Equity markets in Canada’s largest centre fell on Friday, as a dive in the Turkish lira left investors scurrying for safer assets such as the U.S. dollar, yen and U.S. government bonds.
The S&P/TSX Composite Index turfed 90.47 points to end the day and the week at 16,326.51
The Canadian dollar lost 0.04 cents to 76.22 cents U.S.
At current levels, the index was set to end a short week about 0.5% lower, markets having been closed on Monday for Civic Holiday
Health-care bore the deepest wounds, with Bausch Health Companies declining $1.61, or 5.3%, to $28.69, while Canopy Growth settling 38 cents, or 1%, to $36.87.
In the consumer staple field, Saputo lost 37 cents to $40.63, while Metro backtracked 73 cents, or 1.7%, to $42.27.
Utilities also came in on the short side, with Hydro One dishing off two cents to $19.05, while Fortis Inc. lost 45 cents, or 1.1%, to $42.43.
Tech stocks showed some spark Friday, with Constellation Software ahead 19 cents to $942.35, while Shopify perked $5.25, or 2.8%, to $196.25.
Among energy concerns, Canadian Natural Resources increased in price 35 cents to $45.74.
In gold stocks, Barrick Gold took on four cents to $14.21.
On the economic beat, Statistics Canada said the economy created 54,000 jobs in July, dropping the unemployment rate by 0.2 percentage points to 5.8%.
ON BAYSTREET
The TSX Venture Exchange backpedaled 5.94 points Friday to 693.75
All but three of the 12 subgroups were lower on the day, with health-care falling 2.1%, consumer staples dipping 1.5%, and utilities down 1%.
The three gainers were information technology, up 0.6%, while energy stocks progressed 0.2%, and gold inched up 0.1%.
ON WALLSTREET
Stocks fell on Friday as geopolitical concerns pushed the Turkish lira to a record low against the dollar and rattled investors.
The Dow Jones Industrial Average sank 196.09 points to 25,313.04, as Intel declined. The Dow also erased its gains for the month of August and posted a three-day losing streak.
The S&P 500 fell 20.3 points to 2,833.28, as financials and materials lagged.
The NASDAQ dropped 52.67 points to 7,839.11.
Friday's drop came a day after the NASDAQ scored its longest winning streak in close to a year, boosted by positive trade out of tech stocks including Amazon and Apple.
Intel shares declined 2.6% after Goldman Sachs lowered its rating on the chipmaker, citing manufacturing issues.
Bank shares led the way lower in the U.S. as Bank of America, Goldman Sachs and Morgan Stanley all dropped more than 1%. Tech shares also fell as Facebook, Alphabet and Amazon all declined.
The lira fell 20% after President Donald Trump authorized the doubling of metals tariffs on Turkey.
Trump's comment came after Turkish President Recep Tayyip Erdogan asked citizens to "change the euros, the dollars and the gold that you are keeping beneath your pillows into lira," noting this is "a domestic and national struggle."
The Consumer Price Index rose 0.2% last month, the U.S. Labor Department said Friday. Meanwhile, "core CPI" hit 2.4% in July, that figure’s highest since September 2008.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 2.88% from Thursday’s 2.93%. Treasury prices and yields move in opposite directions
Oil prices gained 90 cents to $67.71 U.S. a barrel.
Gold prices were down a dollar to $1,218.90 U.S. an ounce.
