The Toronto stock market enjoyed a higher open on Friday, after European Union leaders agreed on measures that partially address the region's crippling sovereign debt crisis.
The S&P/TSX Composite Index reacquired 32.70 points to begin the week’s last session at 11,984,49
The Canadian dollar peeked up 0.03 cents to 97.78 cents U.S.
Stocks to watch this morning include Rogers Communication, who, along with Bell has agreed to purchase a majority stake in Maple Leaf Sports and Entertainment for more than $1.3 billion.
Reports say the companies have reportedly reached a draft agreement with the Ontario Teachers’ Pension Plan to acquire about 75% of MLSE, which owns the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors, Major League Soccer’s Toronto FC, the Air Canada Centre and other assets.
Harry Winston Diamond Corp. fell to a third-quarter loss, as rough diamond sales dragged and the mining segment booked charges related to an unneeded facility.
China Guangdong Nuclear Power Corp will offer $2.2 billion for Australia's Extract Resources if its agreed deal to buy the company's top shareholder proceeds, a move that could kick off a bidding war for one of the world's largest uranium discoveries.
Economically speaking, our merchandise exports declined 3.0% in October, according to figures released by Statistics Canada, and imports rose 1.9% As a result, Canada's trade balance with the world went from a surplus of $1.0 billion in September to a deficit of $885 million in October.
ON BAYSTREET
The TSX Venture Exchange gained 20.29 points to 1,537.67, while the Nasdaq Canada index added 1.51 points to 384.66
All but four of the 14 Toronto subgroups gained ground, led by global base metals, up 1.2%, energy, ahead 0.7%, and health-care, gaining 0.6%.
The four laggards were weighed mostly by telecoms and utilities, each off 0.2%, and materials, down 0.1%.
ON WALLSTREET
In New York, stocks opened higher Friday, after a majority of European leaders agreed on a new deal to try to resolve the euro-zone debt crisis.
The Dow Jones Industrials climbed 116.40 points, or 1%, soon after Friday’s open to 12,114.10
The S&P 500 tacked on 11.82 points, to 1,246.17, while the Nasdaq Composite strengthened 18.29 points to 2,614.67.
During a meeting in Brussels early Friday, the 17 members of the euro-zone -- which share the embattled single currency -- reached a deal for a new intergovernmental treaty to deepen the integration of national budgets. Six other E.U. nations supported the deal, whereas Britain and three other countries did not. Leaders are aiming to have the plan ready by March.
European stocks and U.S. stock rallied on the news and ignored the Moody's downgrade of three top French banks: BNP Paribas, Credit Agricole SA and Société Générale.
The U.S. financial sector outperformed the broader market in early trading with Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo up between 1% and 4%. The rally in financials helped erase some of the industry's outsize losses from Thursday.
DuPont shares plunged, after the company also lowered its forecasts for the year. DuPont CEO Ellen Kullman cited slower growth and global economic uncertainty, as reasons for the lower outlook.
Meanwhile, Texas Instruments shares fell, after the company lowered its forecasts for both fourth quarter earnings and revenue, in an announcement after the bell Thursday.
On the economic front, the government released its latest trade data for October, showing the U.S. trade deficit dipped slightly to $43.5 billion U.S. The number was in line with estimates, but deeper in the red from the $43.1-billion U.S. deficit in the prior month.
The morning also brings the December installment of the University of Michigan's Consumer Sentiment Index, which is expected to rise to 65.1 from 64.1 in November.
The price on the benchmark 10-year U.S. Treasury slipped, pushing the yield up to 1.98%, from 1.97% late Thursday. Treasury prices and yields move in opposite directions.
Oil for January delivery gave back 52 cents to $97.82 U.S. a barrel.
Gold for February delivery gained 90 cents to $1,714.30 U.S. an ounce.
