The Toronto stock market was modestly higher Friday as investor nervousness about unrest in the Mideast sent oil and gold prices higher while American job creation disappointed many investors.
The S&P/TSX composite index had risen 38.05 points by the close to 14,252.77
The Canadian dollar stepped up 0.07 cents to 102.9 cents U.S.
Canadian jobs data for February will be released next Friday.
The TSX energy sector rose substantially. Oil prices had declined slightly Thursday as traders wondered if attempts at mediation by Venezuelan President Hugo Chavez would come to anything.
But an opposition spokesman in Libya, Mustafa Gheriani, ruled out any negotiations with leader Moammar Gadhafi, saying "his hands are tainted with blood."
And the head of the Cairo-based Arab League seemed cool to the idea. League spokesman Hisham Youssef said Chavez’s proposals were not clearly drawn out and added that any mediation must "take into consideration the aspirations of the Libyan people" — an apparent reference to those who have joined the uprising against Gadhafi.
Crude prices are up around 16% in the last two weeks on worries that the unrest in Libya could spread to other big oil producing countries in the Mideast.
Suncor Energy advanced 88 cents to $46.38 while Canadian Natural Resources was up $1.67 at $49.64.
Gold bullion prices resumed advancing following a dip Thursday, with Barrick Gold Corp. climbed 30 cents to $51.40 while Goldcorp Inc. improved by 88 cents to $48.69.
The base metals component drifted lower with copper prices flat from Thursday’s close of $4.49 U.S. a pound. Teck Resources was up six cents at $53.99 while Inmet Mining Corp. declined $5.12, or 7.4%, to $64.00.
The tech sector was also a drag as Research In Motion Ltd. gave back $2.03 to $64.57. RIM rose 4% Thursday after BMO Capital analyst Tim Long raised his price target on the BlackBerry maker from $92 to $100 U.S. in advance of the company’s fourth-quarter results in three weeks, which the analyst sees as being "very solid."
In earnings news, shares in SNC-Lavalin finished 19 cents lower to $55.72 despite a big increase in profits and a 24% hike in its dividend as the construction and engineering giant removed Libyan projects from its order backlog and said earnings in 2011 could be relatively flat as a result of turmoil in the North African country.
Earlier Montreal-based SNC had reported that fourth-quarter profits rose to $139.2 million or 91 cents per share from $98.7 million or 65 cents a year ago as revenue grew nearly 20% to $1.9 billion.
Paramount Resources recorded a $75.5-million loss in the fourth quarter of 2010. The Calgary-based oil and gas producer’s revenue in the period was $46 million, little changed from $45 million in the fourth quarter of 2009. Its shares dipped 61 cents to $36.99.
Silver Wheaton Corp. shares gained $1.17 to $43.67 after it said Thursday that it will start paying a quarterly dividend of three cents U.S. per share as it more than doubled its annual profit in 2010 to $290.1 million U.S.
Technology licensing company Mosaid Technologies Inc. earned $7.4 million in its latest quarter, up from $2.2 million a year ago. Revenue in what was the company’s third quarter totaled $20.2 million, up from $17.7 million and its shares were up 98 cents to $30.45.
ON BAYSTREET
The TSX Venture Exchange climbed another 29.01 points to 2,439.83, while the Nasdaq Canada index faded 8.12 points to 830.25
In Toronto, all but three of the 14 subgroups finished negative. Information technology issues dropped 1.1% of their strength, followed by global base metals, down 0.9%, and metals and mining stocks slid 0.8%.
The three lone gainers were led by energy stocks, gaining 1.5%, gold, ahead 0.6%, and materials, moving ahead 0.4%.
ON WALLSTREET
In New York, markets fell sharply Friday, placing the prior day's rally in jeopardy, as oil prices jumped to more than $104 U.S. a barrel.
The Dow Jones industrial average moved downward 88.32 points, losing nearly half of Thursday's 190-point gain, to close at 12,169.90
The S&P 500 was down 9.82 points to 1,321.15. The tech-rich Nasdaq index sifted off 14.07 points to 2,784.67
Wal-Mart shares fell 0.3% on Friday despite the retail giant raising its annual dividend to $1.46 U.S. per share.
Economically speaking, the economy added 192,000 jobs in February -- roughly in line with expectations, as the unemployment rate ticked down to 8.9%. Economists were predicting a figure of 190,000, and expected the unemployment rate to rise to 9.2%.
The Commerce Department said factory orders rose 3.1% in January, the biggest gain since September 2006. Economists were looking for factory orders to rise 2%.
The price on the benchmark 10-year U.S. Treasury gained a few inches of ground, pushing the yield down to 3.49% from Thursday’s 3.57%. Treasury prices and yields move in opposite directions.
Oil for February delivery regained $2.81 to $104.72 U.S. a barrel.
Gold futures for April delivery rose $12.20 to $1,428.60 U.S. an ounce.
