Stocks in Canada’s largest market remained on the negative side Friday, led lower by heavyweight bank shares, as investors worldwide fled equities to perceived safe-haven investments amid global geopolitical uncertainties.
The S&P/TSX Composite Index fell 79.22 points to greet noon at 14,954.42
The Canadian dollar gained 0.65 cents to 79.52 cents U.S.
Manulife Financial Corp fell 1.3% to $24.77, while Bank of Montreal slipped 0.6% to $91.20.
Technology stocks retreated with Absolute Software Corp slumping 5.1% to $7.58 after it reported fourth-quarter results that missed expectations.
Canadian Natural Resources fell 1.2% to $38.54, while the broader energy group fell back.
Bombardier Inc shares fell 1.9% to $2.58 amid news that Swedish authorities are charging a Bombardier employee on suspicion of bribery.
The materials group was down, but losses were tempered by gold mining stocks, which benefited from safe-haven gold prices that were on track for a second consecutive weekly gain.
Barrick Gold was up 1.1% to $21.60, while Kirkland Lake Gold rose 2.5% to $14.81. Agnico Eagle Mines climbed 1.5% to $60.52.
On the economic slate, Statistics Canada reported July consumer price index rose 1.2% on a year-over-year basis in July, following a 1.0% increase in June. On a seasonally-adjusted monthly basis, inflation was up 0.2% in July, after posting no change in June.
ON BAYSTREET
The TSX Venture Exchange regained 1.87 points to 769.29.
All 12 TSX subgroups were negative, with information technology and industrial issues each slumping 0.8%, and telecoms doffing 0.6%.
ON WALLSTREET
U.S. equities erased earlier losses on Friday after a report said Steve Bannon, one of President Donald Trump's top advisors, could be leaving the administration.
The Dow Jones Industrials made progress toward breakeven, climbing to within 2.25 points of positive territory to 21,748.48, after Axios reported that Bannon, an embattled advisor to Trump, could be on his way out.
Bannon has been walking on thin ice in the Trump administration lately. On Wednesday, Reuters reported that discord between Bannon and Lieutenant General H.R. McMaster is destabilizing Trump's group of top advisors.
The S&P 500 regained 4.21 points to 2,434.22 with utilities leading advancers.
The NASDAQ gained 22.35 points to 6,244.14.
The Dow and the S&P had fallen approximately 0.5% for the week entering Friday's session. The two indexes were also on track for their first two-week losing streak since May. The NASDAQ, meanwhile, was on track to post a four-week losing streak, its longest of the year.
Among those firms declaring earnings was Estee Lauder.
Prices for the benchmark 10-year Treasury note slid, raising yields to 2.2% from Thursday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices gained 40 cents to $47.49 U.S. a barrel
Gold prices gained four dollars to $1,296.40 U.S. an ounce.
