Stocks in Canada’s largest centre dipped slightly in the first hour of trading, as telecom companies weighed after a regulator forced them to charge less for wholesale internet access.
The S&P/TSX Composite fell 22.01 points to begin Friday at 14,573.49
The Canadian dollar moved down 0.06 cents to 75.6 cents U.S.
Agrium Inc and Potash Corp of Saskatchewan said in a Thursday filing that their shareholders will hold separate meetings next month to vote on a merger agreement between the two fertilizer companies.
Agrium shares slumped 77 cents to $118.34, while Potash shares fell 17 cents to $21.32.
A Canadian court ruled on Thursday that a lawsuit filed against Nevsun Resources by Eritreans who say they were forced to work at the company's Bisha mine can proceed in British Columbia, but not as a single case.
Nevsun shares gained seven cents, or 1.9%, to $3.72.
Canaccord Genuity raises target price on Pengrowth Energy to $2.40 from $2.15, with a hold rating.
Pengrowth shares acquired five cents, or 2.2%, to $2.28.
Desjardins raised the rating on Sandvine Corp to buy from hold. Sandvine shares boosted 11 cents, or 3.5%, to $3.22.
Deutsche Bank raised the rating on Teck Resources to buy from hold. Teck shares advanced 73 cents, or 3.2%, to $23.42.
On the economic slate, Statistics Canada reported that the economy created -67,000 jobs during September, the lion’s share of them part-time. With more folks seeking work, the agency added that the unemployment rate stayed put at 7%.
Elsewhere, Western University’s Ivey School of Business reported its Purchasing Managers’ Index registered 58.4 in September, compared to 52.3 in August and 53.8 in September 2015. Any reading over 50 indicates expansion in the economy.
ON BAY STREET
The TSX Venture Exchange gained 9.84 points, or 1.3%, to 776.15
All but three of the 12 TSX subgroups were lower in early trade, as telecoms surrendered 1%, information technology 0.7% and industrials 0.6%.
The three gainers were gold, up 2.3%, materials, up 1.5%, and real-estate, ahead 0.5%.
ON WALL STREET
U.S. equities fell in choppy trade on Friday as Wall Street digested a weaker-than-expected employment report.
The Dow Jones Industrials fell backward 30.69 points to 18,237.81, with United Technologies contributing the most losses.
The S&P 500 slumped 4.02 points to 2,156.75, with industrials and materials falling 1% to lead decliners.
The NASDAQ Composite was down 4.06 points to 5,302.79
The U.S. Labor Department said Friday the economy added 156,000 jobs last month and the unemployment rate ticked up to 5.0 percent. Economists had expected 176,000 new jobs and the jobless rate to hold at 4.9%. The total was a decline from the upwardly-revised 167,000 jobs in August (compared to the original number of 151,000).
Moreover, average hourly wages pushed higher, rising six cents to an annualized rate of 2.6%. The average work week also inched up one-10th to 34.4 hours.
Experts say market expectations for a December rate hike were above 60% following the report's release
Elsewhere on the data front, the Commerce Department said August wholesale inventories fell more than previously reported in August.
Prices for the 10-year Treasury were unchanged, keeping yields at Thursday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil faded 14 cents to $50.30 U.S. a barrel
Gold prices moved forward $4.90 to $1,257.90 U.S. an ounce.
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