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Apr. 9, 2010 (Baystreet.ca) --
The Toronto stock market registered a solid gain Friday amid signs from the retail sector that suggested the American economy is continuing its slow and steady recovery. The S&P/TSX Composite Index ended the day up 63.31 points to 12,176,84, a jump of 25.78 points or 0.2% on the week. Energy stocks were lifted after Chevron Corp. said it expects first-quarter profit to be higher than the previous quarter, driven by higher earnings from its production and exploration operations, which are benefiting from higher commodity prices. The announcement was good news to investors looking to the start of the U.S. first quarter earnings season next week. Imperial Oil gained 48 cents to $41.74 and Husky Energy was up 31 cents to $30.06. The gold sector was up, as Barrick Gold climbed 37 cents to $41.47 while Kinross Gold improved 30 cents to $18.67. The base metals sector rose as the May copper contract in New York was unchanged at $3.59 U.S. a pound. Teck Resources advanced 84 cents to $46.06 while Labrador Iron Mines Holdings gained 27 cents to $7.05. Metallurgical coal miner Cline Mining Corp. jumped 38 cents to 21.7% to $2.13. Investors also took in major dealmaking in the North American retail sector. Convenience store operator Alimentation Couche-Tard Inc. is making a $1.8-billion U.S. cash hostile takeover bid for Casey's General Stores Inc., which operates primarily in the U.S. Midwest. Montreal-based Couche-Tard already has a significant presence in the United States, where it operates in eight geographic markets. Its shares jumped 82 cents to $19.02. And Research In Motion is buying QNX Software Systems from Harman International. The companies didn't disclose what RIM is paying for QNX, an Ottawa-based company with technology that helps bring the Internet to cars. RIM shares added 41 cents to $70.21. In other corporate news, cable television, Internet and phone company Shaw Communications Inc. reported quarterly earnings of $138.7 million or 32 cents per share. That's down 11% from the same time last year. The company says quarterly revenue jumped 11% to $929 million and its shares rose 22 cents to $19.89. Shares in Shoppers Drug Mart dipped 66 cents to $38.26 after the chain's president said Thursday that the company has already started to "dis-invest" in Ontario due to the provincial government's plan to scrap pharmacy allowances for generic drugs. Shoppers said that prescription sales account for about half of revenue. The company's stock fell about 10% on Thursday. Elsewhere, Centerra Gold Inc. has sold its stake in a Nevada gold property to a California company, pre-empting an agreement with Vancouver-based junior miner Rye Patch Gold Corp. Rye Patch said Thursday it received notice that Homestake Mining Co. has exercised its right of first refusal to acquire Centerra's 63% stake in the Ren property. Centerra shares rose five cents to $11.40 while Rye Patch plunged a dime to 29.4% to 24 cents. Queenston Mining Inc. shares were five cents higher to $4.60 after it said Friday its full-year loss increased dramatically to $2.3 million as revenue plunged and expenses increased. In economic news, Statistics Canada said Canadian unemployment edged up by 18,000 in March, continuing an upward trend that began in July 2009. Economists were predicting the economy would add 25,000 jobs. The unemployment rate remained unchanged, though, at 8.2%. The Canadian dollar slumped 0.10 cents to 99.61 cents U.S. ON BAYSTREET All but four of the 14 TSX subgroups ended the day in positive territory. Metals and mining led the way, ahead 1.5%, while materials and gold advanced 1.1% each. The four laggards were weighed mostly by consumer staples, down 0.4%, industrials, slipping 0.2% and utilities, off 0.1%. The TSX Venture Exchange hiked 27.64 points on the day to 1,680.57 (stronger on the week by 78.03 or 4.9%), while the Nasdaq Canada index gained 3.28 points to 779.92. ON WALLSTREET In New York, stocks gained Friday, with the Dow inching closer to 11,000 and the broad market on track to close higher for the seventh of eight weeks, as investors weighed concerns about Greek debt with continued economic optimism. The Dow Jones industrial average prospered 70.28 points to end Friday's trading at 10,997.35. The big board improved 70.28 or 0.6% on the week. The S&P 500 picked up 7.93 points Friday to 1,194.37 -- or 16.27 points (1.4%) stronger on the week, while the tech-rich Nasdaq gained 17.24 points to 2,454.05. The Nasdaq climbed 51.47 points or 2.1% over the last five trading days. Stocks drifted higher through the session as investors weighed the competing influences at the end of a choppy week on Wall Street. Stocks gained Thursday as upbeat sales reports from the nation's retailers helped provide optimism about the economic outlook, taking the edge off worries about Greece and other euro zone debt issues. Greece's borrowing costs eased a bit after hitting a record high Thursday on worries about its ballooning deficit. Talk of a bailout as soon as this weekend circulated Friday. On the downside, ratings agency Fitch cut its outlook on Greece's debt. Worries that Greece's default could usher in a bigger euro zone debt crisis have popped up repeatedly this year. But the concerns have been tempered in recent weeks as investors have focused on signs that the economic recovery is picking up strength, despite ongoing weakness in the labour and housing markets. The Dow, Nasdaq and S&P 500 all rose in six of the last seven weeks. The major stock indexes are on track to post small gains for the week, as of Friday afternoon. Among stock movers Friday, strength in energy shares gave a lift to the broad market, but it was tempered by weakness in financials. Chevron, Exxon Mobil, Coca-Cola and Walt Disney drove Dow gains. Microsoft, Yahoo and Intel were among the Nasdaq's big movers. Economically speaking, U.S. retail sales in March rose 9% over the same month a year ago, the International Council of Shopping Centers said Thursday based on an index of 31 retailers. Wholesale inventories rose 0.6% in February after climbing 0.1% in January, the Census Bureau reported Friday. Inventories were expected to rise 0.4% according to economists surveyed by Briefing.com. U.S. Treasurys gained a bit of ground, lowering the yield on the benchmark 10-year note to 3.89% from Thursday's 3.90%. Bond prices and yields move in opposite directions. The price of a barrel of oil slid 45 cents to $84.94 U.S. Gold prices climbed $9 to $1,162 U.S. an ounce.