Canadian stocks ended marginally higher Friday, on some upbeat data from the U.S. with durable goods orders rebounding more than anticipated in April. Nonetheless, the gains were capped by investor concerns that the U.S. Federal Reserve may scale back its support to the economy, cutting down on its quantitative easing program.
After reporting a sharp drop in new orders for manufactured durable goods in the previous month, a Commerce Department report Friday showed durable goods orders in April rebounded 3.3 percent which was more than what analysts expected.
The U.S. Federal Reserve earlier in the week indicated a continued policy of aggressive easing until unemployment rate in the country improved. However, Fed chief Ben Bernanke in his testimony before the Congress gave indications of scaling down its quantitative easing program in the near future. Minutes of the Federal Reserve's meeting revealed "a number" of members favored tapering the central bank's $85-billion bond-buying program as early as June meeting if the labor market continues to improve.
The S&P/TSX Composite Index closed Friday at 12,667.22, up 9.13 points or 0.07 percent. The index touched an intraday high of 12,670.65 and a low of 12,620.01.
The Global Gold Index shed 1.28 percent, with gold futures for June delivery shedding $5.20 or 0.4 percent to close at $1,386.60 an ounce Friday on the Nymex.
The Capped Materials Index shed 0.90 percent, with Potash Corporation of Saskatchewan Inc.(POT.TO) dropping 1.30 percent.
Among gold stocks, Yamana Gold Inc. (YRI.TO) gained 0.36 percent, while Goldcorp Inc. (G.TO) slipped 1.28 percent. IAMGOLD Corp. (IMG.TO) surrendered 1.13 percent, while Kinross Gold Corp. (K.TO) slipped 0.33 percent. Barrick Gold Corp. (ABX.TO) gave up 2.14 percent.
The Diversified Metals & Mining Index slipped 0.05 percent, with First Quantum Minerals Ltd. (FM.TO) up 0.11 percent and Teck Resources (TCK.B.TO) down 0.39 percent.
The Energy Index dropped 0.31 percent, after U.S. crude oil futures for July delivery dipped $0.10 or 0.1 percent to close at $94.15 a barrel Friday on the Nymex.
Among energy stocks, Suncor Energy Inc. (SU.TO) slipped 1.14 percent, while Canadian Natural Resources Limited (CNQ.TO) edged down 0.35 percent. Canadian Oil Sands Limited (COS.TO) shed 0.35 percent, while Encana Corp. (ECA.TO) dropped 0.69 percent.
Niko Resources Ltd, (NKO.TO) jumped 22.70 percent after announcing a significant gas condensate discovery in deep water KG D6 Block, offshore India.
The Financial Index moved up 0.10 percent, with Manulife Financial Corp. (MFC.TO) down 0.44 percent and Bank of Montreal (BMO.TO) ended flat at $63.21. Royal Bank of Canada (RY.TO) gained 0.62 percent, while Bank of Nova Scotia (BNS.TO) edged up 0.19 percent.
National Bank (NA.TO) gained 1.93 percent after reporting a lower second quarter profit of C$434 million or C$2.49 per share compared with C$553 million or C$3.22 per share last year. Excluding specified items, adjusted income was C$369 million or C$2.08 per share, compared with C$347 million or C$1.95 per share during the same quarter last year.
The Information Technology Index dropped 0.12 percent, with BlackBerry (BB.TO) up 0.20 percent.
The Capped Industrials Index gained 0.06 percent, with Bombardier Inc. (BBD.A.TO, BBD.B.TO) ending flat at $4.66.
Telecommunications services provider Manitoba Telecom Services Inc. (MBT.TO) moved up 5.70 percent after announcing a divestiture at its Allstream business to Accelero Capital Holdings Group in a transaction that valued Allstream at $520 million.
In economic news from the U.S., the Commerce Department said durable goods orders surged 3.3 percent in April after tumbling by a revised 5.9 percent in March. Economists expected orders to climb 1.1 percent compared to the 5.7 percent decline reported in the previous month. Excluding a rebound in orders for transportation equipment, durable goods orders rose by 1.3 percent in April compared to a 1.7 percent drop in March.
From the eurozone, Germany's consumer confidence is set to strengthen in June, results of a survey by market research firm GfK showed. The forward-looking index for June rose to 6.5 in June from 6.2 in May. Economists had forecast the indicator to remain unchanged at 6.2. Economic expectations as well as income expectations of consumers improved in May. Following a moderate fall in April, economic expectations gained 1.3 points to -0.2.
Meanwhile, Germany's business sentiment improved to 105.7 in May from 104.4 in April, reports said citing a survey from the Ifo institute. The reading was forecast to remain unchanged at 104.4.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.