The Toronto Stock Exchange appeared to be on track to post its first weekly decline in six weeks on Friday, until a late-day rally gave it enough of a boost to close up slightly.
Canada's benchmark S&P/TSX composite index closed the week at 12,601.18, ahead 1.95 points and 0.02% on the day, and a loss of 0.1% on the week. Materials stocks led the way as eight of the 10 subindexes gained.
Both the S&P/TSX and the dollar started the day in positive territory after a Statistics Canada report Friday showed Canadian retail sales exceeded analysts' estimates in August. The loonie ended the day with a loss of six basis points, closing at US97.38¢, as G20 finance ministers meet to discuss global currencies.
"The market doesn't want to take unnecessary positions through any potential major announcement that may come out of the G-20, especially as year-end approaches," Shane Enright, executive director at Canadian Imperial Bank of Commerce's CIBC World Markets unit, told Bloomberg.
"The market is weaker, as lack of inflation pressure will aid the Bank of Canada in keeping rates where they are." Statistics Canada also reported that Canadian inflation rose to 1.9% in September, in line with expectations.
On the commodities markets, oil was down US11¢ to US$81.69 a barrel, while gold declined a further 30¢ to $1,324.40, a drop of 3.4% for the week.
In the U.S. markets, additions to a recent string of better-than-expected thirdquarter earnings results were seen to be overshadowed by worries about global currency markets.
"People are concerned about what will come out of the G20 meeting," Frank Ingarra, a money manager at Hennessy Advisors Inc. in Connecticut, said.
The Dow Jones industrial average lost 14.01 points on Friday to close at 11,132.56, drop of 0.13%. The Nasdaq composite, however, was ahead by 19.72 points, or 0.80%, to 2,479.39.
"Without any major economic news out of the U.S. (Friday), equity and commodity markets have been slightly lower in directionless trading," analyst Colin Cieszynski of CMC Markets wrote in an afternoon note.
Shaw Communications Inc. dropped 5.67% after reporting earnings that disappointed.
It closed at $22.12. The company announced late Friday that the CRTC has approved the company's takeover of conventional television stations and specialty channels controlled by Canwest Global Communications Corp.
Despite the drop in gold prices, Barrick Gold Corp., Canada's biggest gold producer, gained 1.37% to $47.26.
