Markets in Canada’s biggest centre dropped into the red by the close, despite flirting with year-long highs, as declines in gold and materials counteracted gains in industrial stocks
The S&P/TSX Composite finished lower 28.57 points to end the day at 14,725.98, still finishing with a gain of 28 points on the week.
The Canadian dollar eked up 0.1 cents at 76.16 cents U.S.
The index was on track for an almost 5% gain in the third quarter
In the materials sector, Teck Resources plummeted 94 cents, or 3.8%, to $23.65.
Among gold plays, Yamana Gold sank 20 cents, or 3.4%, to $5.65, while Eldorado Gold dipped 13 cents, or 2.5%, to $5.16.
Industrials picked up some of the slack, as Bombardier gained 12 cents, or 7.1%, to $1.80, while Air Canada achieved liftoff of 44 cents, or 4.3%, to $10.60.
Among consumer discretionary stocks, Ritchie Bros. Auctioneers added 94 cents, or 2.1%, to $45.97.
The energy sector did its bit, too, as EnCana Corp. soared 42 cents, or 3.2%, to $13.71.
On the economic slate, Statistics Canada reported that gross domestic product grew 0.5% in July, led by higher output in the mining, quarrying, and oil and gas extraction sector. The rise in July followed a 0.6% increase in June, which had essentially offset an equivalent decline in May.
The agency’s industrial product price index declined 0.5% in August, led by lower prices for meat, fish, and dairy products, and energy and petroleum products.
The Raw Materials Price Index fell 0.7%, as a result of lower prices for animals and animal products.
ON BAY STREET
The TSX Venture Exchange stayed ahead 1.14 points Friday at 800.23, sinking nearly 10 points on the week, however.
Eight of the 12 TSX subgroups were positive to end Friday, with industrials ahead 1%, while consumer discretionary stocks were up 0.7%, and energy was up 0.4%
The four laggards were weighed most by materials and gold, each down 1.1%, and telecoms, off 0.1%.
ON WALL STREET
U.S. equities closed sharply higher on Friday as Deutsche Bank shares rebounded amid a report that the German banking giant was near a settlement with the U.S. Justice Department.
The Dow Jones Industrials hiked 204.83 points, or 1.1%, to 18,348.28 with Wal-Mart leading all components higher. The big board gained about 90 points on the week.
The S&P 500 gained 17.14 points to 2,168.27, with financials leading nine sectors higher and utilities and real estate the only laggards. The S&P enjoyed a weekly gain of just over four points.
The NASDAQ Composite jumped 42.85 points to 5,312, as Apple gained approximately 0.7%. The NASDAQ finished seven points above water on the last five sessions.
The bank's U.S.-listed shares rose more than 14% recovering all of their losses from Thursday and were on pace for their best day since 2011. AFP, citing a source, reported that the bank may be near a $5.4-billion settlement with the U.S. Department of Justice.
If the report is accurate, that settlement would be well below the reported $14-billion U.S. opening bid by Washington in its talks with Deutsche.
Friday also marked the end of the third quarter. Entering Friday trading, the S&P was on pace for a 2.5% gain, while the Dow appeared headed for gains of 1.2%
The NASDAQ, meanwhile, was on track to post a quarterly gain of 8.8%.
The Dow and S&P were also on track to post a four-quarter winning streak, while the NASDAQ was on pace to snap a two-quarter slide.
In economic news, personal spending remained flat in August, while income rose 0.2%. The core PCE, the Federal Reserve's preferred inflation measure, rose 0.2%.
Other data released Friday included the final read on September consumer sentiment and the September Chicago Purchasing Managers Index, both of which beat expectations.
Prices for the 10-year Treasury lost ground, raising yields to 1.6% from Thursday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices added 12 cents to $47.95 U.S. a barrel
Gold prices dulled $5.20 at $1,320.80 U.S. an ounce.
