Stocks Still Woozy on Energy, Tech Weakness

Wheaton in Focus

The energy and tech sectors 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 57.1 points to approach noon Friday at 14,693.25

The Canadian dollar fell 0.14 cents to 74.76 U.S.

Shopify fell $19.82, or 9.2%, to $195.30, among the most on the TSX, after the e-commerce company raised $400 million in equity.

Alamos Gold Inc, down 24 cents, or 5.6%, was among the biggest decliners on the main index, priced at $4.02, after reporting that two of its employees were presumed dead after an accident in its mine.

One of the more progressive stocks on the TSX was Wheaton Precious Metals Corp, which jumped $2.73, or 12.3%, to $24.89, after the company reached a settlement with Canada Revenue Agency on a tax dispute regarding foreign income.

Bausch Health Companies, which rose 65 cents, or 2.1%, to $32.24, 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 1.91 points to 558.87.

All but three of the 12 TSX subgroups remained negative approaching noon, as information technology sagged 2.9%, energy lost 1.4%, and gold gave up 1.3% of its luster.

The lone three gainers were in health-care, up 2.7%, real-estate, nicking up 0.3%, and financials, up 0.1%

ON WALLSTREET

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

The Dow Jones Industrial Average tumbled 349.61 points, or 1.4%, to 24,247.77, led lower by declines in Apple and Johnson & Johnson.

The S&P 500 slid 29.38 points, or 1.1%, to 2,621.16, as the consumer staples and health-care sectors lagged.

The NASDAQ dropped 62.67 points to 7,007.66

Shares of Apple fell 1.9% after analysts with TF International Securities, slashed his iPhone shipment estimates by 20%.

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

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 2.89% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions

Oil prices slid $1.04 to $51.54 U.S. a barrel.

Gold prices slumped $4.20 to $1,243.20 U.S. an ounce.