Canadian stocks ended higher Friday, mining and energy issues as investors weighed further monetary stimulus measures by central banks globally with the Greek elections on Sunday in focus. European stocks also ended in positive territory on rising prospects that European central banks will be coordinating to stabilize financial markets in the event Greece votes to leave the euro zone. The S&P/TSX shed nearly 0.4 percent for the week.
Meanwhile, the Bank of England said it remained committed to pump in extra cash into the U.K. banking system.
Toronto's main index, the S&P/TSX, closed Friday at 11,524.07, up 57.65 points or 0.50 percent. The S&P/TSX Composite Index touched an intraday high of 11,495.76 and a low of 11,487.63.
The TSX Venture Index closed at 1,253.32, up 0.99 points or 0.08 percent. The index opened at 1,253.91 compared to its previous close of 1,252.33.
Major gainers of the S&P/TSX Index were the Metals & Mining, Energy, Financials and the Information Technology indices. Among decliners were the Global Gold Index.
U.S. crude oil futures for July delivery gained $0.12 or 0.1 percent to close at $84.03 a barrel Friday on the NYMEX. In its meeting yesterday, OPEC decided to keep its output limit unchanged at 30 million barrels a day.
The Energy Index jumped 1.82 percent with Encana Corp. (ECA.TO) gathering 5.52 percent, Canadian Natural Resources Limited (CNQ.TO) up 1.43 percent, and Bonavista Energy Corp. (BNP.TO) up 5 percent., Talisman Energy Inc. (TLM.TO) gained 2.28 percent, while Suncor Energy Inc. (SU.TO) advanced 1.79 percent.
The Metals & Mining Index gained 1.61 percent with First Quantum Minerals Limited (FM.TO) gathering 2.53 percent and Teck Resources Limited (TCK_B.TO) moving up 1.44 percent. Osisko Mining Corp. (OSK.TO) shed 2.64 percent, while Lundin Mining Corp. (LUN.TO) gained 3.75 percent.
Gold futures for August delivery gained $8.50 or 0.5 percent to close at $1,628.10 an ounce Friday on the NYMEX. The Global Gold Index dropped 0.35 percent.
Among gold stocks, Eldorado Gold Corp. (ELD.TO) gained 2.09 percent, while Kinross Gold Corp. (K.TO) moved up 2.24 percent. Goldcorp. (G.TO) dropped 0.96 percent, while Lake Shore Gold Corp. (LSG.TO) gained 1.05 percent. Barrick Gold Corp. (ABX.TO) edged up 0.48 percent.
The Materials Index gained 0.15 percent with Potash Corporation of Saskatchewan Inc. (POT.TO) moving up 1.73 percent.
Transportation systems maker Bombardier Inc. (BBD.A.TO), gained 2.89 percent after its rail systems division, Bombardier Transportation was awarded a $631 million contract by the San Francisco Bay Area Rapid Transit District for supply of 260 new rail cars. .
Smartphone maker Research In Motion Limited (RIM) gained 4.81 percent.
The Financial Index gained 0.53 percent, with Royal Bank of Canada edging up 0.92 percent and Manulife Financial Corp. (MFC.TO) up 2.08 percent, while Toronto-Dominion Bank (TD.TO) moved up 0.19 percent.
West Africa focused gold miner Aberdeen International Inc. (AAB.TO) dropped 1.18 percent despite posting a much improved first quarter net earnings of $15.9 million or $0.18 per share.
Drug maker Valeant Pharmaceuticals International Inc. (VRX.TO) shed 2.42 percent after agreeing to acquire OraPharma, a specialty oral health company, from Water Street Healthcare Partners, a private equity firm for a total consideration of around $312 million.
In economic news, Statistics Canada said manufacturing sales unexpectedly fell in April, signaling the nation's factory sector is feeling the effects of a global slowdown brought on by problems in Europe. Manufacturing sales fell 0.8 percent in April to $49.1 billion.
In economic news from the U.S., the Federal Reserve Bank of New York said its general business conditions Empire State index dropped to 2.3 in June from 17.1 in May, although a positive reading still indicates growth in regional manufacturing activity. Economists expected the index to decrease modestly to 13.8.
With a drop in manufacturing output offsetting increases in mining and utilities production, a Federal Reserve report on Friday showed unexpected decrease in U.S. industrial production in the month of May. Production edged down by 0.1 percent in May after a downwardly revised 1.0 percent increase in April. Economists expected production to come in unchanged following the 1.1 percent increase originally reported for the previous month.
Consumer sentiment in the U.S. deteriorated more than anticipated in June, a report by Thomson Reuters and the University of Michigan showed Friday. The drop likely reflects the disappointing jobs data. The consumer sentiment index dropped to 74.1 in June from the final May reading of 79.3. Economists expected the index to decrease modestly to a reading of 77.5.
Euro area trade surplus dropped to 5.2 billion euros in April from 7.5 billion euros in March, Eurostat said. In April 2011, the trade balance showed a deficit of 4.5 billion euros. Meanwhile, seasonally adjusted trade surplus increased to 6.2 billion euros in April from 3.7 billion euros in the previous month.
Data from the Office for National Statistics showed that the U.K. visible trade deficit increased to a seasonally adjusted GBP 10.1 billion in April from GBP 8.7 billion in March. The deficit was well above the consensus forecast of GBP 8.5 billion.
by RTT Staff Writer
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