Toronto gains to end week

The Toronto stock market joined a global upward trend amid expectations that central banks will act together if results from the Greek election shock world markets.

The S&P/TSX Composite Index gained 57.65 points Friday to close the week at 11,524.07

The Canadian dollar was up 0.08 of a cent to 97.86 cents U.S.

Among gold issues, Kinross Gold Corp. added 2.2% to $9.12. Yamana Gold Inc. dropped 1.9% to $16.39 and New Gold Inc. fell 2.6% to $10.07.

The information technology sector rose, with help from Celestica Inc., up 1.1% to $7.61

Research in Motion shares were down 3.6% at the previous session's close, but a 5.3% climb Friday to $11.17 reversed Thursday's losses.

Other notable movers included Ivanhoe Mines, sliding 9.9% to $9.60, and Taseko Mines, climbing 7.8% to $2.89.

Class B shares of Transat were down 7% to $3.72 after the company reported second-quarter losses and LB Securities Equities Research lowered its target price by $3.15 to $3.85. Transat pointed to increasing hotel and fuel prices, as well as tough competition, for the lower than expected financial results.

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 squeaked upward 0.99 points to close at 1,253.32. The Nasdaq Canada index strengthened 4.90 points to 370.95

The Toronto subgroups were evenly split as to winners and losers. Among the former, Metals and mining stocks led the parade, along with energy, each up 1.8%, with information technology advancing 1.7%

The seven laggards were weighed mostly by utilities, down 0.8%, while gold and real-estate each sagged 0.3%.

ON WALLSTREET

U.S. stocks rose Friday as investors grew more optimistic ahead of the crucial Greek elections this Sunday.

The Dow Jones Industrials marched ahead 115.26 points to shut down the week at 12,767.20, with 26 of the 30 components in the blue-chip index showing gains. Microsoft, Chevron and Bank of America were the biggest gainers.

The S&P 500 was 14.01 points better, at 1,343.11. The Nasdaq Composite Index improved 36.47 points to 2,872.80

Shares of Facebook spiked more than 3%, putting the company on track for a second-straight day of gains. That would be only the second instance of two-day gains since its IPO on May 18.

GameStop's stock fell sharply, after NPD Research released a report documenting a sharp falloff in sales of videogame hardware and software.

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 1.59% from Thursday's 1.61%. Treasury prices and yields move in opposite directions.

The price of a barrel of oil inched up nine cents to $83.99 U.S.

Gold futures for August delivery rose $8.50 to $1,628.10 U.S. an ounce.