Equities in Toronto slipped at the open on Friday as gold miners reversed strong gains from the previous session, leading a broad retreat despite strong domestic jobs and trade data.
The S&P/TSX Composite dropped 63.28 points to open at 15,523.30.
The Canadian dollar leaped 0.59 cents to 75.79 cents U.S.
RBC Capital raised the target price West Fraser Timber Co to $50 from $45 to reflect improved operating conditions.
West Fraser shares eked up nine cents to $46.19.
Canaccord Genuity raised the target price on Whitecap Resources Inc. to $14.50 from $13.00, citing that the notes that the company issued provided it with enhanced financial liquidity, and the maturity of 2022 provided greater certainty of access to capital as it is required.
Whitecap shares retreated three cents to $12.42
Jean Coutu Group is out with Q3 earnings today, projecting 28 cents per share.
Coutu shares docked seven cents to $20.23.
On the economic slate, Statistics Canada revealed that employment rose by 54,000, or 0.3%, in December, the result of gains in full-time work. The unemployment rate increased 0.1 percentage points to 6.9%, as more people participated in the labour market.
The agency also reported that Canada's merchandise trade balance with the world recorded its first trade surplus since September 2014, going from a $1- billion deficit in October to a $526-million surplus in November. Exports rose 4.3%, while imports were up 0.7%.
Western University's Ivey Purchasing Managers Index (seasonally-adjusted) for December was 60.8, compared to 56.8 in November, 49.9 in December 2015, and 55.4 in December 2014
ON BAYSTREET
The TSX Venture Exchange gave back 0.67 points to 793.59
All but one of the 12 TSX subgroups were in the red in the session’s first hour, with health-care and gold each behind 1.1%, with materials down 0.9%.
The lone gainer was real-estate, forging ahead 0.2%.
ON WALLSTREET
U.S. equities traded mostly flat on Friday as investors parsed through key employment data, while the dollar rose.
The Dow Jones Industrials removed 1.36 points to 19,897.93, with Goldman Sachs and Walt Disney contributing the most gains.
The S&P 500 poked ahead 0.14 points to 2,269.14, with information technology leading advancers.
The NASDAQ composite index gained 10.8 points to 5,498.74
For the week, the S&P and NASDAQ were on track to post gains of 1.4% and 2.3%, respectively, while the Dow was on pace for smaller gains.
The U.S. economy added 156,000 jobs in December, according to data from the U.S. Bureau of Labor Statistics. Economists expected an increase of 178,000. The unemployment rate came in at 4.7%, in line with expectations.
Other data released Friday included November factory orders, which fell 2.4%, more than expected.
Prices for the benchmark 10-year Treasury note faded, raising yields to 2.4% from Thursday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices added 17 cents to $53.93 U.S. a barrel
Gold prices lost $4.90 to $1,176.40 U.S. an ounce.
