TSX Ends A Tad Higher On Mixed Data -- Canadian Commentary

(RTTNews) - Canadian stocks snapped a three-day loss to end slightly higher on Friday, after trending lower for most of the session on some mixed economic data from the U.S. which showed an unexpected drop in U.S. personal spending. Investors also mulled over some weak Canadian GDP data, even as a drop in Canadian industrial product prices and sluggish commodity prices weighed on market sentiment.

Nevertheless, an encouraging report on U.S. Chicago area business activity limited much of the losses for the session.

The S&P/TSX Composite Index closed Friday at 14,599.65, up 10.70 points or 0.07 percent. The index scaled an intraday high of 14,630.31 and a low of 14,537.08.

On Thursday, the index ended lower on some mixed economic data from the U.S., coupled with sluggishness in global equity markets and Ukraine.

The Financial Index dropped 0.099 percent with the Canadian Imperial Bank of Commerce (CM.TO) down 2.01 percent, Bank of Montreal (BMO.TO) edged down 0.01 percent, National Bank of Canada (NA.TO) up 0.15 percent, Toronto-Dominion Bank (TD.TO) up 0.27 percent, and Royal Bank of Canada (RY.TO) surrendered 0.19 percent.

Bank of Nova Scotia (BNS.TO) added 0.70 percent.

The Capped Healthcare Index gained 0.79 percent with Catamaran Corp. (CCT.TO) up 0.44 percent and Extendicare Inc. (EXE.TO) gaining 0.41 percent. Valeant Pharmaceuticals International Inc. (VRX.TO) gained 1.65 percent.

Crude oil ended lower with investors tracking declining equity markets while weighing demand growth prospects for oil after a more-than-expected jump in U.S. stockpiles last week and some mixed economic data.

The Energy Index added 0.34 percent, although U.S. crude oil futures for July delivery, the most actively traded contract, dropped $0.87 or 0.8 percent to close at $102.71 a barrel Friday on the Nymex.

Among other energy stocks, Encana Corp. (ECA.TO) ended flat at $25.25 a share, while Canadian Oil Sands Limited (COS.TO) gained 0.77 percent. Husky Energy Inc. (HSE.TO) up 0.47 percent, Canadian Natural Resources Ltd. (CNQ.TO) shed 0.34 percent, and Enbridge Inc. (ENB.TO) was up 0.58 percent. Baytex Energy Corp. (BTE.TO) edged down 0.11 percent, and Pacific Rubiales Energy Corp. (PRE.TO) added 2.81 percent.

Gold futures ended lower with investors tracking declining equity markets after some some mixed economic data out of the U.S..

The Global Gold Index added 1.44 percent, with gold futures for August delivery shedding $11.10 or 0.9 percent to close at $1,246.00 an ounce Friday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) added 4.79 percent, Osisko Mining Corp. (OSK.TO) gained 3.07 percent, Barrick Gold Corp. (ABX.TO) added 2.80 percent, and Agnico Eagle Mines Limited (AEM.TO) up 1.86 percent.

The Capped Materials Index gained 0.52 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) down 0.25 percent.

The Diversified Metals & Mining Index shed 1.15 percent, with Lundin Mining Corp. (LUN.TO) down 3.23 percent, First Quantum Minerals Ltd. (FM.TO) up 0.28 percent, and Teck Resources Limited (TCK.B.TO) dropping 1.51 percent.

The Information Technology Index dropped 0.48 percent, with BlackBerry Limited (BB.TO) down 1.55 percent, Constellation Software Inc (CSU.TO) slipped 0.87 percent, Celestica Inc. (CLS.TO) added 0.08 percent, and Avigilon Corp. (AVO.TO) dived 3.59 percent.

The Capped Industrials Index shed 0.12 percent, with Bombardier Inc. (BBD.B.TO) down 2.38 percent and Air Canada (AC.B) down 2.64 percent.

On the economic front, Canada's economy grew 1.2 percent in the first quarter, after seeing a 2.7 percent growth in previous quarter. Economists expected the economy to grow by 1.8 percent in the first quarter.

In economic news from the U.S., data released by the Commerce Department showed consumer spending to have declined by a seasonally adjusted 0.1 percent in April. Meanwhile, personal income rose 0.3 percent in April as expected, rising for the fourth straight month.

According to a report released by MNI Indicators, Chicago-area business activity unexpectedly rose to a seven-month high in May, climbing to 65.5, from 63.0 in April. The increase surprised economists, who had expected the barometer to dip to 61.0.

Thomson Reuters and the University of Michigan also released a report showing slight upward revision to their reading on consumer sentiment in May.