RTTN: TSX Hovers Near 18-month High Friday Morning Amid Mixed
(RTTNews) - Canadian stocks were hovering in the positive territory in mid-morning deals Friday amid inflation and retail sales data. Traders were also reacting to mixed economic data from the U.S., the country's biggest trading partner.
The S&P/TSX Composite Index was up 47.32 points or 0.39% to 12,208.19, just below its 18-month high of 12,211 hit on on April 15.
The price of oil recovered from early morning losses, adding $0.29 to $83.99 a barrel. The price of gold was down $5.00 to $1,140, an ounce.
Among energy stocks, Suncor Energy (SU.TO) gained 0.74% and Pacific Rubiales Energy (PRE.TO) rose 2.58%.
In the information technology space, Open Text (OTC.TO) gathered 4.06%. The company scheduled to report its earnings next week.
Meanwhile, Research In Motion (RIM.TO) eased 0.39%.
Among financial stocks, CIBC (CM.TO) was up 0.70% and Scotiabank (BNS.TO) edged up 0.27%.
In the gold space, Lihir Gold (LGG.TO) moved up 1.12% and New Gold (NGD.TO) was up 2.05%.
Meanwhile, International Forest Products (IFP_A.TO) lost 1.63% even after reporting a narrower first quarter loss of C$0.07 per share, compared to a loss of C$0.29 in the year ago period.
Sears Holdings said it will add a further 17.3% stake in merchandising company Sears Canada (SCC.TO) by purchasing over 18 million shares at C$30 each from Pershing Square Capital Management LP Funds. This would take up its total stake to 90.4%. Sears Canada gave in 1.60%.
In economic news, Statistics Canada said the country's annual inflation rate slowed to 1.4% in March from 1.6% the previous month. The agency noted that gasoline prices exerted the most upward pressure on the all-items consumer price for a fifth straight month.
In other report released today, the agency said retail sales in Canada were up 0.5% in February from the previous month, following January's 0.9% increase. Excluding auto, retail trade slipped 0.1% on a monthly basis compared to the consensus forecast of 0.8% increase.
From the U.S., the Commerce Department said durable goods orders fell by 1.3% in March following an upwardly revised 1.1% increase in February. Economists were expecting orders to edge up by 0.1% compared to the 0.9% increase that had been reported for the previous month. Excluding transportation, new orders rose 2.8%.
In other report, the department said sales of new homes surged 27% in March to a seasonally adjusted annual sales pace of 411,000, recording the biggest monthly increase in 47 years. Economists were expecting a sales pace of 330,000.
