Traders Take Profits Ahead of Long Weekend

MDA in Focus


Stocks in Canada’s largest market fell hard on Friday, with energy shares hurt by a more than 2.5% fall in crude oil prices.

The S&P/TSX Composite Index gave back 68.02 points to open Friday at 15,708.28

The Canadian dollar inched back 0.01 cents to 79.57 cents U.S.

Markets in Canada will be closed Monday for Thanksgiving.

Bombardier's aerospace business spent $2.4 billion in the United States last year, tapping more than 800 suppliers in all but three U.S. states, according to a confidential Bombardier report seen by media outlets on Thursday.

Bombardier eked up a penny to $2.20.

Reports say Brookfield Asset Management has refrained from improving an original bid for Brazilian renewable power company Renova Energia SA, after due diligence proceedings showed liabilities that were unaccounted for.

Brookfield shares lost 30 cents to $52.76.

CIBC raised the price target on Macdonald Dettwiler and Associates to $90.00 from $83.00. MDA shares acquired $1.25, or 1.8%, to $70.00

Canaccord Genuity cut the price target on Aritzia Inc. to $21.00 from $23.00. Aritzia shares tumbled 93 cents, or 6.6%, to $13.27.

On matters economic, Statistics Canada reported that our economy created 10,000 jobs in September, keeping the unemployment rate at 6.2%, matching the low of October 2008.

The IVEY PMI grew to 59.6 in September, from 56.3 in August, and upward from 58.4 in September 2016

ON BAYSTREET

The TSX Venture Exchange jettisoned 1.57 points to 783.20

All but two of the 12 TSX subgroups were lower to start the session, with energy chucking 1.4%, while gold and materials each lost 0.9%.

The two gainers were consumer discretionary stocks, up 0.3%, and consumer staples, inching up 0.1%.

ON WALLSTREET

Equities south of the border traded mostly lower on Friday after data showed the labour market experienced its first contraction in seven years.

The Dow Jones Industrials docked 10.65 points from Thursday’s record, to 22,764.74, with Chevron and Walt Disney contributing the most to the losses.

The S&P 500 retreated 2.68 points from Thursday’s all-time record to 2,549.39, with real-estate and telecommunications leading decliners, riding a win streak of eight straight sessions.

The NASDAQ inched up 1.52 points over Thursday’s record high to 6,586.88

The U.S. lost 33,000 jobs September due large part to two major hurricanes hitting the country. Last month markets the first time the U.S. labour market contracted since 2010. Economists had forecast a gain of 90,000 jobs.

Yet, despite the weak headline number, average hourly earnings rose to an annualized rate of 2.9%. Hourly earnings are closely watched by investors looking for indications on inflation. The unemployment rate also fell to a 16-year low of 4.2%.

Prices for the benchmark 10-year Treasury note were thumped, raising yields to 2.39% from Thursday’s 2.35%. Treasury prices and yields move in opposite directions.

Oil prices ditched $1.47 a barrel to $49.32 U.S.

Gold prices lost $8.90 to $1,264.30 U.S. an ounce