Energy and gold stocks pushed the Toronto stock market higher Friday, but the main index was weighed down by a sharp decline in Research In Motion Ltd. shares after the BlackBerry maker delivered a disappointing outlook.
The S&P/TSX Composite Index remained ahead but 10.02 points to close the day and the week at 14,039.39
The Canadian dollar moved back 0.58 of a cent at 101.8 cents U.S.
Research In Motion reported after the market close Thursday that quarterly earnings surged 32% on strong sales of the company’s BlackBerry smartphones. Earnings beat analyst estimates but its forecast for the current quarter missed expectations and the market heavyweight’s stock fell $6.71 or 10.7% to $55.78.
Crude prices have jumped 25% since protests against Libyan leader Moammar Gadhafi that began in mid-February escalated into a rebellion and shut down most of the OPEC member’s 1.6 million barrels per day of crude output. There are also worries that unrest could spread to other oil-rich countries in the Persian Gulf, such as Saudi Arabia.
Among domestic energy plays, Suncor Energy rose 39 cents to $44.12 while Cenovus Energy rose 74 cents to $37.69.
The gold sector was up, as Barrick Gold Corp. improved by 18 cents to $50.50 while Goldcorp Inc. climbed 28 cents to $47.93.
Telecom stocks were also supportive as Rogers Communications rose 46 cents to $35.34.
The base metals sector was down as the May copper contract in New York was unchanged at $4.42 U.S. a pound. Equinox Minerals rose a penny to $5.46 but Teck Resources dipped 73 cents to $52.66.
Yellow Media Inc. has reached an agreement to sell Trader Corp., owner of Auto Trader magazine and other publications, for $745 million to global private equity firm Apax Partners. Yellow Media has been transforming itself into a digital company to extend its reach with consumers and advertisers and its shares rose 21 cents to $5.50.
ON BAYSTREET
The TSX Venture Exchange increased 9.53 points to 2,314.11, while the Nasdaq Canada index scuttled 48.54 points to 755.83
In Toronto, all but four of the 14 subgroups were higher on the day. Health-care gained 1%, energy prospered 0.8% and materials moved forward 0.3%.
The four gainers were weighed mostly by information technology, collapsing 2.8%, metals and mining, off 0.8%, and financials, down 0.2%.
ON WALLSTREET
In New York, stocks were on track for a third-straight day of gains on Friday as investors shrugged off geopolitical concerns and focusing on positive news out of the technology sector.
The Dow Jones industrial average moved 50.03 points higher by the closing bell to 12,220.60
The S & P 500 was up 4.14 points to 1,313.80. The tech-rich Nasdaq Composite Index gathered 6.64 to 2,743.06.
Tech stocks were among the biggest movers on Friday. Shares of Oracle were up 3%, after the software company reported results late Thursday that were mostly in line with expectations. Dow component IBM was up 1.5% following Oracle's results.
Meanwhile Research in Motion shares plunged 11% in New York, after the BlackBerry maker gave weak first-quarter guidance late Thursday. RIMM's earnings were $1.78 U.S. per share, versus the $1.75 U.S. a share analysts had expected.
Though unrest in the Middle East and Libya is spreading and Japan continues to deal with the effects of an earthquake, U.S. stocks have performed extremely well this week. Near the close, the Dow was on pace for its best weekly performance since mid-July.
Electronics retailer Best Buy was among the worst performers in the S&P 500 -- falling 3.5% -- after Wall Street analysts downgraded the company, following the company's earnings report earlier this week.
On the economic front, investors reacted little to the third and final reading of fourth-quarter U.S. GDP, which came in at 3.1%. The prior estimate had been for a 2.8% growth in the quarter.
The University of Michigan consumer sentiment survey for March came in at a reading of 68.2, in line with economists' expectations of a reading of 68.0-68.2.
The price on the benchmark 10-year U.S. Treasury lost ground, bringing yields back up 3.44% from Thursday’s 3.40%. Treasury prices and yields move in opposite directions.
Oil for February delivery fell six cents to $105.54 U.S. a barrel.
Gold futures for April delivery dropped by $8.70, or 0.6%, to $1,426.20 U.S. an ounce.
