Canada's main stock index fell on Friday in a broad-based retreat, weighed by telecom companies after an unfavorable regulatory ruling.
The S&P/TSX Composite fell 93.74 points to greet noon at 14,501.76. It is on track for a 1.1% fall for the week.
The Canadian dollar moved down 0.52 cents to 75.14 cents U.S.
Barrick Gold gained 0.6% to $20.72 and Goldcorp added 0.9% to $18.81.
Telecoms fell, after a regulator said major internet service providers must lower the wholesale rates they charge smaller rivals for access to their networks.
Rogers Communications lost 2% to $54.14, Telus fell 1.5% to $42.24, and BCE declined 1% to $59.39.
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 remained positive 2.93 points to 769.24
All but one of the 12 TSX subgroups were lower midday, as telecoms tailed off 1.6%, while energy and consumer staples each stepped back 0.9%.
The real-estate sector proved the lone gainer, up 0.4%.
ON WALL STREET
U.S. equities fell Friday as Wall Street digested a weaker-than-expected employment report.
The Dow Jones Industrials dipped 91.08 points to 18,177.42, with United Technologies leading decliners and Travelers Companies the top advancer.
The S&P 500 slumped 12.89 points to 2,147.88, with materials leading eight sectors lower and utilities the biggest riser.
The NASDAQ Composite surrendered 32.25 points to 5,274.60
The U.S. Labor Department said Friday the economy added 156,000 jobs last month and the unemployment rate ticked up to 5%. 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 lower, raising yields to 1.75% from Thursday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil faded 63 cents to $49.81 U.S. a barrel
Gold prices moved into the red $3.90 to $1,249.10 U.S. an ounce.
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