Canadian stocks fell Friday after tallying gains over the past two trading sessions, as investors opted to fare safe into a long weekend and wait for news on Greece’s bailout next week.
The S&P TSX Composite Index ended the day down 27.29 points to 12,458.30; still, the index saw a gain of 0.5% for the week
The Canadian dollar squeezed up 0.09 cents to 100.44 U.S. cents
Markets in Toronto will be closed Monday for the Family Day holiday in Ontario.
Lackluster earnings sent stocks in most major subsectors tumbling.
Shares of Fairfax Financial Holdings fell $22.00, or 5.6%, to $396.00 after the insurance and investment company posted its fourth-quarter loss of $770.8 million, a 56% increase from the loss a year ago.
Cott Corp. dropped 29 cents, or 4.3%, to $6.48, after the soft drink producer reported a quarterly loss in the final quarter of 2011.
Energy stocks were mixed on earnings, but traders also assessed merger and acquisition news in the resource sector.
Calgary-based Enbridge Inc. fell $1.54, or 3.9%, to $37.66, on the firm’s lower-than-expected fourth-quarter earnings.
Shares of Encana Corp. was down 16 cents, or 0.8%, to $19.99, following the company’s announcement that it is selling a 40% stake in its British Columbia gas resources to Japan’s Mitsubishi Corp. for $2.9 billion.
PetroBakken Energy Ltd. shares increased 81 cents, or 5.5%, to $15.45. The company is selling some non-core Saskatchewan light-oil assets for $427 million so it can pay down debt and boost
spending.
IT shares declined with shares of Research in Motion Ltd. sliding 29 cents, or 1.9%, to $15.03.
In the financial sector, Sun Life Financial Inc. was down 17 cents, or 0.8%, to $20.71. The firm’s shares were downgraded to hold from buy by Desjardins Securities analysts, who said the firm’s dividend could be at risk if interest rates rose.
On the economic front, underlying core inflation -- which excludes volatile items such as some fresh food and gas -- rose to 2.1%, one-10th of a percentage point higher than the Bank of Canada’s target.
Statistics Canada also said its composite leading index increased 0.7% in January, the seventh straight hike in the index, and mostly on the back of manufacturing, housing and services employment.
However, the agency said the number of us receiving regular Employment Insurance benefits edged up by 4,200, or 0.8%, to 544,700 in December.
ON BAYSTREET
The TSX Venture Exchange grew 10.04 points to 1,658.15, while the Nasdaq Canada index fell 3.34 points to 416.81
The 14 Toronto subgroups ended the day evenly divided between gainers and losers. Industrials led the former group, picking up 0.7%, while utilities progressed 0.6%, and energy stocks were 0.4% stronger.
The seven laggards were weighed mostly by global base metals, down 1.5%, gold, down 1.4%, and materials, skidding 0.9%.
ON WALLSTREET
In New York, stocks were mixed Friday as investors hesitated ahead of a key vote on a second bailout for Greece.
The Dow Jones Industrials gained 45.79 points to end the day and week at 12,949.90, heights the big board hasn’t seen since May 2008.
The S&P 500 added 3.25 points to 1,361.29, while the tech-focused Nasdaq deducted 8.07 points to 2,951.78
All three indexes are on track to post gains for the week. The Dow is up about 0.8%, while the S&P 500 posted a 1.4% gain. The Nasdaq jumped 1.7%.
Markets in the U.S. are shuttered Monday for President’s Day.
Shares of H.J. Heinz moved higher after the company beat earnings estimates, thanks to growth in emerging markets.
Campbell Soup's stock also edged higher after the company's second-quarter profit declined but still managed to beat forecasts.
Nordstrom shares were lower after the retailer issued a disappointing profit forecast for the year.
Baidu, China's top search engine, beat fourth-quarter earnings and sales estimates, but shares edged lower as the company issued a disappointing first-quarter revenue outlook.
Gilead Sciences shares tumbled after the drug maker said that the majority of patients involved in a hepatitis C treatment experienced a relapse within four weeks of completion.
Shares of Brightcove, known for its Internet video platform, surged more than 35% in its stock market debut. The company's shares were priced at $11 U.S. in its initial public offering, and soared above $15 U.S. on Friday.
McNeil, a Johnson & Johnson company, is recalling more than half a million bottles of Infants' Tylenol because of consumer complaints about the difficulties of using the dosing system.
Investors are optimistic that European finance ministers will sign off on Greece's latest economic reform proposal when they meet Monday. Their approval is needed in order for Greece to receive bailout funds and avoid default on a €14.5-billion bond redemption in March.
But until the i's are dotted and the t's are crossed, investors are taking a breather going into the long weekend and ahead of Monday's big meeting.
On the economic ledger, the Consumer Price Index rose 0.2% in January, after holding steady the two months prior. Analysts were expecting a rise of 0.3%.
Core inflation -- that is, inflation without the volatile food and energy components -- rose 0.2%, compared to estimates for 0.1% uptick.
The U.S. Conference Board's Leading Economic Indicators index ticked up 0.4% in January, a bit less than forecasts for a 0.5% increase.
Treasury prices for the 10-year note lost ground, lifting yields to 2.01% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained $1.21 to $103.52 U.S. a barrel.
Gold futures for April delivery fell $3.50 to $1,724.90 U.S. an ounce.
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