The Toronto stock market was little changed mid-afternoon Friday as resource stocks turned positive and the TSX found some support from a strong earnings report from tech giant Research In Motion Ltd.
The S&P/TSX composite index pulled ahead 20.23 points to close Friday to 13,201.46
The Canadian dollar declined 0.64 of a cent to 98.73 cents U.S. as the greenback advanced against other currencies.
The TSX was dragged down by the financial sector after Bank of Montreal announced a sizable all-stock deal to expand its presence in the U.S. banking industry.
Bank of Montreal shares fell $4.05 or 6.5% to $58.00 after it announced it is buying Wisconsin-based bank Marshall & Ilsley Corp. in a deal worth $4.1 billion U.S. Meanwhile, Moody’s Investor Services said it would launch a review of BMO for a downgrade over concerns related to M&I’s exposure to the U.S. housing market and an otherwise shaky economy.
Research In Motion shares rose $1.08 to $60.69 after the company posted record third-quarter results after the market closed Thursday, helped again by strong international growth and sales of its new BlackBerry Torch, which has a touchscreen and a pullout keyboard.
RIM earned $911.1 million U.S. or $1.74 U.S. per diluted share in the third quarter. That compared with a profit of $628.4 million or $1.10 per share a year ago.
Revenue for the quarter totaled $5.49 billion, up from $3.92 billion.
The energy sector gained ground with Canadian Natural Resources prospering 26 cents to $43.03.
Suncor Energy shed 18 cents to $36.30 after the energy giant launched a $1.75-billion development agreement in Canada’s oilsands with Total E&P Canada Ltd., a division of France’s Total SA. The two companies said they would pair on three projects in Alberta, which has become a major target for foreign investors.
The base metals sector was up as the March copper contract on the Nymex climbed six cents to $4.17 U.S. a pound. Teck Resources ran ahead $2.19 to $58.39 and Lundin Mining improved by 16 cents to $6.87.
Sherritt International Corp. has approved an increase in the cost of its Ambatovy nickel-cobalt project in Madagascar to a total budget of $4.76 billion U.S. The new price tag is up from an earlier estimate of $4.52 billion and its shares declined four cents to $8.26.
The gold sector was ahead as Eldorado Gold rose 49 cents to $18.45.
The utilities sector fell with TransAlta Corp. down 26 cents to $21.45.
ON BAYSTREET
The TSX Venture Exchange grew 28.63 points to 2,134.44, while the Nasdaq Canada index moved higher 8.06 points to 753.05
In Toronto, nine of the 14 subgroups were higher to end Friday. Metals and mining led the parade, gaining 1.8%, global base metals prospered 1.5% and gold moved 0.9% higher.
ON WALLSTREET
In New York, stocks ended little changed on Friday, hovering at two-year highs hit in the previous session, as investors mulled over the tax-cut deal that passed the House late Thursday.
The Dow Jones Industrials slipped 7.34 points just before the closing bell to 11,491.90
The S&P 500 nipped 1.04 points to 1,243.91. The Nasdaq Composite Index progressed 5.66 points to 2,642.97.
Late Thursday, the House of Representatives put a final stamp of approval on the $858-billion U.S. tax deal hammered out between President Obama and Republicans. The Senate passed the proposal on Wednesday, and the bill received President Obama's signature soon after the closing bell.
The S&P 500 has gained nearly 6% since Obama agreed to compromise with Republicans on the tax plan
Regional banks -- which have been especially hard hit during the recession -- rallied. Regions Financial, Zions Bancorp and KeyCorp all ended higher.
After the bell on Thursday, Oracle and Research in Motion announced their past-quarter financial results -- both beat Wall Street analysts' estimates for earnings and revenue. Shares of Oracle rose 4%, and shares of Research in Motion ticked up 2%.
Economically speaking, the index on leading economic indicators (LEI) data for November was released after the opening bell. LEI jumped 1.1%, after edging up 0.4% in the prior month. Economists had been expecting a 1.2% increase.
Meanwhile, a government report on regional and state unemployment showed that more states suffered rising jobless rates in November than in the previous month. A total of 21 states and the District of Columbia reported higher unemployment rates, compared with 14 states in the previous month.
The price on the benchmark 10-year U.S. Treasury shot sharply higher, lowering the yield to 3.33% from Thursday’s 3.48%. Treasury prices and yields move in opposite directions.
Oil moved higher 34 cents a barrel to $88.04 U.S.
Gold futures for February delivery added $8.20 to settle at $1,379.20 U.S. an ounce.
