Equities in Canada’s largest centre fell to a two-week low on Friday in a broad selloff that included losses for its heavyweight energy and financial services groups as oil prices fell.
The S&P/TSX Composite plummeted 153.25 points, or 1%, to open Friday at 15,627.95, after flirting with all-time highs most of a short week.
The Canadian dollar edged higher 0.05 cents at 76.37 cents U.S.
Royal Bank of Canada reported a 24% rise in first-quarter net income to more than $3 billion, beating analysts’ expectations.
RBC shares fell 78 cents to $97.48.
MacDonald Dettwiler and Associates said it agreed to buy U.S.-based satellite imagery provider DigitalGlobe Inc for about $3.10 billion to strengthen its position in the U.S. market.
MDA shares went south $3.40, or 4.9%, to $65.60.
Magna International Inc reported a lower-than-expected quarterly profit as costs rose.
Magna shares deferred $3.20, or 5.4%, to $56.00.
Canaccord Genuity cut the price target on Altus Group to $36.00 from $38.00, with a buy rating. Altus shares shuttled lower $2.83, or 8.6%, to $30.25.
RBC raised the target price on Canadian Imperial Bank of Commerce to $119 from $118. CIBC shares lost 48 cents to $118.92.
On the economic ledger, Statistics Canada reported that January’s consumer price index rose 2.1% on a year-over-year basis in January, following hiking 1.5% in December. On a seasonally-adjusted monthly basis, inflation moved up 0.7% in January, after increasing 0.4% in December.
ON BAYSTREET
The TSX Venture Exchange inched up 0.53 points to 839.98
All but one of the 12 subgroups were lower, consumer discretionaries falling 1.7%, energy lagging 1.6%, and health-care failing 1.3%.
The lone gainer was in gold, up 0.2%.
ON WALLSTREET
U.S. equities opened lower Friday, taking a breath from their most recent run at record levels.
The Dow Jones Industrials dropped 26.76 points from Thursday’s 10th-straight all-time high to 20,783.56, with Goldman Sachs sinking the most.
The S&P 500 dipped 5.7 points to 2,358.10, with financials lagging
The NASDAQ slid 16.84 points to 5,818.67.
The Dow and S&P 500 entered Friday's session on track to post weekly gains, while the NASDAQ was marginally negative week to date.
Prices for the benchmark 10-year Treasury note gained strength, dropping yields to 2.35% from Thursday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices skidded 43 cents to $54.02 U.S. a barrel
Gold prices gained $1.70 to $1,253.10 U.S. an ounce.
