Equity markets in Canada’s largest centre put the brakes on a strong early fall rally, as sharp dives in energy stocks overrode gains in gold. Investors also took in jobs numbers from both sides of the border.
The S&P/TSX Composite Index subtracted 47.98 points to conclude the day and the week at 15,728.32
The Canadian dollar regained 0.17 cents to 79.75 cents U.S.
Markets in Canada will be closed Monday for Thanksgiving.
Suncor Energy and Canadian Natural Resources were the most influential movers on the index. Suncor fell 52 cents, or 1.2%, to $43.50, while Canadian Natural Resources declined 95 cents, or 2.3% to $41.06. Encana Corp dropped 30 cents, or 2.1%, to $14.07.
The energy group slumped after oil prices fell on profit-taking as well as renewed concerns about oversupply. Prices snapped a multi-week bull run.
Health-care stocks also felt around for the bruises, as Canopy Growth Corp. deferred 14 cents, or 1.1%, to $12.53, while cannabis rival Aphria Inc. dipped 21 cents, or 2.7%, to $7.47.
Industrials faded, too, as Canadian National Railways fell 52 cents to $100.87, while Air Canada was grounded four cents to $26.69.
Among gainers, gold showed the way, as Kinross Gold moved up three cents to $5.36, while Barrick Gold moved higher 15 cents to $20.79.
Consumer discretionary stocks gained marginally, most notably, Gildan Activewear, up four cents to $39.56.
The materials group, home to mining and other resource firms, managed to gain ground, as Trevali Mining poked up one penny to $1.62.
On matters economic, Statistics Canada reported that our economy created 10,000 jobs in September, keeping the unemployment rate at 6.2%, matching the low of October 2008.
The IVEY PMI grew to 59.6 in September, from 56.3 in August, and upward from 58.4 in September 2016. The index, which compiles reports from company purchasing managers, monitors their buying activity during the month, and any reading above 50 indicates expansion.
The TSX Venture Exchange moved firmly into the green, tacking on 3.55 points to end the week at 788.32.
Seven of the 12 TSX subgroups had turned positive by the closing bell, as gold improved 0.8%, consumer discretionaries gained 0.2%, and materials squeezed 0.1% higher.
The five laggards were weighed hardest by energy, down 1.9%, health-care, 0.5% the worse for wear, and industrials, losing 0.4%.
U.S. stocks closed mostly lower on Friday after data showed the labor market experienced its first contraction in seven years.
The Dow Jones Industrials came to within a whisker of breakeven, just falling short 1.72 points from Thursday’s record, to 22,773.67, to close the week, with Chevron and Boeing contributing the most to the losses.
The S&P 500 retreated 2.74 points from Thursday’s all-time record to 2,549.33, with consumer staples and telecommunications leading decliners. The index also snapped an eight-day winning streak — its longest in four years — and also ended a streak of six straight record closes, the longest such streak in 20 years.
The NASDAQ moved into the green and added 4.82 points to Thursday’s record high, closing day and week at 6,590.18
The U.S. lost 33,000 jobs September due large part to two major hurricanes hitting the country. Last month markets the first time the U.S. labour market contracted since 2010. Economists had forecast a gain of 90,000 jobs.
Yet, despite the weak headline number, average hourly earnings rose to an annualized rate of 2.9%. Hourly earnings are closely watched by investors looking for indications on inflation. The unemployment rate also fell to a 16-year low of 4.2%.
Prices for the benchmark 10-year Treasury note lost ground, raising yields to 2.37% from Thursday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices ditched $1.47 a barrel to $49.32 U.S.
Gold prices regained $4.20 to $1,277.40 U.S. an ounce