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TSX Plunges En Route to Weekly Decline

Citigroup, Wells Fargo in Focus

Equities in Toronto tumbled on Friday and was set for weekly losses, weighed down by energy and financial stocks as turmoil in the European banking sector soured market sentiment.

The TSX pointed lower 138.33 points to begin the week’s last session at 19,321.59.

The Canadian dollar subtracted 0.33 cents to 72.56 cents U.S.

Among company news, Enbridge said it was "disappointed" by the U.S. Army Corps of Engineers' decision to extend the federal permitting process for the oil distributor's proposed Great Lakes Tunnel. Enbridge shares began Friday down 20 cents to $49.79.

Western Copper and Gold said Mitsubishi Materials Corp has agreed to acquire a 5% stake in the miner for $2.63 per share. Western Copper shares took on three cents, or 1.9%, to $1.74.

On the economic front, Statistics Canada reported retail sales hiked 1.4% to $66.4 billion in January. Sales increased in seven of nine subsectors and were led by increases at motor vehicle and parts dealers and gasoline stations and fuel vendors.


The TSX gave back 2.39 points to 606.26.

Eight of the 12 TSX subgroups were lower, as energy trudged lower 2.1%, while financials dipped 1%, and information technology slipped 0.5%.

The four gainers were led by utilities, ahead 1.1%, gold, better by 0.9%, and consumer staples, increasing 0.6%.


Stocks fell Friday as a drop in shares of Deutsche Bank in Europe raised investor fears about the banking sector once again.

The Dow Jones Industrials stumbled 229.92 points to 31,875.33.

The S&P 500 dipped 28.06 points to 3,920.66.

The NASDAQ Composite hesitated 83.59 points to 11,703.76.

Deutsche Bank’s U.S.-listed shares slid about 7% after the German lender’s credit default swaps jumped, but without an apparent catalyst.

The move appeared to raise concerns once again over the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival Credit Suisse.

Shares of major U.S. banks were under pressure. Citigroup, JPMorgan Chase and Wells Fargo shares fell more than 2% each. Bank of America shares slid more than 1%.

Prices for the 10-year Treasury gained ground, lowering yields higher to 3.35% from Thursday’s 3.40%. Treasury prices and yields move in opposite directions.

Oil prices sagged $1.31 to $68.65 U.S. a barrel.

Gold prices gained $1.80 to $1,997.70 U.S. an ounce.