Stocks dwindled to begin Friday’s session in Toronto, dragged lower by financial stocks, while consumer staples stock including Loblaw Companies fell sharply following news that Amazon.com Inc is buying Whole Foods Markets Inc.
The S&P/TSX Composite Index subsided 28.29 points to open Friday at 15,132.13
The Canadian dollar inched up 0.04 cents to 75.48 cents U.S.
Loblaw shares stumbled $3.78, or 5%, to $71.71.
TD Securities raised the target price on Home Capital Group to $18.00 from $15.00. Home shares vaulted 47 cents, or 3.4%, to $14.14
RBC cuts the target price on Onex Corp. to $107.00 from $110.00. Onex shares gained nine cents to $99.09.
CIBC raises target price on Canadian National Railway to $111.00 from $105.00. CNR shares picked up 38 cents to $106.08.
On the economic slate, Statistics Canada reported foreigners bought $10.6 billion in Canadian securities, most of them government debt instruments, while Canadians reduced their holdings of foreign securities by $9.9 billion, the largest divestment since January 2016.
Elsewhere, data showed on Friday that lending to small Canadian businesses picked up in April, boosted by activity in consumer-related sectors and suggesting growth in the broader economy was gaining momentum.
ON BAYSTREET
The TSX Venture Exchange dropped 7.68 points to 771.62
Seven of the 12 TSX subgroups stubbed their toes in the first trading hour, mostly consumer staples, tumbling 2.1%, consumer discretionary stocks, down 0.5%, and utilities, worse off by 0.3%.
The five gainers were led higher by health-care, up 0.4%, energy, up 0.3%, and gold, nicking up 0.1%.
ON WALLSTREET
U.S. stocks moved backward on Friday after the release of weaker-than-expected housing data.
The Dow Jones Industrials faded 22.15 points to 21,337.75, with Wal-Mart contributing the most losses.
The S&P 500 slipped 4.35 points to 2,428.11, with consumer staples falling more than 1% to lead decliners.
The NASDAQ fell 9.34 points to 6,156.17.
Still, the three major indexes were little changed for the week. Entering Friday's session, the NASDAQ was the only one on track for a weekly loss as large-cap tech stocks have faced selling pressure.
In corporate news, Amazon announced it was buying Whole Foods for $13.7 billion, or $42 a share. Shares of Kroger, Costco, Target, SuperValu, Sprouts Farmers Markets and Wal-Mart all dropped following the news.
Housing starts fell 5.5% in May. Economists expected a rise of 3.5%.
Moreover, U.S. economic growth slowed in the first quarter, with Gross Domestic Product increasing at a 1.2% annual rate. GDP grew at a 2.1% in the last quarter of 2016.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Thursday’s 2.16%.
Oil prices gained 27 cents to $44.73 U.S. a barrel
Gold prices poked up $1.70 at $1,256.30 U.S. an ounce.
