MN: TSX up as trade deficit narrows, BCE ups dividend
The Toronto Stock Exchange was up moderately early Friday as stock traders were greeted with some encouraging news on the economy and on the corporate front, but commodity prices were down and concerns lingered about the global economy.
Shortly after trading began, the S&P/TSX composite index was up 16.49 points, or 0.13 per cent, to 13,183.43.
October trade deficits for Canada and the United States, which were reported on Friday, both declined more than expected. Canada's trade gap was down to $1.71 billion from a downwardly revised $2.31 billion in September. Exports and imports were up in October, but the former grew at a faster pace.
Canadian stock-market blue chip BCE Inc. announced its sixth dividend hike in two years, raising it to $1.97 per share annually from $1.84.
Crude oil was down 14 cents to $88.23 U.S. a barrel on the New York Mercantile Exchange. Gold declined $12.60 U.S. to $$1,380.20 U.S. an ounce.
The Canadian dollar was up 12 basis points to 99.08 cents U.S..
U.S. markets were also ahead. The Dow Jones industrial average was up 14.08 points, or 0.12 per cent, to 11,384.14 in early trading. The Nasdaq composite index was ahead 3.4 points, or 0.13 per cent, to 2,620.07.
It was a mixed picture overseas as Ireland's credit rating was downgraded by Fitch Rating a day earlier and expectations were in place for an interest-rate hike in China over the weekend.
The United Kingdom's FTSE index was up 0.96 point, or 0.02 per cent, to 5,808.92. The CAC in France rose 1.58 points, or 0.04 per cent, to 3,859.63. Germany's DAX was up 37.64 points, or 0.54 per cent, to 7,001.80.
In Asia, Japan's Nikkei fell 73.93, or 0.72 per cent, to 10,211.95. The Hang Seng in Hong Kong was down 8.89 points, or 0.04 per cent, to 23,162.91. Mainland China's Shanghai composite followed up two straight declines with a gain of 30.09 points, or 1.07 per cent, to 2,841.04.
On Thursday, the TSX was up 14.94 points, or 0.11 per cent, to 13,166.94. In the U.S., the Dow Jones fell 2.42 points, or 0.02 per cent, to11,370.06, while the Nasdaq gained 7.51 points, or 0.29 per cent, to 2,616.67.
