Equities in Canada’s biggest market fell substantially in early trading on Friday after a British referendum resulted in the country choosing to leave the European Union.
The S&P/TSX Composite forfeited 203.33 points, or 1.4%, to begin Friday’s session at 13,928.05
The Canadian dollar slumped 1.89 cents to 77.10 cents U.S.
Penn West Petroleum’s CEO commented on new rules from Alberta's energy regulator determining which companies are deemed strong enough to buy assets. David Roberts has called the rules off the mark in terms of fairness and transparency.
Penn West shares doffed seven cents, or 3.9%, to $1.75.
RBC cut the price target on BlackBerry to $7.00 from $8.00. BlackBerry shares fell 16 cents, or 1.8%, to $8.76
ON BAYSTREET
The TSX Venture Exchange moved into positive country 4.02 points to start Friday at 714.24
All but of the 13 subgroups began the session in the red, as metals and mining faded 5.2%, health-care ailed 4.2%, and financials swooned 2.8%.
The two gainers were gold, shining 7% brighter, while materials were 3.2% stronger.
ON WALLSTREET
U.S. stocks traded sharply lower Friday, reversing recent gains in a global risk-off trade after Britain surprised markets by voting to leave the European Union.
The Dow Jones Industrials hurtled earthward 369.67 points, or 2.1%, to 17,641.40, with Goldman Sachs contributing the most to declines as nearly all constituents traded lower. Verizon and Wal-Mart were the only positive components.
The S&P 500 faded 43.44 points, or 2.1%, at 2,069.88. Financials briefly fell more than 4% to lead nearly all sectors lower.
The NASDAQ Composite Index dropped 118.12, or 2.4%, to 4,791.92
In economic news, durable goods orders fell a more-than-expected 2.2% in May. The University of Michigan June sentiment was 93.5.
The vote results released overnight showed the "leave" camp secured 51.9% versus 48.1% for Britain to remain in EU.
Prices for the 10-year Treasury skyrocketed, lowering yields to 1.57% from Thursday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.15 a barrel to $47.96 U.S.
Gold prices climbed $56.00 to $1,319.10 U.S. an ounce.
