Equity markets in Toronto fell hard on Friday as investors fretted about the state of the global economy, sending shares in every major market sector lower, despite encouraging jobs news.
The S&P/TSX composite index hurtled earthward 233.24 points, or 1.6%, to close out the week at 14,227.36, after a drop Thursday of more than 200 points.
The index has dropped in four of the five trading sessions this week and has shed about 8.6% since reaching a record high last month.
The Canadian dollar dropped 0.25 cents at 89.16 cents U.S.
Markets in Canada will be shuttered Monday for Thanksgiving.
Among energy shares, Suncor Energy gave back 2.3% to $36.66 and Canadian Natural Resources lost 1.5% to $38.48.
Industrials shed strength. Canadian Pacific Railway fell 4.7% to $212.20, and Canadian National Railway was down 3% to $72.25.
Shares in several Canadian medical marijuana companies fell after Reuters reported that the U.S. Drug Enforcement Administration was interested in U.S. investors of Canadian marijuana firms.
OrganiGram Holdings dropped 3.5% to $1.40, Bedrocan Cannabis fell 5.6% to 68 cents, Tweed Marijuana declined 6.1% to $2.00, and Mettrum Health slipped 10.8% to $1.65.
On the economic slate, Statistics Canada said the workforce increased by 74,000 in September, nearly all in full-time work, pushing the unemployment rate down 0.2 percentage points to 6.8%, the lowest since December 2008.
ON BAYSTREET
The TSX Venture Exchange faded 9.69 points to 827.13.
All 14 Toronto subgroups were lower on the day, as industrials tumbled 2.6%, while gold and materials were each 1.8% to the bad.
ON WALLSTREET
U.S. stocks fell sharply on Friday, with benchmark indexes falling for a third week in a row, as computer-chip manufacturers led the losses after Microchip Technology lowered its sales outlook.
The Dow Jones Industrials slumped 115.15 points to 16,544.10, after yesterday’s tumble of more than 330 points, for a weekly loss of 2.7%, and slipped into negative terrain for the year, down 0.2% from the end of 2013.
The S&P 500 dropped 22.08 points to 1,906.13. The NASDAQ index plummeted 102.10 points to 4,345.25, or 4.5% on the week. The S&P and NASDAQ each suffered their worst weekly losses since May 2012.
Intel fronted blue-chip losses that extended to 21 of 30 components. Coca-Cola led gains.
Juniper Networks declined after posting initial third-quarter results that came in below its own forecast.
The prices paid for imported goods fell 0.5% in September and declined for the third straight month, mostly due to falling worldwide oil prices.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.31% from Thursday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices fell 20 cents to $85.57 U.S. a barrel.
Gold prices backtracked $2.20 to $1,222.90 U.S. an ounce.
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