Equities in Canada’s biggest market fell on Friday after a slump in the price of oil and disappointing Chinese economic data sent energy shares down, setting the market up for a weekly decline.
The S&P/TSX composite index dropped 155.34 points, or 1.1%, to greet noon at 13,749.78
The Canadian dollar dumped 0.16 cents to 86.63 cents U.S.
Financials dropped, with Royal Bank of Canada losing 1% to $77.68 and Toronto Dominion Bank declining 0.7% to $52.12.
Shares of energy producers remained choppy. Canadian Natural Resources climbed 0.5% to $34.40, but Encana lost 1.8% to $14.22.
Base metals took in the chin, with Major Drilling Group getting clobbered 26 cents, or 4.5%, to $4.50.
Figures released on Friday showed China's factory output growth slowed more than expected in November and growth in investment neared a 13-year low.
A steep descent in the oil price in recent weeks has raised concerns about the commodity's producers and the broader Canadian equity market, which has a large concentration of energy stocks.
ON BAYSTREET
The TSX Venture Exchange fell 13.49 points to 650.01.
All 14 Toronto subgroups were lower, with metals and mining down 2%, telecoms settling 1.8%, and global base metals trailing Thursday’s close by 1.6%.
ON WALLSTREET
U.S. stocks declined on Friday, with benchmark indexes headed for sizable weekly losses, as crude's slide continued and after Chinese industrial production came in below expectations.
The Dow Jones Industrials tumbled 222.84 points, or 1.3%, to break for noon Friday at 17,373.50, with IBM leading blue-chip losses that extended to 26 of 30 components.
The S&P 500 slid 21.03 points to 2,014.30, with materials falling the most among its major industry groups, all 10 of which were in negative territory.
The NASDAQ index dipped 28.13 points to 4,694.66.
Adobe Systems gained after the software maker said it would acquire stock-photo company Fotalia for $800 million U.S. and posted quarterly results that beat expectations.
U.S. wholesale prices declined 0.2% drop in the producer price index in November after a 0.2% rise the previous month.
Oil prices fell further after the International Energy Agency reduced its outlook for global demand.
Equities around the globe dropped after November Chinese factory production slowed more than forecast.
Prices for 10-year U.S. Treasuries gained sharply, lowering yields to 2.10% from Thursday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.86 per barrel to $58.09 U.S.
Gold prices slid $2.20 an ounce at $1,223.40 U.S.
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