Equity markets in Toronto extended its losses for the week on Friday, hurt by profit taking on Canadian drugmaker Valeant Pharmaceuticals International Inc and continued declines in the key financials, materials and energy groups.
The S&P/TSX composite index slid 13.34 points to open Friday at 14,252.03
The Canadian dollar shed 0.24 cents at 76.47 cents U.S.
Encana posted a second-quarter loss, compared with a year-ago profit, hurt by an impairment charge of about $1.3 billion. It reported a net loss of $1.61 billion for the quarter, compared with a year-ago profit of $271 million.
Encana shares let go of 75 cents, or 6.7%, to $10.48.
BlackBerry on Thursday showcased a suite of security products that safeguard everything from medical devices to Hollywood movie scripts, though its CEO John Chen acknowledged that his effort to transform the company remains a work in progress.
The firm formerly known as Research In Motion forfeited four cents a share to $9.89.
Barclays raised the price target on Loblaw Companies to $75.00 from $72.00 as the company’s second-quarter earnings beat consensus.
Loblaw shares tacked on 22 cents to $70.06.
Cowen and Company cut the price target on the U.S. listed shares of Teck Resources to $8.00 from $14.00 on cautious outlook, estimates fall on sharp commodity price declines and lower volume.
Teck shares faded 48 cents, or 4.8%, to $9.45.
ON BAYSTREET
The TSX Venture Exchange inched forward 0.35 points to 598.45.
Eight of the 14 TSX subgroups were lower in the first hour of trading, with metals and mining sagging 2%, global base metals down 1.5%, and materials off 1%.
The half-dozen gainers were led by telecoms, up 0.7%, information technology, clicking higher 0.4%, and consumer staples gaining 0.2%.
ON WALLSTREET
U.S. stocks traded in a narrow range on Friday, despite surprisingly strong Amazon earnings, as signs of slower global growth weighed on sentiment.
The Dow Jones industrial average picked up 6.78 points to begin Friday at 17,738.20, with Chevron leading decliners and Visa the greatest advancer.
The S&P 500 shaved off 0.88 points to 2,100.27, with health-care leading six sectors lower and consumer discretionary leading gainers.
The NASDAQ index gained 12.49 points to 5,158.90.
Amazon shares briefly soared more than 17% in the open after reporting unexpected quarterly profit after the close Thursday. The e-commerce firm's market cap now surpasses that of Wal-Mart.
Starbucks and Visa also beat on both the top and bottom line.
Those quarterly reports stand out from mostly lackluster earnings on Thursday that pushed U.S. markets broadly lower.
Biogen, Johnson Controls, State Street, Rockwell Collins, American Airlines and VF Corp posted earnings this session.
Biogen Idec beat on earnings but missed on revenue, as well as lowered full-year guidance.
American Airlines posted earnings that topped expectations on revenue a touch below forecasts. The airline also announced the authorization of an addition $2 billion in share buybacks.
VF Corp., the maker of North Face, Wrangler, and other apparel brands, posted earnings that beat on both the top and bottom lines. The firm also raised its full-year outlook.
In dealmaking news, Anthem said on Friday it would buy Cigna in a deal valued at $54.2 billion U.S, creating the largest U.S. health insurer by membership.
The U.S. flash manufacturing PMI for July edged up to 53.8, from a 20-month low hit in June. New home sales data was due at 10:00 a.m. ET
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Thursday’s 2.27%.
Oil prices added 12 cents a barrel to $48.57 U.S.
Gold prices capsized $12.40 to $1,081.70 U.S. an ounce.
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