TSX Minimizes Losses at End of Tough Week

Jobs Numbers Disappoint


Markets in Toronto finished negative yet again Friday, due largely to weakness from companies like Sierra Wireless, though gold and other resources fell behind by the closing bell.

The S&P/TSX Composite Index decreased 31.08 points, to end the week at 15,034.53. The index has lost nearly 1,200 points since the year began.

The Canadian dollar inched up 0.02 cents at 79.44 cents U.S.

Sierra Wireless shares slumbered $3.14, or 13.6%, to $19.94.

Among gold issues, Detour Gold subtracted 52 cents, or 4.2%, to $11.98, while Alio Gold lost 20 cents, or 5.3%, to $3.57.

In other mining shares, Rubicon Minerals fell five cents, or 3.8%, to $1.28, while Dalradian Resources ditched four cents, or 4.2%, to 91 cents.

Barclays raised the price target on Canada Goose Holdings to $50.00 from $49.00. Goose shares ended up losing $1.67, or 4.2%, to $38.48. Elsewhere in discretionaries, Canadian Tire lost 31 cents to $160.90.

Health-care issues led the positive charge, with Canopy Growth popping $1.02, or 3.8%, to $28.17, and rival Aphria gaining nine cents to $16.08.

Utilities flourished, with Fortis Inc. climbing $1.11, or 2.7%, to $41.71.

Regarding things macroeconomic, Statistics Canada reported the economy lost 88,000 jobs in January, bumping the unemployment rate up 0.1 percentage points to 5.9%.

ON BAYSTREET

The TSX Venture Exchange dipped 5.8 points to 813.39

All but three of the 12 TSX subgroups were negative by day’s end, with gold trailing off 2.5%, materials faltering 1.4%, and consumer discretionary stocks off 0.7%.

The three gainers were health-care, advancing 2.1%, utilities, up 1%, and information technology shares 0.2% to the good.

ON WALLSTREET

The Dow Jones industrial average rebounded more than 300 points Friday, paring deep losses for investors in what still amounted to the worst week in two years.

The blue-chip index skyrocketed 330.44 points, or 1.4%, to close the week at 24,190.90

The S&P 500 recouped 38.55 points, or 1.5%, to 2,619.55,

The NASDAQ leaped 97.33 points, or 1.4%, to 6,874.49 Alphabet, Microsoft and Facebook all traded more than 2% higher.

The Dow and the S&P 500 both lost 5.2% on the week, while the NASDAQ shed 5.1% as rising interest rates spooked investors. The Dow average experienced two drops of more than 1,000 points and two gains of more than 300 points during this volatile week. At their lows this week, all three major indexes were in correction territory from the record highs reached in January.

E--commerce giant Amazon wasn't helping things Friday. The company is gearing up to launch a delivery service for businesses, pitting Jeff Bezos' logistical prowess against carriers like FedEx and UPS, the Wall Street Journal reported early in the day.

Shares of UPS and FedEx both closed down Friday, down 2.6% and 1.7% respectively; Amazon also fell, down 0.8%.

Other stocks that have struggled this week include 3M, American Express and Exxon Mobil. Exxon finished the week down more than 10% as oil prices continue to slide

Progress on a government spending bill also made headlines on the week's final day of trading. President Donald Trump signed a massive spending deal into law after both houses of Congress approved the bill early Friday morning.

Prices for the benchmark 10-year Treasury note slid slightly, raising yields to 2.85% from Thursday’s 2.83%. Treasury prices and yields move in opposite directions.

Oil prices slipped $1.94 a barrel to $59.21 U.S.

Gold prices retreated $1.60 to $1,317.40 U.S. an ounce.