Motion saw its shares take on $1.05, or 9.6%, to $11.94.
Bank of Nova Scotia is considering selling its 49% stake in Thanachart Bank Pcl, Thailand's number-two car loan provider, after struggling to make an Asian retail presence work, a source familiar with the plan said.
Scotiabank shares subsided 30 cents, or 0.5%, to $56.85.
Canadian Pacific Railway said its $27-billion bid for Norfolk Southern Corp risks coming unstuck due to regulatory scrutiny of its impact on the U.S. rail market, in particular the possibility it could spark competition-crushing rival deals, according to former regulators and analysts. CP shares backtracked 65 cents to $176.65.
RBC cut the target price on Secure Energy Services to $12.00 from $14.00, expecting the activity levels in the sector to continue to slide lower through the end of second-quarter of 2016. Secure shares advanced 18 cents, or 2.3%, to $8.06.
On the economic front, Statistics Canada was to report the consumer price index rose 1.4% in the 12 months to November, after increasing 1.0% in October. On a seasonally-adjusted monthly basis, inflation moved up 0.2% in November, matching the increase in October.
Also, the agency reported that wholesale sales declined 0.6% to $54.7 billion in October, a fourth consecutive decrease.
.
ON BAYSTREET
The TSX Venture Exchange slid 0.36 points to 496.59
Eight of the 13 TSX subgroups were higher, with metals and mining galloping 6.3%, gold up 2.3%, and materials ahead 2%.
The five laggards were weighed by utilities and financials, each down 0.3%, and real-estate off 0.2%.
ON WALLSTREET
U.S. stocks traded lower Friday as investors eyed oil prices and options expiration.
The Dow Jones industrial average fell back 185.13 points, or 1.1%, to 17,310.71, with Boeing contributing the most to losses.
The S&P 500 dropped 11.08 points to 2,030.81. Financials and consumer staples led nearly all S&P 500 sectors lower.
The NASDAQ index erased 33.63 points to 4,968.92.
The third Friday of every March, June, September, and December features quadruple "witching," the expiration of three related classes of options and futures contracts, along with individual stock futures options.
In economic news, the flash Markit U.S. Services Purchasing Managers Index for December came in at 53.7, down from the final November read of 56.1 and the lowest print in 12 months.
Prices for the 10-year Treasury gained ground, lowering yields to 2.21% from Thursday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices docked 12 cents a barrel to $34.83 U.S.
Gold prices regained $14.45 to $1,065.55 U.S. an ounce.
