TSX points up as economy grows

Canadian stocks opened higher Friday amid strong GDP numbers from both sides of the border. The S&P/TSX Composite Index started the day ahead 29.83 to 11,304.03 Statistics Canada said today that the country's economy grew in November for the third month in a row. Bottom fishing after the main index fell over 4% in this year so far, could also help stocks gain. Technology shares may be in play after Microsoft reported 60% jump in its second-quarter earnings. Technology shares were on the up move during this week, barring a small correction in the previous session. Energy stocks could attract buyers as crude prices edged up. Meanwhile, the price of bullion was flat after the U.S. dollar marginally strengthened against some of its counterparts. In mining sector news, world's biggest miner, BHP Billiton said it chalked out a $1.93-billion capital expenditure to cope up with rising demand for iron ore from China. Coal miner SouthGopi Energy failed to attract Hong Kong investors on its debut, with the stock price falling over 10% in the Hong Kong stock market. The company had priced its offer at HK$126.04 a share and raised $439 million through its IPO. Today, the stock closed at HK$112 after dipping to an intraday low of HK$105.60. Canadian Oil Sands Trust reported a 23% drop in its fourth-quarter net profits at $0.20 per units, compared to $0.26 a unit in the year ago period. Oil pipeline maker Enbridge Inc. plans a $250-million expansion to handle increased activities from Canadian oil sands. Construction material dealer Norbord Inc. reported a narrower fourth-quarter loss of $0.25 per share compared to a loss of $1.88 per share last year. Bringing an end to a prolonged acquisition drama, Canplats Resources announced that its shareholders have approved the previously announced acquisition of Canplats by Goldcorp. Firstgold Corp. said that it has filed for Chapter 11 protection under the United States Bankruptcy Code. Mortgage insurer Genworth Mi Canada reported that its fourth quarter net income rose to $0.74 per share from $0.66 per share reported a year ago. Zenn Motor Company reported narrower fourth-quarter net loss of $0.10 per share, compared to net loss of $0.07 per share in the same quarter last year. Semiconductor and electronics dealer DALSA Corp. reported fourth quarter net loss from continuing operations of $0.06 per share, compared to a net income of or $0.23 per share in the prior year. Oil and gas explorer Stetson Oil and Gas announced the appointment of Ahmed Said as Interim President and Chief Executive Officer, after Bill Ward has tendered his resignation as President, CEO and a director effective immediately. Elsewhere, in economic news, Statistics Canada said our Industrial Product Price Index fell 0.1% and that of Raw Material Price index by 1.7% due to lower petroleum prices. The Canadian dollar improved 0.17 cents to 93.95 cents U.S. ON BAYSTREET Of the 14 TSX subgroups, 10 were higher soon after the opening bell. Global base metals led the way, up 1.4%, followed by energy stocks, growing 1.2% and information technology, gaining 0.9%. The four losing groups were weighed by gold stocks, off 1%, materials and telecoms, off 0.5%. The TSX Venture Exchange stepped back 4.21 points to 1,497.59, while the Nasdaq Canada index gained 7.56 points to 708.46. ON WALLSTREET In New York, stocks advanced Friday after a report showed that the U.S. economy grew at a 5.7% annual rate last quarter, the fastest pace in six years. The Dow Jones industrial average rose 69 points to 10, 189.46. The S&P 500 index rose 6.99 points to 1,091.52. The Nasdaq composite rose 13.18 points to begin the month's last session at 2,192.18. Stocks tumbled Thursday after a cautious outlook from Qualcomm decked techs. A Standard & Poor's report saying the U.K.'s banking system is no longer one of the most stable and low risk also played a role in the selling. On the upside, Federal Reserve Chairman Ben Bernanke was confirmed for a second term Thursday, ending the uncertainty that has hung over the market over the last week. GDP, the broadest measure of the economy, rose at a 5.7% annual rate in the fourth quarter. That is significantly higher than the 4.7% rate that was expected by a consensus of economists surveyed by Briefing.com. That's compared to an increase of 2.2% in the prior quarter. The Chicago PMI, a regional manufacturing survey, is also on tap, as is the University of Michigan's survey on consumer sentiment. Investors are also likely to express relief after Bernanke was confirmed for a second term Thursday. Concerns that his term wouldn't be renewed have weighed on investors lately. Rosy results from Microsoft and Amazon may offer support. Microsoft posted profit and sales that topped estimates after U.S. markets closed Thursday. Amazon also reported better-than-expected results. President Obama is due to unveil a $33-billion U.S. package of tax credits aimed at job creation on Friday. Treasury prices dipped, raising the yield on the 10-year note to 3.67% from Thursday's 3.65%. Treasury prices and yields move in opposite directions. The price of a barrel of oil tacked on 77 cents to $74.41 U.S. Gold prices lost a dollar to $1,084 U.S.