Equities in Toronto pointed lower on Friday as emerging market currencies fell on a selloff accelerated by worries surrounding China and U.S. monetary policy.
The S&P/TSX composite index retreated 107.77 to open at 13,825.20.
The Canadian dollar strengthened 0.14 cents to 90.22 cents U.S.
Enbridge CEO Al Monaco said on Thursday that an amendment to the U.S. presidential permit for its Alberta Clipper pipeline, which the company needs to expand the line's capacity, will likely be delayed past a previous target of mid-2014. Enbridge shares docked 21 cents to $47.00 in the first hour of trade.
CIBC raised the target price on Avigilon to $50 from $32, saying the introduction of a partner loyalty program will lead to 2014 sales beating consensus. Aviglion shares added 43 cents to $34.35.
RBC raised target price on Barrick Gold to $23 from $20, saying the company's shares should re-rate higher and return to their valuation range prior to the discount created by Pascua-Lama capital escalation and a weak balance sheet. Barrick shares gained three cents to $21.46.
CIBC raised the target price on OpenText Corp to $110 from $95, based on the company's quarterly results beating estimates and its acquisition of GXS. Open Text shares climbed $12.56, or 12.5%, to $112.75.
On the economic calendar, Statistics Canada reported that consumer prices –jumped 1.2% in December. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.2% in December, matching the rise in November.
ON BAYSTREET
The TSX Venture Exchange weakened 6.20 points to 977.19
All but three of the 14 Toronto subgroups were lower, weighed mostly by global base metals and the metals and mining groups, each down 2.2%, while health-care stocks skidded 1.3%.
The three gainers were in information technology, up 1.5%, utilities, nicking ahead 0.3%, and telecoms, up 0.1%.
ON WALLSTREET
Friday is shaping up to be another ugly day on Wall Street
The Dow Jones Industrial Average plummeted 118.07 points to begin the session at 16,097.28
The S&P 500 index faded 14.52 points to 1,813.94. The NASDAQ drifted lower by 36.08 points to 4,182.79
The losses come at the end of what could wind up being the worst week for stocks so far this year. The Dow has declined more than 2% in a short week. The NASDAQ is on pace for its first weekly decline of the year.
News from Corporate America wasn't helping. After last year's big rally, investors are looking for signs the economy will be strong enough to keep the bull market going but so far, this earnings season has been decent, as opposed to spectacular.
Of the S&P 500 companies, 102 have reported fourth-quarter results, with only 66 beating analysts' estimates, according to S&P Capital IQ. Of the remainder, 26 have missed, and 10 have met expectations.
Xerox shares took a dive after the copy machine company reported declines in quarterly revenue and profit.
Honeywell shares were also down as the defense contractor reported a slip in quarterly sales.
Procter & Gamble shares rose, though the consumer goods company reported weak quarterly profits.
Microsoft shares gained following strong quarterly sales and earnings from the tech giant on Thursday.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.74% from Thursday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices shaved off 19 cents to $97.13 U.S. a barrel.
Gold prices grew $7.10 to $1,269.40 U.S. an ounce.
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