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Nov. 13, 2009 (Baystreet.ca) --
Technology and financial stocks helped keep the Toronto stock market from growing much Friday morning.
Even so, the S&P/TSX Composite Index was up 12.33 points by noon to 11,373.09.
Canada's trade deficit with the rest of the world narrowed to $927 million in September from $2 billion the month before. Statistics Canada says that exports rose 3.5% to $30.3 billion, while there was little change in imports. Automotive products, industrial goods and materials, and machinery and equipment were the main sources of growth for exports.
The tech sector was down with group heavyweight Research In Motion Ltd. losing $1.29 to $65.34 U.S.
The financial sector backed off as Manulife Financial moved down 26 cents to $20.24.
The TSX energy sector was slightly higher as Suncor Energy Inc. shares rose 16 cents to $36.60 after it said it is budgeting $5.5 billion for capital spending in 2010, with about one-quarter of the money going to growth projects, including the Firebag oilsands project in northern Alberta. Stage 3 of the Firebag project was half complete when it was deferred earlier this year.
The base metals sector was up, as December copper moved down a cent at $2.94 U.S. a pound. Teck Resources climbed 52 cents to $33.54.
Western Coal Corp. shares fell nine cents to $2.68 as it said third-quarter profit plunged 95%, falling to just under $2.2 million. Revenue fell to $107.6 million from $167.4 million.
In other Canadian earnings news, Uranium One Inc. shares dipped five cents to $3.18 after it said a drop in volumes sold and lower uranium prices resulted in a 62% decline in revenue to $21.3 million. The drop in revenue came amid a 50% slide in volumes sold and lower average uranium prices.
The company reported a net loss of $11.9 million against a year ago net loss of $2 billion, mostly as a result of writedowns of the value of several projects.
Shares in Montreal toymaker Mega Brands Inc. surged 12 cents to 97 cents after it reported a $72-million profit for the third quarter. That's a vast improvement over the $122.1-million loss that Mega Brand had a year earlier as a result of lingering problems from a line of magnetic toys.
On Monday, Mega Brands announced it had won a $72-million settlement related to its ill-fated acquisition of the Magnetix line of magnetic toys.
In other corporate news, Canwest Global Communications Corp. says its shares will begin trading on the TSX Venture Exchange starting Monday. The shares were suspended from trading on the TSX last month and were to be delisted at the end of Friday's trading.
The Canadian dollar tacked on 0.44 cents to 95.15 cents U.S.
ON BAYSTREET
All but four of the 14 TSX subgroups had swung to the positive by noon. Main gainers were led by gold, up 2.1%, global base metals, ahead 1.6% and materials, prospering 1.3%
The four losing stocks were weighed down by consumer discretionaries, off 0.7%, financials and consumer staples, each off 0.4%.
The TSX Venture Exchange moved forward 2.56 points to 1,353.71, while the Nasdaq Canada index declined 1.75 points to 673.56.
ON WALLSTREET
In New York, equities turned higher in choppy trade early Friday, as the market shrugged off mixed data to rebound from the previous session's sharp drop.
The Dow Jones Industrials moved 83.66 points ahead by midday to 10,281.13. The S&P 500 index was up 6.79 points to 1,094.03, while the Nasdaq composite index went higher by 13.25 points to 2,162.27.
Earlier this week, jitters about the economic recovery led investors to question the sustainability of a six-day rally, and stocks slumped Thursday.
Two reports came earlier in the session Friday. The University of Michigan said consumer sentiment unexpectedly fell to 66 in early November, from 70.6. And the Commerce Department said the trade balance between imports and exports grew more than expected in October, to $36.5 billion U.S.
Disney reported quarterly results late Thursday that showed signs of a turnaround at the company. It also swapped the roles of two top executives.
Also after the closing bell Thursday, upscale retailer Nordstrom posted a quarterly profit that was below analysts' forecasts, and said it expects a drop in full-year same-store sales.
Dollar General went public late Thursday and opened on the New York Stock Exchange Friday, trading up 8.52% from its initial public offering price of $21 U.S.
Treasury prices worked their way back to Thursday's reading of 3.44%.
The price of a barrel of oil dipped 39 cents to $76.43 U.S.
Gold prices improved $7 at $1,114 U.S. an ounce.