Stocks in Canada’s biggest financial centre finished flat as they logged their first weekly gain in a month, as a rebound in commodity producers was offset by declines in financial shares and Valeant Pharmaceuticals International Inc.
The S&P/TSX composite index inched their way upward 14.37 points, after something of a seesaw day, to finish the final full week of 2015 at 13,024.30.
The index rebounded after slumping on Monday to its lowest level since October 2013 and advanced 2% on the week.
The Canadian dollar inched up 0.01 cents to 71.76 cents U.S.
Raw-materials producers increased, as First Quantum Minerals Ltd. rose 73 cents, or 18.9%, to $4.60, amid reports that Boliden AB and Lundin Mining Corp. are among companies considering final bids for the company’s Kevitsa mine.
Lundin rose 27 cents, or 7.7%, to $3.78, while Teck Resources Ltd. added 27 cents, or 6.2% to $4.60.
Energy producers in the S&P/TSX gained even as crude oil slid for a third straight day. Pacific Exploration & Production Corp. plunged 28 cents, or 15.2%, the most since July 9, to $1.56, after a company news release saying that lenders are forming a steering committee damped some investors’ hopes that asset sales or a takeover offer had been imminent.
Toronto-listed shares of BlackBerry jumped after the company reported its first quarter-to-quarter revenue gain in more than two years, suggesting turnaround efforts may be gaining traction. BlackBerry rose $1.14, or 10.5%, to $12.03.
Valeant Pharmaceuticals International Inc. dragged health-care shares in the S&P/TSX lower, falling $4.86, or 3.1%, to $151.17, a day after a Mizuho Securities USA analyst downgraded her recommendation on the stock to neutral from buy. She said the drug maker’s future remains unclear after an agreement with Walgreens Boots Alliance Inc.
Financial stocks fell, with shares of TMX Group Ltd. falling $2.62, or 7.2%, to $33.88, and Bank of Nova Scotia slumping $1.01, or 1.8%, to $56.14.
Bombardier got a boost after it received certification for its CSeries 110-seater plane. Its shares rose 19 cents, or 16.2% , to $1.36.
On the economic front, Statistics Canada was to report the consumer price index rose 1.4% in the 12 months to November, after increasing 1.0% in October. On a seasonally-adjusted monthly basis, inflation moved up 0.2% in November, matching the increase in October.
Also, the agency reported that wholesale sales declined 0.6% to $54.7 billion in October, a fourth consecutive decrease.
ON BAYSTREET
The TSX Venture Exchange gained 4.35 points to 501.30
Nine of the 13 TSX subgroups ended Friday higher, with metals and mining galloping 6.8%, gold perking 3.3%, and materials growing 2.6%.
The four laggards were weighed by financials, down 0.8%, consumer discretionaries down 0.5%. and real-estate, off 0.3%.
ON WALLSTREET
Equities south of the border closed sharply lower Friday as investors weighed low oil and economic data in the aftermath of the U.S. Federal Reserve's rate hike Wednesday. Options expiration also contributed to volatility.
The Dow Jones industrial average plunged 367.39 points, or 2.1%, to 17,128.45. Nearly all members of the Dow family declined, with
Boeing and Goldman Sachs losing the most. Disney turned lower to end the day off nearly 4% after BTIG downgraded the "Mouse" to sell from neutral.
The S&P 500 let go of 36.38 points, or .8%, to 2,005.51, with financials plunging 2.5% to lead all sectors lower.
The NASDAQ index jettisoned 79.47 points, or 1.6%, to 4,923.08, way below the psychologically key 5,000 level. Apple ended about 2.8% lower.
The third Friday of every March, June, September, and December features quadruple "witching," the expiration of three related classes of options and futures contracts, along with individual stock futures options.
In economic news, the flash Markit U.S. Services Purchasing Managers Index for December came in at 53.7, down from the final November read of 56.1 and the lowest print in 12 months.
Prices for the 10-year Treasury gained ground, lowering yields to 2.20% from Thursday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices moved south 29 cents a barrel to $34.66 U.S.
Gold prices gained $14.80 to $1,065.90 U.S. an ounce.
Related Stories
