Canada's main stock index retreated on Friday, as oil and mining company stocks dragged, offsetting solid gains for financials.
he S&P/TSX composite index dropped 43.03 points to greet noon at 13,515.75
The Canadian dollar dropped 0.78 cents at 75.16 cents U.S.
Goldcorp Inc fell 4.1% to $15.34, while Barrick Gold lost 4.6% to $9.25.
Pipeline company Enbridge Inc fell 2.3% to $51.69 while rival TransCanada Corp lost 2.5% to $44.13.
Enbridge said on Thursday that a delay in starting up a pipeline to transport crude from Ontario to Quebec will hurt its adjusted earnings for the year.
Gold futures fell, while copper prices declined 0.4% to $4,993.50 U.S. a tonne.
Financials rose after the firm U.S. and Canadian jobs data pointed to stronger growth, but also higher interest rates, with the Canadian jobs gain suggesting that the Bank of Canada can refrain from further easing.
Sierra Wireless Inc slumped 23.1% to $25.37 after its earnings missed analyst expectations.
Valeant Pharmaceuticals International Inc rallied 3.6% to $107.11 after plunging as much as 20% during Thursday's session. The company said on Friday that Goldman Sachs sold 1.3 million shares of Valeant on Nov. 5 that were securing loans made to its CEO Michael Pearson.
On the economic front, Statistics Canada reported that the economy created 44,000 jobs in October, bringing the number of people employed in Canada to over 18 million for the first time. The unemployment rate declined by 0.1 percentage points to 7.0%.
The agency also stated that building permits in September totaled $7.1 billion in September, down 6.7% from the previous month. This was the second consecutive monthly decline. Lower construction intentions for residential buildings and commercial structures in Ontario largely explained the decline.
ON BAYSTREET
The TSX Venture Exchange slumped 5.8 points to 533.78
All but three of the 13 TSX subgroups were lower, with consumer staples dropping 1.3%, utilities sinking 1.2%, and materials off 1%.
The three gainers were health-care, up 0.7%, financials, surging 0.5%. and consumer discretionary issues, eking up 0.03%.
ON WALLSTREET
U.S. stocks traded in a range Friday after a better-than-expected October jobs report increased confidence in the likelihood of a December rate hike.
The Dow Jones industrial average remained negative 54.68 points to 17,808.75, with Chevron the greatest weight and Goldman Sachs contributing the most the gains.
The S&P 500 slipped 8.15 points to 2,091.78, with utilities leading eight sectors lower and financials and information technology the only advancers.
The NASDAQ index poked ahead 3.94 points to 5,131.68
Despite trading mixed to mostly lower Friday, the major averages are on track for their sixth-straight week of gains.
The report showed the addition of 271,000 jobs, soundly betting expectations of about 180,000, with the unemployment rate ticking lower to 5%.
Prices for 10-year U.S. Treasuries fell sharply, raising yields to 2.33% from Thursday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices fell 75 cents a barrel to $44.45 U.S.
Gold prices slid $14.52 to $1,089.40 U.S. an ounce.
Related Stories
