The stock market in Toronto was lower shortly after the opening bell on Friday, as energy shares fell alongside the price of oil after Goldman Sachs cut its crude forecast.
The S&P/TSX composite index doffed 59.08 points to open the last day of a short week at 13,510.81
The Canadian dollar eased 0.03 cents to 75.42 cents U.S.
Markets were shut Monday for Labour Day
BRP Inc reported a surprise adjusted profit for the second quarter, helped by higher sales of propulsions engines, accessories and clothing.
BRP shares picked up 18 cents to $27.01.
Canada's transport regulator has ordered Canadian Pacific Railway Ltd to address a new alleged safety violation after it found the company was not carrying out a mandatory brake safety test on some of its trains in Western Canada, according to a letter obtained by Reuters.
CP shares rocketed ahead $2.37, or 1.2%, to $194.72
Raymond James cut the target price on Empire Co to $92.00 from $99.00
The grocery store chain’s shares fell $1.67, or 2%, to $81.97.
National Bank Financial raised the target price on Sun Life Financial to $47.00 from $46.00
Sun Life shares took on nine cents to $42.45.
Desjardins raised the target price on Transat AT to $15.00 from $13.00
Transat shares fell 15 cents, or 2.1%, to $7.05.
RBC raised the target price on Dollarama to $96.00 from $90.00. Dollarama shares advanced $1.58, or 1.9%, to $87.14.
ON BAYSTREET
The TSX Venture Exchange inched up 0.85 points early Friday to 550.13
All but four of the 14 TSX subgroups were lower, weighed mostly by gold, down 2.7%,
ON WALLSTREET
U.S. stocks traded mildly lower Friday as investors remained on edge ahead of the key Federal Reserve meeting next week.
The Dow Jones industrial average faded 64.10 points to 16,266.30, with Cisco leading decliners and McDonald's the only advancer.
The S&P 500 sagged 10.55 points to 1,941.74, with energy leading all 10 sectors lower.
The NASDAQ index sank 27.82 points to 4,768.43
On the earnings front, Mattress Firm missed estimates by five cents with adjusted quarterly profit of 67 cents U.S. per share, with revenue also missing forecasts. Kroger is also expected to report before the bell.
Kroger reported second-quarter earnings of 44 cents U.S. a share on revenue of $25.54 billion U.S., for a 25% increase in profit from the same period last year.
Stocks hit session lows after preliminary September consumer sentiment came in at 85.7, the lowest since September 2014 and below expectations of 91.2. The final read for August was 91.9.
Futures extended losses slightly after the Producer Price Index (PPI) for August came in unchanged, mildly beating expectations for a 0.1% decline. The core PPI was up 0.7% in the 12 months through August.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.18% from Thursday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.25 a barrel to $44.67 U.S.
Gold prices shed $9.60 to $1,099.70 U.S. an ounce.
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