Equities in Canada’s largest market edged lower on Friday as lower oil prices weighed on energy shares, offsetting gains for the materials and utilities groups.
The S&P/TSX Composite began Friday down 6.66 points 15,068.54
The Canadian dollar nicked up 0.01 cents at 74.13 cents U.S.
Barrick Gold is reviewing the financial backing behind an approximately $1.3-billion bid for its stake in Australia's Kalgoorlie mine by Minjar Gold, a unit of Shanghai-listed Shandong Tyan Home.
Barrick shares galloped 35 cents, or 1.8%, to $20.00
The federal government will announce its decision on Enbridge’s two major pipeline projects on Tuesday. Energy industry officials and environmental groups expect Ottawa to veto the proposed Northern Gateway line from Alberta's oil sands to the Pacific province of British Columbia and approve Enbridge's plan to replace the Canadian segments of its aging Line 3 from Alberta to Wisconsin.
Enbridge shares took on 12 cents to $57.59.
More than 80% of Kirkland Lake Gold’s shareholders have voted in favour of the mid-tier miner's takeover of Newmarket Gold, according to two sources familiar with the situation, marking the end of a contentious process.
Over 90% of the Newmarket shareholders who voted on the acquisition also backed Kirkland's all-stock offer, valued at about $1 billion when announced on Sept. 29.
Kirkland Lake shares hiked 12 cents, or 1.6%, to $7.42, while Newmarket Gold shares progressed six cents, or 1.8%, to $3.49.
BMO raised the target price on TransAlta Corp. to $7.50 from $6.50, saying the Alberta government's decision to provide compensation to the company is a positive development.
TransAlta shares ballooned 78 cents, or 12.5%, to $7.04.
ON BAYSTREET
The TSX Venture Exchange picked up 2.29 points to 734.16
Seven of the 12 TSX subgroups were higher to start the day, with gold issues growing 1.8%, utilities better by 1.2%, and materials surging 0.7%.
The five laggards were weighed most by energy, down 0.7%, health-care, sliding 0.5%, and financials, retreating 0.2%
ON WALLSTREET
U.S. equities traded higher on Friday as investors kept an eye on retailers during Black Friday as a post-election rally moved forward.
The Dow Jones Industrials surged 54.2 points to begin a half-day of trading at 19,137.38, hitting a new record high, as 3M contributed the most gains.
The S&P 500 progressed 4.64 points to 2,209.36, as utilities gained 1.2% to lead advancers.
The NASDAQ composite index poked ahead 3.24 points to 5,383.92
Several retailers kicked off Black Friday sales on Thursday. J.C. Penney opened its doors Thursday at 3 p.m., while Macy's began sales at 5 p.m. Thursday. Retail giant Wal-Mart, meanwhile, began offering Cyber Monday deals on Friday, coming off the announcement that it would significantly increase its online inventory.
The major U.S. stock indexes have been on a tear lately, ripping to new record highs on optimism that President-elect Donald Trump's proposed policies would stimulate economic growth.
On the data front, the U.S. trade deficit totaled $62 billion U.S. in October. The November read on the IHS Markit non-manufacturing index came in at 54.7, marginally lower than the October read of 54.8.
Markets south of the border were closed Thursday for Thanksgiving. They are open Friday till 1 p.m. Bond markets are closed.
Oil prices shed 65 cents to $47.31 U.S. a barrel
Gold prices went south $3.50 to $1,185.80 U.S. an ounce.
