TSX Ends A Tad Higher After Fed Minutes - Canadian Commentary

(RTTNews) - Canadian stocks snapped a three-day loss to end a shade higher Friday, on some mixed economic data while tracking largely rising global equity markets, even as investors continued to mull over the U.S. Federal Reserve's policy review meet minutes. The Fed gave ample hints that it may begin tapering its monthly bond-buying program sooner rather than later.

The S&P/TSX Composite Index closed Friday at 13,478.34, up 3.01 points or 0.02 percent. The index scaled an intraday high of 13,517.02 and a low of 13,469.21.

Crude oil ended lower Friday, mostly on profit taking after having surged yesterday on some bright outlook for oil with an upbeat, better than expected initial jobless benefit claims data out of the U.S.

The Energy Index dropped 0.19 percent, with U.S. crude oil futures for January delivery, the most actively traded contract, shedding $0.60 or 0.6 percent to close at $94.84 a barrel Friday on the Nymex.

Among energy stocks, Imperial Oil Limited (IMO.TO) slipped 0.73 percent, Encana Corp. (ECA.TO) lost 1.70 percent, Talisman Energy Inc. (TLM.TO) down 1.10 percent, and Canadian Natural Resources Limited (CNQ.TO) shed 1.25 percent.

The Information Technology Index added 0.09 percent, with smartphone maker BlackBerry Limited (BB.TO) gaining 2.84 percent.

The Diversified Metals & Mining Index shed 0.79 percent, with First Quantum Minerals Ltd. (FM.TO) dropped 0.27 percent and Lundin Mining Corp. (LUN.TO) ended flat at $4.32 a share. Teck Resources (TCK.B.TO) shed 1.12 percent..

The Capped Materials Index slipped 0.59 percent, with Potash Corporation of Saskatchewan Inc.(POT.TO) edging up 0.09 percent.

Gold ended marginally higher even as investors weighed the minutes from the latest U.S. Federal Reserve's policy review meet, with indicators the central bank could begin scaling down its monthly bond-buying program as early as January next year.

The Global Gold Index dropped 1.00 percent, with gold futures for December delivery, the most actively traded contract, gaining $0.50 to close at $1,244.10 an ounce Friday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) dropped 0.75 percent, while IAMGOLD Corp. (IMG.TO) shed 1.11 percent. Kinross Gold Corp. (K.TO) gained 0.61 percent, while Barrick Gold Corp. (ABX.TO) surrendered 3.26 percent.

The Financial Index added 0.19 percent with Bank of Montreal (BMO.TO) gained 0.50 percent, while Royal Bank of Canada (RY.TO) shed 0.13 percent. The Bank of Nova Scotia (BNS.TO) added 0.35 percent, while Toronto-Dominion Bank (TD.TO) dropped 0.43 percent.

The Capped Industrials Index gathered 0.49 percent, with Bombardier Inc. (BBD.A.TO, BBD.B.TO) up 0.85 percent.

Gold miner Pretium Resources (PVG.TO) jumped 79.55 percent after announcing that its bulk sample surpassed the target of 4,000 ounces of gold.

Meanwhile, Peru focused uranium miner Vena Resources (VEM.TO) gained 11.11 percent after indicating that it would divest its 50 percent equity interest in Minergia S.A.C. to Azincourt Uranium Inc. (AAZ.V). Shares of Azincourt were down 3.39 percent

In economic news, Statistics Canada said the Consumer Price Index rose 0.7 percent in the 12 months to October, after gaining 1.1 percent in September. This slower rise was mainly attributable to a year-over-year decline in gasoline prices. Meanwhile, the Bank of Canada's core index rose 1.2 percent in the 12 months to October, after increasing 1.3 percent in September. On a monthly basis, the seasonally adjusted core index remained flat in October after rising 0.1 percent the previous month.

Separately, the agency said retail sales recorded its third consecutive monthly increase gaining 1.0 percent to $40.7 billion in September. This advance was largely attributable to higher sales at motor vehicle and parts dealers.

In economic news from the eurozone, German business confidence improved more than expected in November, survey results from the Ifo Institute revealed. The headline business climate index rose to 109.3 in November from 107.4 in October. Economists had forecast an increase to 107.7. The current conditions index scored 112.2 during the month, up from 111.3 in October. The expected score was 111.5. The expectations index jumped to 106.3 from 103.7 in the previous month. This was forecast to rise to 104.

Meanwhile, German economic growth moderated in the third quarter as estimated in the preliminary report, final data from the Federal Statistical Office revealed. The seasonally and calendar-adjusted gross domestic product increased 0.3 percent quarter-on-quarter in the third quarter, matching the preliminary estimate published earlier this month. This was much weaker than a 0.7 percent growth recorded in the second quarter.