Markets in Toronto fell more than 1% on Friday after Britain voted to leave the European Union, a more muted retreat than in Europe and the United States as gold miners benefited from investors fleeing to the safety of bullion.
The S&P/TSX Composite came off its lows of the morning, but still fell negative 179.6 points, or 1.3%, to greet noon at 13,951.78
The Canadian dollar slumped 1.18 cents to 77.12 cents U.S.
Financials lost 2.3%, with Royal Bank of Canada down 2.4% at $77.80 and Manulife Financial slumping 5.4% to $17.73.
Gold miners surged, as investors piled into bullion, considered a lower risk asset to hold in uncertain times.
Barrick Gold jumped 5.4% to $26.02, and Goldcorp advanced 5.1% to $23.61.
ON BAYSTREET
The TSX Venture Exchange moved up 1.98 points to start Friday at 712.20
Nine of the 13 subgroups remained in the red, as metals and mining faded 4.9%, health-care suffered 3.3%, and energy dipped 2.7%.
The four gainers were led by gold, shining 6.4% brighter, while materials were 2.7% stronger, and utilities eked out a gain of 0.3%.
ON WALLSTREET
U.S. stocks traded sharply lower Friday in a global risk-off trade after Britain surprised markets by voting to leave the European Union.
The Dow Jones Industrials careened lower 504.72 points, or 2.8%, to 17,506.35. Goldman Sachs had the greatest negative impact on the Dow, while the domestically-focused Wal-Mart was the only gainer on the index.
The S&P 500 sank 62.28 points, or 3%, at 2,051.04. Financials declined more than 4% as the greatest laggard. The utilities sector was the only S&P 500 advancer
The NASDAQ Composite Index plummeted 169.92, or 3.5%, to 4,740.19
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 1.56% from Thursday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.17 a barrel to $47.94 U.S.
Gold prices climbed $59.50 to $1,322.60 U.S. an ounce.
