TSX Ends Strong Week with Friday Losses

Canopy, Hexo in Forefront

Equities in Canada’s largest market took a breather Friday from healthy gains accumulated during the week, as health-care losses trumped gains in gold and materials stocks.

The S&P/TSX Composite Index backtracked 49.4 points to close Friday at 16,525.43, though, on the week, the index moved ahead 1.4%.

The Canadian dollar dropped 0.13 cents to 75.68 cents U.S.

Health-care stocks claimed bleeding wounds Friday, taking the most punishment of all the subgroups, as Canopy Growth Co fell $4.63, or 8%, the most on the TSX, to $53.04, after the company posted wider-than-expected quarterly loss.

Elsewhere, Hexo Corp. docked 29 cents, or 3.8%, to $7.39.

Consumer staples took their lumps, too, as Alimentation Couche-Tard faded in price $2.45, or 2.9%, to $82.82, while Loblaw faltered $1.88, or 2.7%, to $67.71.

Energy shares trailed Thursday’s close, as Ensign Energy gave back 17 cents, or 3.5%, to $4.68, while Birchcliff Energy lost eight cents, or 3.2%, to $2.72

Among the largest percentage gainers on the TSX were shares of New Gold, which jumped eight cents, or 8.6%, to $1.01, followed by Ivanhoe Mines, which rose 16 cents, or 4.1%, to $4.09.

Among materials stocks, Agnico Eagle Mines triumphed 72 cents, or 1.1%, to $66.54, while Franco-Nevada hiked $1.46, or 1.3%, to $110.64.

Among real-estate issues, units of Dream Global REIT gained 33 cents, or 2.4%, to $13.99.

On the economic front, Statistics Canada reported retail sales enjoyed a third straight month of growth, edging up 0.1% to $51.5 billion in April.

The agency adds, excluding sales at motor vehicle and parts dealers and gasoline stations, retail sales were down 0.1%

ON BAYSTREET

The TSX Venture Exchange slipped 0.69 points at 592.57

Seven of the 12 Toronto subgroups were negative on the day, with health-care ailing 3.6%, consumer staples down 1.7%, and energy failing 1%

The five gainers were led by gold, up 0.8%, materials, better by 0.6%, and real-estate, higher 0.2%.

ON WALLSTREET

The S&P 500 fell slightly on Friday after reaching a fresh record high earlier in the day as Wall Street concluded a strong week of gains.

The Dow Jones Industrial Average whipsawed before finishing in the red 34.04 points at 26,719.13 on the day, but 2.8% up on the week.

The S&P 500 fell back from record highs achieved earlier this week, losing 3.72 points to 2,950.46, still enjoying a weekly gain of 2.2%.

With this week’s gains, the S&P 500 is 17.7% for the year and was on track to post its best first half since 1997.

The NASDAQ Composite reversed 19.63 points Friday to 8,031.71, still gaining 3% on the week.

The major stock indexes jumped to their session highs after Dow Jones reported that Vice President Mike Pence would postpone a China policy address amid “positive signs” on trade. Equities had traded slightly lower prior to the news.

Chip stocks fell on the department’s decision. Micron Technology shares closed 2.6% lower while Advanced Micro Devices lost 3%. Xilinx shares also dropped more than 2%.

Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 2.06% from Thursday’s 2.02%. Treasury prices and yields move in opposite directions.

Oil prices took on 59 cents to $57.66 U.S. a barrel.

Gold prices improved $5.90 to $1,402.80 U.S. an ounce.