Toronto stocks were little changed Friday morning as commodities were struggling to extend gains after a disappointing fourth quarter economic growth numbers from the U.S., Canada's largest trading partner. Also, traders focus on developments in Greece, as the nation continuing its negotiations with its private creditors.
The S&P/TSX Composite Index edged up 13.78 points or 0.11 percent to 12,478.10.
Financial stocks were under selling pressure for a third straight session, with the Financial Index shedding nearly 1 percent.
CIBC (CM.TO) eased 0.50 percent after reporting fiscal 2011 net income of C$2.87 billion, or C$6.71 per share under IRFS standard. Adjusted earnings were restated as C$7.57 per share.
National Bank (NA.TO) surrendered 1.50 percent after reporting fiscal 2011 net income of C$1.22 billion, or C$6.92 per share, under IFRS, compared with C$1.21 billion, or C$6.85 per share, under GAAP.
TD Bank (TD.TO) and Scotiabank (BNS.TO) were down around 1 percent each.
The price of crude oil was steady above $100, with crude for March adding $0.60 to $100.30 a barrel.
In the oil patch, Petrobakken Energy (PBN.TO) lost close to 4 percent and Niko Resources (NKO.TO) was down 2 percent.
Meanwhile, gold stocks were firm amid steady bullion prices. Gold for February added $4.40 to $1,731.10 an ounce.
Among gold plays, Seabridge Gold (SEA.TO) gained over 4 percent. Agnico-Eagle Mines (AEM.TO) and Barrick Gold (ABX.TO) were up around 2 percent each.
Electronics products company Celestica Inc.(CLS.TO) surged 6 percent after reporting fourth quarter IFRS net earnings of $69.2 million or $0.32 per share up from $38.4 million or $0.17 per share last year. Adjusted net earnings were $71.1 million or $0.33 per share, compared to $61.3 million or $0.27 per share for the same period last year. Analysts were expecting the company to report earnings of $0.25 per share. For the first quarter, the company guides revenue to be in the range of $1.6 billion to $1.7 billion and adjusted net earnings per share to be in the range of $0.18 to $0.24. Analysts expect the company to report earnings of $0.23 per share for the next quarter.
In what could be a positive news for the ailing smart phone maker Research In Motion (RIM.TO), Prem Watsa - who has been appointed to the board this week - raised his stake in the company to 5.12 percent from the earlier 2.25 percent to become the fourth-largest shareholder in the company. Watsa, who heads Fairfax Financial Holdings Ltd, is well known for his turnaround capabilities. Shares of RIM gained close to 3 percent.
In economic news from south of the border, the U.S. Commerce Department said the economy grew at 2.8 percent the final quarter of 2011, up from the 1.8 percent growth posted for the third quarter. But the growth fell short of the 3.1 percent projected by most economists in what may be a sign that economic recovery is still stagnant.
From the euro zone, Germany's import price inflation eased sharply and for a third consecutive month in December, data from the Federal Statistical Office showed. Inflation eased to 3.9 percent in December from 6 percent in November and 6.8 percent in October. Economists expected the rate to be 3.8 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.