Canada's main stock market, the Toronto Stock Exchange, lost
early gains that saw it open 30 points higher than the previous
close and then quickly add 20 more points to firm its position at
near 18 month highs. But lower commodity prices and some profit
taking after recent strong gains soon proved too heavy.
By 10am ET the index was on its way down and within an hour of
that was in negative territory and hitting session lows. While it
made a few bids to get back to positive turf over the remainder of
the day, it seemed to find most support just below par - and, sure
enough, that is where it finished up.
However, bucking the trend was Cline Mining (CMK.TO), which was
easily the most active stock with around 17 million shares traded
and gaining 12.5%. Earlier this week the company announcesd that it
has retained GMP Securities L.P. as its exclusive financial
advisor, with a mandate that includes assisting the it in exploring
and evaluating strategic alternatives to the recapitalization plan
with Marret Asset Management Inc.
Oil futures ended down 0.1% today at US$95.88 a barrel, taking
their weekly losses to 0.2%. Oil prices fluctuated this week,
responding to economic data. Adding some positive impetus, data
released yesterday by the Energy Information administration showed
that petroleum consumption in the U.S. climbed 3.9% in the week
ended Jan. 18 to 18.6 million barrels a day.
Gold futures settled lower on Friday, losing 0.8% to settle at
US$1,656.60 an ounce. The metal lost 1.8% this week, due to a
reduced safe haven demand as economic data released from the U.S.
pointed toward improving economic conditions.