TSX Lower on Energy, Tech Issues

Shopify, Alamos in Focus

The energy sector pushed Canada's main index lower on Friday, as oil prices declined after China reported slower economic growth, pointing to lower fuel demand from the world's biggest oil importer.

The S&P/TSX Composite Index dumped 71.51 points to begin the week’s final session at 14,678.04

The Canadian dollar fell 0.21 cents to 74.7 U.S.

Canaccord Genuity cuts the rating on Detour Gold to hold from buy. Detour shares sank 55 cents, or 5%, to $10.53.

RBC raised price target on Empire Company to $30.00 from $29.00 since November 2017. Empire rocketed 48 cents, or 1.7%, to 28.99

Shopify fell 10%, the most on the TSX, after the e-commerce company raised $400 million in equity. Shopify shares collapsed $18.47, or 8.6%, to $196.65.

Alamos Gold, down 36 cents, or 8.5%, to $3.90, was among the biggest decliners on the main index, after reporting that two of its employees were presumed dead after an accident in its mine.

The largest percentage gainer on the TSX was Wheaton Precious Metals Corp, which jumped $2.84, or 12.8%, to $25.00, after the company reached a settlement with Canada Revenue Agency on a tax dispute regarding foreign income.

Bausch Health Companies, which rose $1.07, or 3.4%, to $32.66, was the second biggest gainer on the main index after brokerage H.C. Wainwright upgraded the stock's rating to "buy".

ON BAYSTREET

The TSX Venture Exchange recouped 0.36 points to 557.32.

All but one of the 12 TSX subgroups started the session in the red, as information technology sagged 3.2%, gold dulled in price 2.1%, and energy lost 1.3%.

The lone gainer was in health-care, up 0.1%.

ON WALLSTREET

Stocks fell sharply on Friday after weaker-than-expected datain China and Europe exacerbated concerns of a global economic slowdown.

The Dow Jones Industrial Average capsized 214.97 points to 24,382.41, led lower by declines in Walgreens and Johnson & Johnson.

The S&P 500 let go of 21.45 points to 2,629.09, as the tech and health care sectors lagged.

The NASDAQ dropped 68.88 points, or 1%, to 7,001.46

Shares of Apple fell 1.9% after influential analyst Ming-Chi Kuo, of TF International Securities, slashed his iPhone estimates by about 20%.

Johnson & Johnson, another Dow member, fell more than 3% after media reports that the company knew about asbestos in its baby powder for decades.

The uncertainty around the ongoing negotiations has kept investors on edge recently. Data from research service Lipper found that more than $46 billion were pulled out in a week from U.S. stock mutual funds and ETFs, the most ever.

China reported industrial output and retail sales growth numbers for November that missed expectations. This is the latest sign shown by China that its economy may be slowing down. The data also underscored the rising risks to China’s economy as Beijing works to resolve an ongoing trade war with the U.S.

Prices for the benchmark for the 10-year U.S. Treasury were higher, lowering yields 2.90% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions

Oil prices slid 28 cents to $52.30 U.S. a barrel.

Gold prices slumped $8.40 to $1,239 U.S. an ounce.