Stocks in Toronto opened lower, extending recent losses, including slippage in the financials and materials groups.
The S&P/TSX composite index fell 14.2 points to open the last session of a very rough week at 13,112.98. The index has endured seven straight negative sessions.
The Canadian dollar dwindled 0.24 cents at 75 cents U.S.
Manulife Financial Corp is interested in a range of insurance and asset management acquisition opportunities across several markets in Asia, a top executive said on Thursday.
The company is looking to strengthen its position in Japan and Hong Kong, its two biggest markets in Asia, as well as add capabilities at fast-growing segments such as China, Philippines and Vietnam. A management spokesman also said Manulife is looking to take advantage of its own capital position and favorable demographic trends in the region.
Manulife shares lost three cents to $21.32.
National Bank Financial cut the target price on Alamos Gold to $7.00 from $7.50 after the company reported weaker-than-expected operating and financial results for third quarter 2015.
Alamos shares moved higher four cents, or 1%, to $4.00
National Bank Financial raised the target price on Canadian Energy Services to $7.50 from $7.00 based on quality of the third quarter earnings and capital flexibility, and like the positioning through the downturn.
Canadian Energy tacked on six cents, or 1.3%, to $4.56.
Ag Growth International Inc is out with Q3 earnings, expecting 57 cents per share. Ag Growth shares climbed 28 cents to $30.40.
Aimia Inc expects Q3 earnings of 18 cents per share. Aimia shares tumbled $1.64, or 14.6%, to $9.58.
Baylin Technologies expects a Q3 loss of nine cents per share. Baylin shares were unchanged at $1.95.
ON BAYSTREET
The TSX Venture Exchange slid 0.16 points to 522.57
All but four of the 13 TSX subgroups were lower in the first hour of trading, as metals and mining lost 0.6%, consumer discretionary issues hesitated 0.5%, and financials dipped 0.4%.
The four gainers were led by health-care, up 0.9%, while gold and utilities progressed 0.4%.
ON WALLSTREET
U.S. stocks traded sharply lower Friday, as investors eyed oil prices and soft reports on the health of the consumer.
The Dow Jones industrial average moved down 120.49 points to 17,327.58,
The S&P 500 lopped off 8.27 points to 2,037.70. Consumer discretionary was the greatest decliner in the S&P 500, while Nike fell 3% as the greatest weight on the Dow Jones industrial average.
The NASDAQ index dropped 31.43 points to 4,973.65. Apple fell more than 1%, helping push the NASDAQ composite below the psychologically key level of 5,000 for the first time in intraday trade since Oct. 23. The index has not closed below that level since Oct. 22 and is the only major average still positive year-to-date.
Nordstrom plunged more than 15% in morning trade, on track for its worst day since July 2000. The retailer posted earnings after the close Thursday that missed estimates by 15 cents U.S., on revenue that fell below analyst projections as well. The firm cut its 2015 sales and profit forecast, but unlike competitors who pointed to weather and inventory issues, Nordstrom did not specify a reason for the cut.
Before the opening bell, J.C. Penney posted a smaller-than-expected loss in quarterly earnings, on revenue that topped estimates. The company said earlier in the week that comparable-store sales grew by 6.4%, while analysts polled by FactSet expected a 5.7% increase.
October retail sales showed an increase of 0.1%, below expectations of a 0.3% rise. Retail sales excluding automobiles, gasoline, building materials and food services rose 0.2% after an upwardly revised 0.1% gain in September.
In another sign of little inflation, the producer price index for October fell 0.4%, after falling 0.5% the previous month.
Consumer sentiment hit 93.1 in November.
Business inventories for September rose 0.3% while sales were unchanged.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.28% from Thursday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices dipped 59 cents a barrel to $41.16 U.S.
Gold prices fell $3.01 to $1,082.19 U.S. an ounce.
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