The TSX composite was lower, falling 8.29 points to 12,649.80 in mid-morning trading on Friday. The Dow was down 41.08 to 15,253.42, while NASDAQ lost 16.61 to 3,442.80.
RBC raised the target price on Enbridge Inc. (TSX: T.ENB, Stock Forum) to $56 from $50, says the company's shares should close the valuation gap with Inter Pipeline Fund (TSX: T.IPL.UN, Stock Forum) and Pembina Pipeline Corp. (TSX: T.PPL, Stock Forum) as all three companies have similar liquids infrastructure businesses that are generating above-average growth.
U.S. stocks retreated yesterday after a contraction in China manufacturing offset American housing data and investors weighed comments from Fed Chairman Ben S. Bernanke, who said on May 22 that the pace of asset purchases could be cut “in the next few meetings” if economic conditions improve.
The price of gold dropped US$3.00 to US$1,387.97 an ounce, while silver slipped US$0.05 to U$22.56 an ounce.