Equities in Toronto slipped on Friday, with shares in gold miners among the leading lights and energy companies weighing heavily amid weakness in the underlying commodities.
The S&P/TSX composite index stumbled 103.96 points to greet noon at 14,301.95.
The Canadian dollar lost 0.03 cents to 76.25 cents U.S.
Miners helped limit the damage, with Barrick Gold jumping 6% to $9.53, and Goldcorp advancing 2.3% to $18.08.
The most influential weights included First Quantum Minerals, which fell 3.7% to $9.90, and Encana, which declined 3.3% to $9.09.
The overall energy group retreated, with losses offset by a move higher by Canadian Natural Resources, up 0.8% to $33.05.
On the economic scene, Statistics Canada reported that only 6,600 jobs were created during July, keeping the unemployment rate at 6.8% for the sixth straight month.
The agency also reported that the total value of building permits rose 14.8% to $7.7 billion in June, following a 13.9% decrease in May.
June’s hike was mainly attributable to higher construction intentions for multi-family dwellings in Quebec, Alberta and Ontario, as well as institutional buildings in Alberta and commercial buildings in British Columbia.
Finally, Western University in London, Ontario released its IVEY Purchasing Managers Index for July. Last month, the figure stood at 52.9, compared to 55.9 in June, and 54.1 for July 2014.
The index compares purchasing managers’ buys with previous months. Any figure over 50 indicates expansion, below 50 indicates contraction.
ON BAYSTREET
The TSX Venture was negative 2.95 points to 578.08.
All of three of the 14 TSX subgroups were lower by noon, with information technology sprawling 2.1%, health-care slumping 1.5%, and metals and mining weakening 1.4%.
The three gainers were gold, up 2%, materials, picking up 1%, and industrials eking up 0.1%.
ON WALLSTREET
U.S. stocks traded lower on Friday as continued declines in oil weighed amid the July employment report that supported the case for a rate hike as early as September.
The Dow Jones industrial average lost 115.62 points to 17,304.13. Nike fell nearly 1.5% as the greatest drag on the index.
The S&P 500 dipped 10.83 points to 2,072.73.
The NASDAQ index sank 34.05 points to 5,022.39
In morning earnings reports, Cablevision reported a 1.6% increase in quarterly revenue, boosted by an increase in fees to its cable customers. Net income attributable to stockholders fell to 27 cents U.S. from 35 cents a year earlier, while net revenue rose to $1.65 billion U.S. from $1.63 billion.
Hershey reported its weakest sales performance in more than five years, hurt by low demand in China. The chocolate maker posted a net loss of 47 cents U.S. a share for the second quarter, versus a gain of 75 cents U.S. from the same period last year. Net sales were flat at $1.58 billion U.S.
The employment report said that 215,000 jobs were added in July, with an unemployment rate of 5.3%. Average hourly earnings rose 0.2%, as expected.
Economists polled by Reuters forecast an increase of 223,000 non-farm payrolls in July, enough to allow the U.S. Federal Reserve to pull the trigger on its first rate hike in nine years.
The Fed will consider a possible first rate hike in nine years at its September 16 and 17 meeting.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.19% from Thursday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices slumped 38 cents a barrel to $44.28 U.S.
Gold prices added $3.70 to $1,093.80 U.S. an ounce.
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