Markets in Toronto ended a volatile week on the down side Friday, after a sharp hike in the indexes on Thursday, this, as investors count down the days until the next meeting of the U.S. Federal Reserve.
The S&P/TSX Composite lost 52.74 points to close Friday and the week at 14,450.93. For the week, the index trailed last Friday’s close by 0.6%, on track for its fourth negative week in the last five.
The Canadian dollar pulled back 0.33 cents to 75.68 cents U.S.
Iamgold Corp. was among the chief weights in the gold sub-group, which lost the most on the day, heading downward 15 cents, or 2.7%, to $5.33, while rival Yamana Gold capsized 17 cents, or 2.9%, to $5.77.
Health-care stocks also ailed, as Concordia International was pasted $1.63, or 18.6%, to $7.12.
On the economic slate, Statistics Canada reported Friday that manufacturing sales edged up 0.1% in July to $50.7 billion. The agency reports higher sales in the food, petroleum and coal products, and primary metals industries were largely offset by a decrease in the production of aerospace product and parts, and by lower machinery sales.
StatsCan also said foreign investment in Canadian securities slowed for a fourth straight month to $5.2 billion in July. At the same time, Canadian investors continued to invest in foreign securities by adding $4.6 billion to their holdings.
ON BAYSTREET
The TSX Venture Exchange settled back into the red 3.38 points to 799.24
All but two of the 12 TSX subgroups remained stuck in negative country by session’s end, as gold dulled 1.3%, health-care faded 1%, while materials skidded 0.7%.
Only utilities -- forging 0.2% higher -- and real-estate – up 0.1% -- held out against the negative tide.
ON WALLSTREET
U.S. stocks closed lower on Friday, but posted weekly gains, as investors digested key inflation data and looked ahead to next week's Federal Reserve meeting.
The Dow Jones Industrials trailed Thursday’s close by 56.02 points to 18,156.46, with United Technologies the greatest weight and Intel the top advancer.
The S&P 500 dropped 8.1 points to 2,139.16, with financials leading nine sectors lower and utilities the only riser.
The NASDAQ Composite subtracted 5.12 points to 5,244.57, as Apple slipped about 0.5% Friday. Still, the tech giant's stock advanced 11.4% for the week.
The three major indexes posted weekly gains despite the amount of volatility investors have encountered. The Dow managed to gain 0.2% for the week, while the S&P notched weekly gains of 0.5%, and the NASDAQ grew 2.3% over the last five sessions.
Bank stocks had the spotlight on Friday as Deutsche Bank's U.S.-listed shares fell more than 9.4% after the U.S. Justice Department suggested the German banking giant pay $14 billion U.S. to settle a number of investigations related to mortgage securities
U.S. consumer prices increased more than expected in August as rising rents and health care costs offset a drop in gasoline prices, pointing to a steady build-up of inflation that could allow the Federal Reserve to raise interest rates this year.
The U.S. Labor Department said on Friday its Consumer Price Index rose 0.2% last month after being unchanged in July. In the 12 months through August, the CPI increased 1.1% after moving up 0.8% in July.
Other data released Friday included the September consumer sentiment read, which came in below the expected 90.8.
Prices for the 10-year Treasury moved higher, lowering yields to 1.69% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions
Oil prices stayed lower 70 cents at $43.21 U.S. a barrel
Gold prices fell five dollars at $1,313.00 U.S. an ounce.
Related Stories
