The Toronto stock market was slightly higher with oil prices flat while data from China kept inflation and interest rate concerns front and centre.
The S&P/TSX Composite Index had gained 62.04 points to greet noon at 13,883.84
The Canadian dollar was off 0.07 cents to 104.01 cents U.S.
The energy sector was ahead as Canadian Natural Resources climbed 59 cents to $43.14.
Oil prices sold off the first two days of this week, from $113.46 U.S. on Monday, the highest since September 2008. However, a weaker dollar and signs U.S. gasoline consumption remains robust helped stanch those losses. Crude has gained 28% since Feb. 15 because of the civil war in Libya and worries about unrest in other Mideast countries.
The industrial sector also advanced with Canadian Pacific Railway ahead 48 cents to $60.50.
Gold stocks also moved up as Goldcorp Inc. gained 44 cents to $52.30.
The base metals sector edged up with the May copper contract down one cent to $4.27 U.S. a pound in New York. Demand concerns have sent copper tumbling 5.5% this week. Lundin Mining was up four cents to $8.
In other corporate news, Iamgold Corp. announced plans to sell its 18.9% stake in the Tarkwa and Damang gold mines in Ghana, West Africa to Gold Fields Ltd. for $667 million U.S. Its shares declined 98 cents to $20.12.
Wi-LAN Inc. has signed a multi-year agreement that gives Cisco Systems Inc. the licences to "virtually all" of its patents. The Ottawa-based company, which specializes in licensing rights to intellectual property and patents, did not disclose the financial details of the transaction and its shares gained 16 cents to $6.06.
ON BAYSTREET
The TSX Venture Exchange regained 1.25 points to 2,302.29 while the Nasdaq Canada index recovered 7.63 points to 757.07
In Toronto, all but one of the 14 subgroups were up by noon. Information technology gained 1%, energy powered ahead 0.9%, while consumer staples were 0.6% better.
Global base metals proved the lone laggard, off 0.3%.
ON WALLSTREET
In New York, stocks turned higher Friday, as investors weighed mostly disappointing corporate earnings against better news about inflation and consumer sentiment.
The Dow Jones industrial average tallied 69.25 points to 12,354.40.
The S&P 500 moved higher 6.68 points to 1,321.20, while the Nasdaq Composite Index moved higher by 4.23 points to 2,764.45.
Shares of Dow component Bank of America were down 1% after the bank's earnings fell short of analyst estimates. BofA said it earned a profit of $2 billion, or 17 cents a share, while analysts were looking for a profit of 27 cents a share.
Google shares dropped nearly 7%, dragging down the broader technology sector, after the company reported late Thursday a profit of $8.08 a share, missing Wall Street analyst forecasts.
Mattel shares rose 5%, making it the best-performing stock among the S&P 500, after the company posted a first-quarter profit of five cents a share, a penny better than expectations.
On the economic front, investors are focusing on the Labor Department's latest Consumer Price Index, which showed prices rose 0.5% in March.
While that was in line with expectations, core CPI -- which strips out volatile food and energy prices -- came in lower than forecasts, rising 0.1% during the month.
Inflation has become an increasing concern for investors, as businesses find themselves choosing between absorbing the rising costs of oil and raw materials and passing those costs on to consumers. Either way, inflation can hurt the purchasing power of businesses and consumers.
While gas and food have soared recently, core CPI shows underlying inflation remains tame.
Elsewhere, investors also welcomed a positive economic report from the University of Michigan, which showed U.S. consumer sentiment rose to a reading of 69.6 in April from the 67.5 reported in March. Economists had been looking for a reading of 69. Stocks moved higher after the report.
The Federal Reserve said U.S. industrial production rose 0.8% in March, marginally better than the 0.6% expected by economists.
The price on the benchmark 10-year U.S. Treasury went sharply higher, dropping yields to 3.43% from Thursday’s 3.49%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained $1.27 to $109.38 U.S. a barrel.
Gold futures for June delivery rose $14.60 to $1,486.50 U.S. an ounce, heading for yet another record close for the precious metal.
