The country’s main stock index slipped on Friday, with a pullback in resource concerns, as well as slips in telecom and consumer staples names offsetting modest gains for industrial stocks.
The S&P/TSX Composite Index remained below breakeven by 77.38 points to move into noon hour at 13,574.92. Still, the index was on track for a 0.5% gain on the week, its third straight weekly gain, helped by rising oil prices.
The Canadian dollar eked up 0.01 cents to 77.02 cents U.S.
Canadian Pacific Railway was among the biggest gainers in morning trade, rising 2.4% to $173.23, while convenience store operator Alimentation Couche-Tard declined 2.2% to $57.61.
TransCanada Corp fell 1.3% to $48.77 after the company said it will buy Columbia Pipeline Group for $10.2 billion, creating one of North America's largest regulated natural gas transmission businesses.
On the economic slate, Statistics Canada reported that the Consumer Price Index rose 1.4% in the 12 months to February, after increasing 2.0% in January. Monthly inflation dropped 0.2% in February, following a 0.2% increase in January.
Retail sales rose 2.1% to $44.2 billion in January, led by five sub-sectors that rebounded from lower sales in December. Gains were reported in seven of 11 sub-sectors, representing 82% of total retail sales.
ON BAYSTREET
The TSX Venture Exchange sank 2.23 points to 576.97
Nine of the 13 TSX subgroups were lower by midday, with health-care and metals and mining each off 2.2%, and consumer staples sliding 1.9%.
The four gainers were led by gold, up 0.6%, industrials, nicking up 0.2%, and utilities, eking up 0.1%.
ON WALLSTREET
Stocks stateside moved forward Friday, extending the rally that followed the U.S. Federal Reserve's accommodative policy decision on Wednesday.
The Dow Jones Industrials rumbled ahead 101.5 points to 17,582.99, with Goldman Sachs and JPMorgan Chase among the top gainers in late-morning trade.
The S&P 500 gained 7.38 points to 2,047.97, also trading in the green for 2016, and was about 4% below its 52-week intraday high in late-morning trade. Financials traded about 1% higher to lead advancers, while energy was the greatest laggard.
The NASDAQ index added 25.1 points to 4,800.09, as Microsoft and Amazon declined. Adobe rose more than 4.5% to an all-time high after giving guidance and quarterly earnings that topped expectations.
As of noon ET Friday, the Dow was on pace for weekly gains of more than 2% and the S&P and NASDAQ on track for weekly gains of more than 1%.
In corporate news, hotel operator Starwood Hotels & Resorts Worldwide reached a deal to sell to Chinese insurer Anbang for $78 U.S. a share in cash. Starwood's original suitor, Marriott, now has five days to respond.
Traders said options expiration on Friday would likely contribute to volatility
In economic news, the preliminary March read on consumer sentiment was 90.0, down from 91.7 in February.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.89% from Thursday’s 1.9%. Treasury prices and yields move in opposite directions.
Oil prices dipped 10 cents a barrel to $40.10 U.S.
Gold prices shed $4.50 to $1,253.47 U.S. an ounce.
