TSX Slides Friday, Inches Ahead on Week

Canopy, BlackBerry in Focus

Stocks in Canada’s largest market took profits from several days of large gains, ending up in the red Friday, though green on the week.

The S&P/TSX Composite Index stubbed its toes losing 119.87 to 21,461.83 Friday. On the week, though, the index gained 59 points, or 0.28%.

The Canadian dollar recovered 0.10 cents to 78.50 cents U.S.

Health-care stocks fell the hardest, Canopy Growth lost 44 cents, or 5.4%, to $7.74.

Tech stocks were also bruised, notably BlackBerry, sliding 35 cents, or 4.1%, to $7.99.

Real-estate issues pointed north, however, as Colliers International Group gained 59 cents to $159.38.

Communications also made hay, as BCE triumphed 93 cents, or 1.3%, to $70.28.

On the economic calendar, Statistics Canada says the economy created 337,000 jobs in February, thus shrinking the unemployment rate a full percentage point to 5.5%.

Natural Resources Minister Jonathan Wilkinson says Canada is studying ways to increase pipeline utilization to boost crude exports as Europe seeks to reduce its dependence on Russian oil.

ON BAYSTREET

The TSX Venture Exchange let go of 9.09 points, or 1.1%, to 846.35, a loss on the week of nearly one point.

Seven of the 12 TSX subgroups were down by Friday’s closing bell, with health-care pointed downward 2.6%, information technology off 1.9%, and materials 1.2% to the bad.

The five gainers were led by real-estate building 1.3% higher, while communications took on 0.4%, and utilities up 0.3%.

ON WALLSTREET

The Dow Jones Industrial Average fell on Friday and notched its fifth straight week of losses as investors remain cautious about the war between Russia and Ukraine.

The 30-stock index gave up gains achieved during Friday’s session and plummeted 230.74 points to 32,943.33

The S&P 500 moved down 55.21 points, or 1.3%, to 4,204.31.

The NASDAQ Composite reversed 286.15 points, or 2.2%, to 12,843.81

The Dow secured its fifth straight week of losses as the Russia-Ukraine war continues to be an overhang on financial markets. The S&P and NASDAQ notched their second straight week of losses.

For the week, the Dow lost 2%. Meanwhile, the S&P fell 2.9%, and the NASDAQ slid 3.5% this week.

Rivian slipped 7.6% after missing estimates for the fourth quarter on the top and bottom lines, while DocuSign sank 20.1% after issuing weak guidance for the first quarter and fiscal year.

Certain tech names dragged on the NASDAQ on Friday and continued their weakness since Monday. Zoom Video fell 5%, bringing its weekly losses to nearly 10%. Meta Platforms fell 2.9% and is down 6.2% since Monday.

On the data front, the University of Michigan consumer sentiment index sunk to 59.7 in March, down from 62.8 in February, according to the report released on Friday. This marks the weakest print since September 2011.

Russian President Vladimir Putin said Friday “certain positive shifts” have occurred in the talks between the Kremlin and Ukraine. Meanwhile, President Volodymyr Zelenskyy reportedly said Ukraine has reached a “strategic turning point” in its war with Russia.

Treasury prices surrendered a bit of ground, raising yields to 2% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.

Oil prices hiked $3.39 to $109.41 U.S. a barrel.

Gold prices dropped $12.70 to $1,987.70 U.S. an ounce.