TSX Stocks Hold Their Own

Stocks in Canada’s biggest market were steady on Friday, set to climb for a fifth straight week, as better-than-expected retail sales data lifted consumer staples, although a drop in precious and base metal prices pressured miners and capped gains.

The TSX recovered 22.27 points to break for lunch Friday at 20,652.96.

The Canadian dollar eased back 0.29 cents to 73.88 cents U.S.

Imperial Oil inched 0.3% lower after the CEO apologized to Canadian MPs for toxic tailings leaks at its Kearl oil sands mine. Imperial shares shot higher 46 cents to $72.23.

Norway's sovereign wealth fund, one of the world's largest investors, said it will support a plan by Teck Resources to spin off its metallurgical coal business and focus on copper and zinc. Shares of the miner were down 2.7%, in line with the broader market. Teck shares swooned $1.85, or 3%, to $60.91.

On the economic calendar, Statistics Canada reported retail sales decreased 0.2% to $66.3 billion in February. Sales decreased in four of nine subsectors and were led by decreases at gasoline stations and fuel vendors (-5.0%) and general merchandise retailers (-1.6%).

ON BAYSTREET

The TSX Venture Exchange dropped 1.08 points to 614.41.

Eight of the 12 TSX subgroups remained positive midday, led by consumer staples and information technology, each up 1.3%, and industrials, ahead 0.9%

The four laggards were weighed most by materials, off 1.3%, gold, duller by 0.7%, and financials, faltering 0.2%.

ON WALLSTREET

The S&P 500 fell slightly on Friday and headed for a weekly loss as investors evaluated a week’s worth of earnings results and concerns of disappointing profits.

The Dow Jones Industrials dipped 24.22 points to 33,762.40.

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The much broader index shied away 1.46 points to 4,128.33.

The NASDAQ nosed up 3.19 points to 12,062.75.

All major indices are on pace to finish the week in the red, with the Dow and the S&P 500 on track for their worst weekly performances since March. The tech-heavy NASDAQ saw the biggest declines, down 0.5%. The Dow gave back 0.4%, and S&P has lost about 0.2%.

Earnings season continued Friday, with results from Procter & Gamble. The consumer products company gained 3.6% after beating expectations and lifting it sales forecast. As of Friday morning, 76% of S&P 500 companies reporting earnings so far have beaten analyst EPS estimates, according to FactSet.

Elsewhere, material stocks were the worst performers, with Freeport-McMoRan falling 4% after posting a year-over-year decline in results. Albemarle dropped 5% as it announced a lithium plan with Chile.

Prices for the 10-year Treasury hesitated, raising yields to 3.57% from Thursday’s 3.54%. Treasury prices and yields move in opposite directions.

Oil prices regained 48 cents to $77.85 U.S. a barrel.

Gold prices slid $31.60 to $1,987.50 U.S. an ounce.

Stocks Head for Weekly Loss as Profits Disappoint