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TSX moves into higher gear
[October 24, 2014]

TSX moves into higher gear


(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) Consumer staples provide momentum The Toronto stock market registered a small gain Friday at the end of what is shaping up to be a positive week as share prices continue to recover from a sharp selloff this month.



The S&P/TSX composite index moved into the green 48.55 points to greet noon Friday at 14,535.38 The Canadian dollar gained 0.13 cents at 89.17 cents U.S.

The gold sector fell as Barrick Gold gave up a dime to $15.03.


The energy component was down on Imperial Oil retreated 27 cents to $51.72.

December copper was unchanged at $3.04 U.S. a pound and the base metals group dropped strength. Teck Resources dipped 13 cents to $17.73.

In other corporate developments, Enbridge Inc. insists in a regulatory filing that its design for the Line 9 pipeline from Sarnia, Ont., to Montreal has the right shut-off valve configuration to minimize the risk to waterways and reservoirs in the event of a rupture.

The Calgary-based company was responding to the National Energy Board's decision to delay a restart of the pipeline because it's "not persuaded" that Enbridge has met one of the the conditions attached to the NEB's approval of the project. Enbridge shares were two cents higher to $52.93.

ON BAYSTREET The TSX Venture Exchange let go of 2.69 points to 805.91.

All but four of the 14 Toronto subgroups were higher by midday, with consumer staples climbing 2.1%, while materials and utilities were each up 0.9%.

The four laggards were weighed most by metals and mining, off 1.5%, energy, slipping 1.2%, global base metals, fading 0.6%.

ON WALLSTREET U.S. stocks rose on Friday, with benchmark indexes adding to weekly gains, amid earnings from Microsoft, Amazon and others and as investors took in stride the first confirmed case of Ebola in New York City.

The Dow Jones Industrials jumped 86.67 points to 16,764.57, after yesterday's 200-point-plus gain The S&P 500 hiked 9.37 points to 1,960.19. The NASDAQ index gained 16.74 points to 4,469.53.

Microsoft rose after the software titan posting better-than-expected quarterly revenue; Procter & Gamble climbed after the household products maker reported quarterly results and said it would split its Duracell battery business into a separate company.

A report from the Commerce Department on Friday had new-home sales rising 0.2% to a six-year high in September, while the pace of August sales was revised sharply lower.

Around the corner is next week's Federal Reserve policy meeting. The Fed is expected to end its third-round of bond buying, which had been aimed at helping the U.S. economy emerge from the 2008 financial crisis.

Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.26% from Thursday's 2.28%. Treasury prices and yields move in opposite directions.

Oil prices dipped $1.07 to $81.03 U.S. a barrel.

Gold prices hiked $1.50 to $1,230.60 U.S. an ounce.

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