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S&P/TSX Composite Index

15,509.75 real time data change up
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Change: 32.75 (0.21%)

S&P/TSX Venture Composite Index

783.79 real time data change down
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Change: -5.45 (-0.69%)
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11:07 AM EST, December 22, 2017
Slight Gain at Start for TSX

Stocks in Toronto inched forward in early trade on Friday, as gold and materials showed strength as bond yields and oil prices retreated.

The S&P/TSX Composite Index gained 13.72 points to open Friday at 16,196.35

The Canadian dollar skidded 0.2 cents to 78.3 cents U.S.

Teck Resources and the union representing 105 workers at its Quebrada Blanca copper mine in Chile said on Thursday they reached a new wage agreement, ending an eight-day strike.

Teck shares raised themselves 39 cents, or 1.2%, to $32.53.

TD Securities cut the rating on Cominar REIT to hold from buy. Cominar units gave back two cents to $14.12.

TD Securities cut the rating on Dream Office REIT to hold from buy. Dream units tacked on five cents to $21.60.

On the economic front, Statistics Canada said GDP was essentially unchanged in October following 0.2% growth in September, as nine of 20 industrial sectors expanded

ON BAYSTREET

The TSX Venture Exchange faded 4.73 points to 799.41

Eight of the 12 TSX subgroups were higher in the first hour, led by gold, up 0.9%, materials, ahead 0.3%, and telecoms, up 0.1%.

The four laggards were weighed most by information technology, sliding 0.4%, consumer discretionary stocks, shedding 0.1%, and consumer staples, fading 0.03%.

ON WALLSTREET

U.S. equities opened little changed on Friday, but traded near record levels, after lawmakers agreed on a plan to prevent a government shutdown.

The Dow Jones industrials slumbered 6.96 points to 24,775.33, with Nike leading decliners.

The S&P 500 dipped 1.16 points to 2,683.41, with consumer discretionary stocks falling 0.3%.

The NASDAQ composite index fell 8.56 points to 6,956.80

Despite their small declines, the major indexes remained less than 1% below record highs set earlier this week.

The major stock indexes have been on a tear this year as Wall Street awaited lower corporate taxes. The S&P 500 is up 19.9% in 2017, while the Dow has risen 25.4%, and the NASDAQ is up 29.4%.

In corporate news, Nike shares slipped 3.2% in the pre-market after the athletic apparel maker reported a drop in gross margins. The company's quarterly earnings and revenue topped estimates, however.

Biotechnology company Ignyta soared 72% after Swiss drug maker Roche agreed to buy the company for $27 per share, a 74% premium to its closing level from Thursday.

In economic news, personal income rose 0.3% last month. Economists were expecting a 0.4% gain. Durable goods orders, meanwhile, also disappointed, rising 1.3% in November. Economists had forecast an increase of 2%.

Prices for the benchmark 10-year Treasury note faded a bit, raising yields to 2.49% from Thursday's 2.48%. Treasury prices and yields move in opposite directions.

Oil prices dropped 27 cents a barrel to $58.09 U.S.

Gold prices gained $4.40 to $1,275.00 U.S. an ounce.



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