Equity markets in Toronto extended the previous session's losses on Friday as investors kept a wary eye on the Ukraine crisis.
The S&P/TSX composite index dipped 39.29 points to begin the week’s final session at 14,506.74.
The Canadian dollar plummeted 0.59 cents to 91.75 cents U.S.
TMX Group Ltd, the operator of the Toronto Stock Exchange, reported a 23% in first-quarter profit as a recovery in trading activity picked up speed. Shares in TMX dipped two cents to $58.13.
Canadian Natural Resources said on Thursday its first-quarter profit rose nearly three-fold on higher oil and natural gas prices as it boosted capital spending to develop newly acquired properties. Shares in the stock trading as “CNQ” took on 35 cents to $43.35.
Mining financier Silver Wheaton Corp reported a 40% drop in profit for the first quarter, hurt by fall in metal prices. Silver Wheaton shares gained 16 cents to $23.75.
On the economic beat, Statistics Canada reported this morning that employment decreased by 29,000 in April, and the unemployment rate was unchanged at 6.9% as the number of people taking part in the labour market edged down. The nation’s crunchers added that there’s been little overall employment growth in Canada since August 2013.
ON BAYSTREET
The TSX Venture Exchange fell 7.25 points to 984.76
The 14 Toronto subgroups were evenly split between gainers and losers, with gold up 0.6%, consumer discretionaries and metals and mining each up 0.4%.
The seven laggards were weighed mostly by energy, down 0.9%, financials, off 0.4%, and consumer staples, sliding 0.1%.
ON WALLSTREET
Not even news of a potential marriage between Apple and Dr. Dre was enough to inspire buying at Friday's open.
The Dow Jones Industrial Average stepped down 1.91 points to open at 16,549.06
The S&P 500 slid 2.90 points to 1,872.73, and the NASDAQ composite index inched forward 2.47 points to 4,053.97
The early market action leaves the S&P 500 on track to end this week in the red, which would make this the 10th week of alternating between gains and losses. That would be the longest such stretch in almost 20 years.
The tech world is buzzing about reports indicating Apple is considering a $3.2-billion U.S. takeover of Beats Electronics, a popular headphone maker and streaming music provider. The deal would be Apple's largest ever and create a huge windfall for Beats investors, which include Dr. Dre and Carlyle Group.
Pandora Media, which provides a rival streaming music service, seemed largely unfazed by rising about 1%.
Biotech stocks, a source of trouble in recent weeks, also helped drag the NASDAQ lower. Names like Mylan and Amgen were under pressure.
Other Nasdaq stocks being snubbed by investors include Google and Nvidia.
In earnings news, Hilton Worldwide rose 4% after more than tripling its profits and raising its outlook for the year. The hotelier also said it's planning to build new hotels.
Ralph Lauren tumbled 6% to the lowest levels in almost two years amid disappointment over the company's pessimistic outlook. It continues to struggle to grow as fast as some of its competitors. On the other hand, Gap popped 4% on upbeat projected earnings and a 9% jump in April same-store sales.
Investors drove CBS 2% lower as the media giant's revenue fell more than feared due in part to the absence of the Super Bowl. News Corp., the media giant controlled by Rupert Murdoch, ticked higher after logging an earnings beat despite a dip in revenue.
Stratasys, a 3D printer maker, plunged 8% even after swinging to a profit and reporting soaring revenue.
There's little in the way of economic reports today.
U.S. Federal Reserve chair Janet Yellen’s congressional testimony was the big economic news for the week. She mostly reiterated her commitment to keep interest rates low until the economy is on firmer footing.
Prices for 10-year U.S. Treasuries sagged, upping yields to 2.62% from Thursday’s 2.60%. Treasury prices and yields move in opposite directions
Oil prices recovered 33 cents to $100.59 U.S. a barrel.
Gold prices strengthened $3.70 to $1,291.50 U.S. an ounce.
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