Markets in Canada’s largest centre settled back from their lofty heights Friday, taking some profits from a rally that roared into the New Year, as hits taken by gold and materials stocks weighed most heavily.
The S&P/TSX Composite dropped 90.53 points to conclude the day and the week at 15,496.05. Even so, the market still gained 2.5% on a week cut short by New Year’s Day.
The Canadian dollar leaped 0.37 cents to 75.56 cents U.S.
Gold stocks took the brunt of the losses, as Iamgold fell 37 cents, or nearly 6%, to $5.85, while Barrick Gold stumbled 63 cents, or 2.7%, to $22.39.
Among materials issues, Tahoe Resources tumbled $2.08, or 14%, to $12.73, while Hudbay Minerals retreated 19 cents, or 2.2%, to $8.55.
Consumer staples took a bruising, too, as Maple Leaf Foods lost 11 cents to $27.61, while Metro slid 22 cents to $39.63.
Among the few bright lights were information technology firms, most notably, BlackBerry, inching up three cents to $9.47, while Constellation Software gained $1.84 to $599.98.
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 2.82 points to 791.44
All but three of the 12 TSX subgroups were in the red Friday, with gold dulling in price 4%, materials sliding 3%, and consumer staples off 0.7%.
The three gainers were led by industrials and consumer discretionary stocks, up 0.3% each, while real-estate gained 0.2%
ON WALLSTREET
U.S. equities rose to all-time highs on Friday as the technology sector led, while investors parsed through key employment data.
The Dow Jones Industrials jumped 66.29 points to within sight of the psychologically-important 20,000-point mark, at 19,965.58, and reached a new all-time high, with Goldman Sachs and Walt Disney contributing the most gains
The S&P 500 picked up 8.07 points to 2,277.07, and also peaked, with information technology advancing 1%
The NASDAQ composite index galloped 33.12 points to 5,521.06, also hitting a new all-time high. Leading the tech-heavy index higher were Apple and the so-called FANG stocks (Facebook, Amazon, Netflix and Google-parent Alphabet), which all rose.
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 2.42% from Thursday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices backtracked nine cents to $53.67 U.S. a barrel
Gold prices lost $8.30 to $1,173.00 U.S. an ounce.
