TSX Moves Out of Negative Territory

Eldorado, Magna in Focus

Canadian stocks edged into positive territory to end a very volatile week, climbing on the backs of gold and tech stocks Friday.

The S&P/TSX Composite Index forged doggedly higher, gaining 10.62 points to close Friday and the week at 15,155.50

The Canadian dollar gained 0.12 cents at 76.03 U.S.

Gold miners ruled the day, as Eldorado Gold rose two cents, or 2.5%, to 83 cents, while Iamgold took on 16 cents, or 3.8%, to $4.22.

Technology stocks moved into the green, as shares of Shopify Inc, recovered 55 cents to $198.42, while BlackBerry ripened 18 cents, or 1.6%, to $11.83.

In consumer discretionary stocks, Magna International acquired 35 cents to $65.92, while Canada Goose triumphed $2.29, or 2.6%, to $92.18.

Health-care issues were hit by Canopy Growth’s 12-cent loss to $46.32, while shares in Bausch Health Companies were lower by 51 cents, or 1.5%, to $33.32.

In energy stocks, Suncor gave back 49 cents, or 1.1%, to $43.68, while Canadian Natural Resources forfeited a nickel to $35.70.

Industrials were kept in check by a fall in shares of Bombardier, amounting to 42 cents, or 20.1%, to $1.67.

Quebec's securities regulator asked Bombardier to halt executive share sales plan after revealing an ongoing probe into stock transactions by company executives.

Elsewhere, Canadian Pacific Railway, bowing 13 cents to $275.90.

U.S. Trade Representative Robert Lighthizer on Thursday denied a report that he had told some industry executives that another round of tariffs on Chinese imports had been put on hold as the two nations pursue talks.

On the economic front, Statistics Canada reported that foreign investment in Canadian securities totaled $7.7 billion in September, mainly acquisitions of money market instruments.

At the same time, Canadian investment in foreign securities resumed to reach $10.6 billion, led by purchases of non-U.S. instruments.

Moreover, the agency said, manufacturing sales edged up 0.2% in September to $58.5 billion, following a 0.5% decrease in August.
Sales increased in eight of 21 industries, led by higher sales in the transportation equipment industry.

ON BAYSTREET

The TSX Venture Exchange squeezed higher 0.17 points, to 624.51

Eight of the 12 subgroups were higher, with gold up 1.5%, information technology and consumer discretionary issues each up 1.1%.

The four laggards were weighed most by health-care, subsiding 2.3%, energy, off 0.5%, and industrials, weaker by 0.4%.

ON WALLSTREET

Stocks posted sharp weekly losses on Friday after a strong downturn in technology shares.

The Dow Jones Industrial Average hiked 123.95 points to 25,413.22

The S&P 500 moved forward 6.07 points to 2,736.27

The NASDAQ fell 11.16 points – though off its lows of the day -- to end the week at 7,247.87

Still, the S&P 500 fell 1.5% this week, while the Dow and NASDAQ both declined more than 2%.

Technology, the biggest sector in the S&P 500 by market cap, is the second-worst performer this week, falling 2.5%. The sector is down following steep losses in Apple. The tech giant is down nearly 5.4%, week to date, as Wall Street analysts worry iPhone sales will slow down.

Tech-related shares like Amazon slid 7%, and Netflix was off 5.7%.

Sharp losses in Nvidia dragged down the chips sector and the overall tech sector on Friday.

Shares of Nordstrom dived 13.7%, while Williams-Sonoma tumbled 11.2% on Friday, as their quarterly reports disappointed investors.

Facebook was also under pressure this week, falling nearly 4% amid backlash from a New York Times article detailing how the company ignored and then tried to hide that Russia used the platform to disrupt the U.S. election in 2016.

The also come as investors fretted over political developments overseas amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May.

Prices for the benchmark for the 10-year U.S. Treasury gained, lowering yields to 3.07% from Thursday’s 3.11%. Treasury prices and yields move in opposite directions.

Oil prices rose 34 cents to $56.80 U.S. a barrel.

Gold prices moved ahead $7.30 at $1,222.30 U.S. an ounce.