Toronto stock market to open little changed
TORONTO - The Toronto stock market appeared set to open little changed Friday in what is expected to be a quiet session with U.S. markets closed for the Independence Day holiday.
The Canadian dollar edged up 0.06 of a cent to 94.05 cents US.
The TSX put in a flat performance Thursday while the Dow closed above 17,000 for the first time.
The TSX was weighed down by gold stocks as bullion prices retreated in the wake of a U.S. jobs reports that handily beat expectations and increased optimism that the American economy will rebound significantly after severe winter weather pushed the economy into contraction in the first quarter.
The strong jobs data and solid manufacturing reports from the U.S. and China earlier in the week boosted the Dow industrials 216.42 points or 1.28 per cent this past week. The Toronto market also headed for a strong gain, led by mining and financial stocks.
The strong U.S. jobs report is the latest piece of data to show the world’s biggest economy continues to improve steadily. Also helping stocks are solid corporate earnings and continued support from central banks.
Traders are now focused on the start of U.S. second quarter earnings reports for reassurance about how the American economy performed during the April-June period. Heavyweights reporting next week include resource company Alcoa Inc. and banking giant Wells Fargo.
On the corporate front, Lassonde Industries Inc. (TSX:LAS.A) is acquiring U.S. branded juice company Apple & Eve for US$150 million. The Quebec-based juice maker says the acquisition will strengthen its presence in the United States.
Commodity prices were mixed in electronic trading on the New York Mercantile Exchange with August crude 33 cents lower to US$103.73 a barrel.
August bullion was up $1.50 to US$1,322.10 an ounce, while September copper was unchanged at US$3.28 a pound.