Stocks in Toronto took a pounding Friday, descending from the record heights that began the year, as resource and health stocks proved the biggest drags.
The TSX Composite Index finished the day lower 33.83 points to 17,066.12
The Canadian dollar sagged 0.03 cents to 76.98 cents U.S.
Materials weighed most heavily on the markets Friday, with First Quantum Minerals collapsing 83 cents, or 6.3%, to $12.45, while Hudbay Minerals docked 26 cents, or 4.9%, to $5.10.
Among health-care issues, HEXO Corporation ditched a dime, or 4.7%, to $2.04, while Cronos Group fell 28 cents, or 2.9%, to $9.27.
Consumer discretionary stocks also got bruised, primarily The Stars Group, shedding 81 cents, or 2.4%, to $33.64, while Magna International slid $1.67, or 2.3%, to $70.39
Real-estate stocks tried to stem the negative tide, with Crombie REIT picking up 37 cents, or 2.4%, to $33.64, while Dream Office REIT picked up 57 cents, or 1.9%, to $15.79.
Utilities also pointed upward, with Brookfield Renewable Partners prospering 90 cents, or 1.5%, to $60.15. Algonquin Power and Utilities moved up 10 cents, to $18.36.
ON BAYSTREET
The TSX Venture Exchange dropped 0.43 points to 587.44
Eight of the 12 TSX subgroups were weighed most by materials, down 1.2%, health-care, off 1%, and consumer discretionary stocks, fading 0.8%.
The four gainers were led by real-estate, ahead 1.1%, energy, better by 0.7%, and utilities, inching up 0.3%.
ON WALLSTREET
Stocks fell on Friday after the U.S. confirmed that an air strike killed Iran’s top military commander, sending oil prices surging and ratcheting up geopolitical concerns.
The Dow Jones Industrials dwindled 235.48 points to conclude an abbreviated week at 28,633.32, its biggest one-day loss since early December.
The S&P 500 slipped 23 points to 3,234.85, its worst day in a month.
The NASDAQ withered 71.42 points to 9,020.77.
The U.S. announced late Thursday that it had killed Iran’s top commander, Gen. Qasem Soleimani, in Baghdad in an airstrike. Soleimani had been a key figure in Iranian politics, and his death has raised concerns over a potential retaliation from the Iranian forces.
Airline stocks fell broadly on the threat of higher oil prices. United, American and Delta all dropped more than 1.6%.
Energy stocks such as Concho Resources went up 3.7% while Apache gained 1.3%. Devon Energy climbed 1.2%.
A weaker-than-expected reading on the manufacturing economy also weighed on stocks. December’s Institute for Supply Management manufacturing index came in at 47.2, the weakest in a decade and smaller than the 49 reading expected by economists polled by Dow Jones.
Prices for the 10-Year U.S. Treasury spiked, dropping yields to 1.79% from Thursday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.81 to $62.99 U.S. a barrel.
Gold prices added $23.00 at $1,551.10 U.S. an ounce.
