Canadian stocks fluctuated Friday, finishing down to cap the week with an eighth consecutive day of losses. It is the longest losing streak since June 2002
The S&P/TSX composite index closed lower by 51.76 points at 13,075.42, bringing its losing streak to eight straight sessions.
The benchmark equity gauge has lost 10% this year, trailing only Singapore and Greece among developed markets.
The Canadian dollar dwindled 0.18 cents at 75.07 cents U.S.
Energy producers rebounded from a six-week low, reversing earlier declines, led by gains from Encana Corp. to Paramount Resources Ltd. of at least 4.1%. Drug maker Concordia Healthcare Corp. jumped 16.1 % to $43.98, after reporting third-quarter earnings and revenue ahead of estimates.
Toronto-Dominion Bank, Bank of Montreal and Royal Bank of Canada slipped more than 1.2% to weigh on financial companies in the S&P/TSX. The group suffered its steepest weekly decline in almost three months.
Of the more than 200 companies in the S&P/TSX to report in the current period, about 60% missed revenue estimates, according to data compiled by Bloomberg.
Valeant Pharmaceuticals International Inc. added 2.4% to $100.53, rebounding from a two-year low. Valeant, briefly the largest stock in Canada by market capitalization this year, has lost 71% from an Aug. 5 high amid pressure over how it prices its drugs. The drug maker said in a conference call Tuesday that the decision to cut ties with pharmacy Philidor Rx Services would meaningfully affect its dermatology business.
ON BAYSTREET
The TSX Venture Exchange moved up 1.22 points to 523.95
Eight of the 13 TSX subgroups moved lower Friday, as metals and mining slid 1.5%, financials were down 1.2%, and telecoms subsided 1.1%.
The five gainers were led by health-care, soaring 3%, gold, shining 1% brighter, and energy, up 0.9%.
ON WALLSTREET
U.S. stocks closed more than 1 percent lower Friday, pressured by a continued decline in oil prices and soft reports on the health of the consumer.
The Dow Jones industrial average stumbled 202.83 points, or 1.2%, to end the week at 17,245.24, with Nike and Home Depot the greatest weights on the index.
The blue-chip index lost 3.7% for the week.
The S&P 500 sank 22.8 points, or 1.1%, to 2,023.10, dragged down by a more than 2.5% decline in consumer discretionary and a 2% drop in information technology.
The index fell 3.6% for the week.
The NASDAQ index hurtled earthward 77.2 points, or 1.5%, to 4,927.88, as Apple lost nearly 3% to end below its 50-day moving average. The tech-heavy NASDAQ closed below the psychologically key level of 5,000 for the first time since Oct. 22. The index is the only major average still positive year-to-date.
The index lost 4.3% for the week.
The major averages ended the week down more than 3.5%, their worst since the week ended August 21 and breaking a six-week win streak.
Nordstrom closed down nearly 15%, for its worst day since July 2000. The stock is down 32% year-to-date.
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.
The stock closed down nearly 15.4%, but remains up 14.8% for the year so far.
Economically speaking, 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, dropping yields to 2.28% from Thursday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices faltered 99 cents a barrel to $40.76 U.S.
Gold prices fell $3.07 to $1,062.13 U.S. an ounce.
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