The Canadian stock market made headway by midday Friday after ending the previous session at a loss.
The S&P/TSX Composite Index approached noon on Friday up 55.91 points to 11,522.37
The Canadian dollar was down 0.12 of a cent to 97.66 cents U.S.
Class B shares of Transat were down 4.5% after the company reported second-quarter losses and LB Securities Equity Research lowered its target price by $3.15 to $3.85.
Also making notable moves were Ivanhoe Mines, sliding 6.7%, and on the upside, shares of Taseko Mines climbed 6%.
On the economic front this morning, Statistics Canada told us that manufacturing sales fell 0.8% in April to $49.1 billion, the third decline in four months, mostly on the backs of decreases in sales of aerospace products, and petroleum and coal products.
ON BAYSTREET
The TSX Venture Exchange retreated 0.94 points by noon to 1,251.39. The Nasdaq Canada index eked up 1.80 points to 367.85
All but three of the Toronto subgroups remained up by noon ET. Metals and mining stocks led the parade, up 1.5%, with information technology the runner-up at 1.4%, and global base metals gaining 1.3%.
The three laggards were health-care, down 1.2%, gold, off 0.3%, and real-estate, sagging 0.1%.
ON WALLSTREET
U.S. stocks climbed Friday, extending weekly gains on continued optimism about potential coordinated action by global central banks to stabilize markets if needed after Greek elections.
The Dow Jones Industrials marched ahead 64.59 points to break for lunch at 12,716.50. In all, 25 of the 30 components in the blue-chip index showed gains. Microsoft, Chevron and 3M were the biggest gainers.
The S&P 500 was 7.56 points better, at 1,336.66. The Nasdaq Composite Index improved 19.21 points to 2,855.54
U.S. economic data illustrated slowing global economic growth, with U.S. industrial output slowing as well as a gauge of manufacturing activity in the New York region
Shares of Apple edged lower after Bloomberg reported Apple would share in ad revenue from Chinese company Baidu. The company's search engine was added as part of a software upgrade for iPhones.
Shares of Microsoft Inc. rose following reports that the company bought social network Yammer for $1.2 billion U.S.
Early Friday, European Central Bank President Mario Draghi said the bank would "continue to supply liquidity to solvent banks where needed." He said strengthening European economies is crucial, and that it's time to implement plans to spur long-term growth.
Draghi's comments came one day after Bank of England Governor Mervyn King said the central bank and the Chancellor of the Exchequer are working on new policies to provide funding to banks for "several years" at rates below current market rates.
Still, trading could be volatile Friday, as investors brace for the crucial Greek elections this Sunday.
The concern is that anti-austerity political parties in Greece will win enough seats in parliament to derail the bailout program secured earlier this year. This, in turn, could lead to Greece exiting the euro.
Outside of Greece, sky-high borrowing costs in Italy and Spain still have investors on edge.
Last week, Spain asked for €100 billion from the European Union to provide a buffer for its ailing banks. But the country was hit by a downgrade by rating agency Fitch last week and Moody's on Wednesday. Both agencies warned the country's debt is at risk for further downgrade into junk bond status.
The yields on Spanish 10-year bonds improved slightly Friday, falling to 6.95% from the high just above 7% early Thursday.
Economically speaking, the Empire State Manufacturing Index plummeted to 2.3 in June, according to the Federal Reserve Bank of New York, down from 17.1 in May. The index was expected to stand at 13.5, according to a consensus of economist forecasts from Briefing.com.
The University of Michigan Consumer Sentiment Index for June slid to 74.1 from 79.3 in May. The number fell below expectations of 77, according to a consensus from Briefing.com.
The price on the benchmark 10-year U.S. Treasury gained, lowering yields to 1.58% from Thursday's 1.61%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil inched up eight cents to $83.98 U.S.
Gold futures for August delivery rose 0.8% to $1,632.70 U.S. an ounce.
